Commentary on Sections Financial stability committee: supplemental Section 239: Number of Directors
536.This section amends the Bank of England Act 1998, and provides that the maximum size of the Court of Directors reduces from nineteen to twelve. As well as the Governors and two deputy Governors of the Bank of England it allows for there to be a maximum of nine other directors. In practice, these are likely to be non-executive directors, who are not employees of the Bank.
537.Subsection (4) provides that when this provision comes into force, the then current directors of the Bank must vacate office (but will be eligible for re-appointment).