Minutes of the Meeting of the Court of Directors held on 16 July 2026

Minutes of the Meeting of the Court of Directors held on 16 July 2026.

David Roberts, Chair
Andrew Bailey, Governor
Sarah Breeden, Deputy Governor – Financial Stability
Clare Lombardelli, Deputy Governor - Monetary Policy
Sir Dave Ramsden, Deputy Governor – Markets & Banking
Jonathan Bewes
Sabine Chalmers
Lord Jitesh Gadhia
Dame Anne Glover
Diana Noble
Tom Shropshire

Katharine Braddick, Deputy Governor – Prudential Regulation

1. Conflicts, Minutes of 4 June 2026; Matters Arising and Twelve-month Forward Planner

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

The minutes of the meeting held on 4 June 2026 were approved.

The Governor updated Court on recent developments, including the impact on energy prices due to the renewed tensions in the Middle East.

The Governor highlighted the recent Financial Stability Review last week, which noted a number of key risks to financial stability, including the ongoing evolution of AI and its application. The Governor said the Bank was supporting banks to ensure they could gain sufficient access to AI models to protect their cyber security. The Governor noted that the FPC also agreed a package of proposed changes to the capital framework for banks.

3. Audit and Risk Committee (ARCo) Update

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

In the audit discussion, ARCo had discussed the external auditor’s performance and reviewed EY’s management letter following the conclusion of the audit. Internal Audit presented its annual report and updated ARCo on recent audits.

In the risk discussion, ARCo had received the quarterly risk report and the mid-year update on the balance sheet and capital projections. ARCo was also updated on testing of material controls across the organisation.

ARCo reviewed the Finance Modernisation Programme before its subsequent go live and received an update on a recent critical business resilience exercise with outside authorities.

4. Remuneration Committee (RemCo) Update