Section 7 Directors: appointment and tenureI1
United Kingdom
The Bank must secure that its articles of association provide that—
the Bank is to have at least five and no more than fourteen directors;
the chair of the Bank’s board, the Bank’s chief executive officer and the non-executive directors are to be appointed by the Chancellor of the Exchequer;
the Board is to appoint one or more directors to be responsible for ensuring that the Board considers the interests of the appropriate national authorities when making decisions;
the period of a non-executive director’s appointment is not to exceed four years, or such shorter period as may be specified in the terms on which the director is appointed;
a person may be appointed as a non-executive director no more than two times;
a person ceases to be a non-executive director as soon as—
the person ceases to be a director by virtue of any provision of the Companies Act 2006 or is prohibited from being a director by law,
the person becomes bankrupt (in relation to England and Wales and Northern Ireland) or the person’s estate has been sequestrated (in relation to Scotland),
a registered medical practitioner who is treating the person gives a written opinion to the Bank stating that the person has become physically or mentally incapable of acting as a director and is likely to remain so for more than three months, or
the person has resigned as non-executive director in accordance with notification which the person has given to the Bank.