Minutes of the Meeting of the Court of Directors held on 4 June 2026
The Bank of England’s Court of Directors met on 4 June 2026, approving minutes, discussing AI’s economic impact, and endorsing budgetary and structural reforms, including leadership changes and cost-saving initiatives.
The Court of Directors convened on 4 June 2026, marking Sam Woods’ final meeting before the end of his second term. Members approved the minutes from the previous session and received updates on global energy supply uncertainties and the rapid development of AI’s role in financial services and the broader economy. The Governor also highlighted an ongoing public consultation regarding wildlife featured on the next series of banknotes.
The Audit and Risk Committee (ARCo) reported progress on the Annual Report and Accounts, which were approved ahead of presentation. Discussions included the testing phase of material controls work, capital projections, and the impact of frontier AI on third-party risk management. Remuneration Committee (RemCo) updates focused on performance-linked reward outcomes and the Pay Framework Review.
Clare Lombardelli announced completed changes to the Monetary Policy leadership structure, introducing Rohan Churm as the new Executive Director for Monetary Policy. The revised Monetary Policy Committee communications package has been positively received, with further challenges anticipated as the Programme progresses. The Chair emphasized Court’s strong support for accelerating the delivery of planned changes.
The Court endorsed a 3% increase in the 2026/27 Bank of England Levy, constrained to this level, and reconfirmed the 2026/27 budget as approved in February. Final accounts for 2025/26 were presented, with a proposed full-year payment in lieu of dividend of £66 million, including a previously approved £20 million interim payment, aligning with the Bank’s Memorandum of Understanding with HM Treasury.