Minutes of the Meeting of the Court of Directors held on 4 June 2026

David Roberts, Chair
Andrew Bailey, Governor
Sarah Breeden, Deputy Governor – Financial Stability [from item 6]
Clare Lombardelli, Deputy Governor - Monetary Policy
Sam Woods, Deputy Governor – Prudential Regulation
Jonathan Bewes
Sabine Chalmers
Lord Jitesh Gadhia
Dame Anne Glover
Diana Noble
Tom Shropshire

Sir Dave Ramsden, Deputy Governor – Markets & Banking

1. Conflicts, Minutes of 23 April 2026; Matters Arising and Twelve-month Forward Planner

There were no conflicts declared in relation to the present agenda.

The Court noted this would be Sam Woods’ last Court meeting before the end of his second term and expressed thanks and appreciation for his service to the Bank.

The minutes of the meeting held on 23 April were approved.

The Governor updated Court on recent events and said that the impact of global events on energy supply remain uncertain. Court discussed the impact of AI on the financial services sector as well as on the broader structure of the economy, noting the rapid pace of development in AI.

The Governor noted a public consultation was underway on which wildlife to include on the next series of banknotes.

3. Audit and Risk Committee (ARCo) Update

Jonathan Bewes gave an update on the recent meeting of ARCo.

In the audit discussion, ARCo had focussed on the Annual Report and Accounts and ARCo had approved these ahead of their presentation to this meeting of Court.

In the risk discussion, ARCo had received an update on the progress of the material controls work, which was now moving into testing, and on the Bank’s capital projections.

ARCo also discussed the impact of frontier AI on third party risk management.

4. Remuneration Committee (RemCo) Update

Diana Noble updated Court on the latest RemCo meeting. RemCo had welcomed increased focus on performance in reward outcomes. RemCo also discussed the Pay Framework Review.

5. Monetary Policy Transformation Programme