G4 - COURT OF DIRECTORS: MINUTES

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G4 - COURT OF DIRECTORS: MINUTES

Catalogue

Extent: 228 volumes

Admin History: Originally, in 1694, the Court of Directors consisted of the Governor, the Deputy Governor and 24 Directors, of whom only the two former worked full-time in the Bank. It soon became the practice for the Governor and Deputy Governor to serve for not more than two years and for the Deputy Governor to succeed the Governor: this procedure continued, with few exceptions, for over 200 years until Montagu Collet Norman's Governorship.During the 18th and 19th centuries the Committee of Treasury was responsible for drawing up the lists of proposals for Governors’ and Directors’ elections. The Directors retired each year but were eligible for re-election subject to a statutory requirement that not more than two-thirds of the retiring Court be re-elected. This proportion was amended to 7/8 in 1872 and discarded altogether in 1897. In 1848, significant reforms were introduced concerning the ‘rotation of chairs’. The ‘rotation of chairs’ was the practice whereby Directors sat on Court until it was ‘their turn’ to serve as Deputy Governor and then Governor. This meant newly elected Directors had to be relatively young to ensure they were not too old when it came to their turn to be Deputy Governor or Governor (waits of up to 20 years to serve as Governor were not uncommon). But this process also meant new, young Directors also lacked experience. After 1848 there was a whole new emphasis on electing older individuals who had experience and capability, and as a result the Court as a whole became a better qualified group. Whilst the formal ‘rotation of chairs’ was repudiated, the process continued up until WWI. [Ref: 'The Bank of England' eds. Roberts and Kynaston, chapter 7, Hennessy, p.190]From the earliest days there was a requirement that the Court should meet at least once a week. In 1946, with the nationalisation of the Bank, the Court was reduced in number to the Governor, the Deputy Governor and 16 Directors, all appointed by the Crown with provision, as before, for the Court to engage the exclusive services of four of their number as Executive Directors. The term of office of the two Governors was set at five years' duration and that of the Directors at four years, thus facilitating the retirement by rotation of four Directors each year. The requirement that the Court should meet at least once a week was continued and, failing a quorum (nine members), the members available met as a Meeting of Directors rather than a Court of Directors with the proceedings requiring the confirmation of the next following Court.

RefNo: G4

Date: 1694 - 1992

Related Material: In 1899 the 'Chubb' Index was compiled - see G16. Although incomplete, the Index does provide a ready reference to the Court Minutes up to that date and in some cases notes have been added to this series. For Court Directors Minutes from 1993 onwards see 12A110.

Level: Series

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