On 9 August, BoE published review of approach to managing conflicts.
- Covers NED review of Bank of England's approach to managing conflicts of interest.
- BoE plans to designate Conflicts Officer with executive responsibility for conflicts.
- Follows Mar. BoE statement on resignation of new deputy governor Hogg.
- Review examined policies for identifying and managing conflicts of interest at BoE.
- And actions to ensure timely compliance and function of reporting lines, structures.
- Non-executive directors drew on discussions, documentation, benchmark exercise.
- Found insufficient practical understanding of how to identify and manage conflicts.
- Need to strengthen conflict checks prior to appointment in relevant HR processes.
- Should be for others in BoE to decide whether individual disclosures include conflict.
- Should designate single senior executive (conflicts officer) under the SMR regime.
- Champion culture needed for effective conflict management and change processes.
- Individual to be account to Court for progress against the review's recommendations.
- Clarify the reporting requirements for personal relationships, improve clarify of terms.
- Develop clear descriptions of conflicts, reinforced with internal training, engagement.
- Strengthen conflict checks at appointment, particularly for senior post appointments.
- Expedite process to introduce centralized, electronic system for analyzing conflicts.