Top businessmen appointed to Bank of England positions

Two of the highest-profile names in UK business were today handed the task of helping to oversee the operations of the Bank of England.

Vodafone chief executive Arun Sarin and Marks & Spencer chairman Paul Myners have both agreed to join the Bank’s Court of Directors from June 1.

Both men will pick up £5,000 (€7,300) a year for their work at the Bank, which includes managing all aspects of its affairs except decisions on monetary policy.

That area is the responsibility of the Monetary Policy Committee (MPC), although the Court of Directors has a key role in reviewing its procedures.

Bank of England governor Mervyn King welcomed their appointment to replace Serco technology director Bridget Blow and former Invensys finance chief Kathleen O’Donovan who are stepping down after serving two full terms.

He said: “Their knowledge and experience will be of considerable value to the management of the Bank as we take forward its strategy over the coming years.”

Mr Myners, who is also chairman of Aspen Insurance Holdings and the Guardian Media Group, and Mr Sarin have both been appointed for three years. In total, there are 19 directors.

Announcing the appointments, Chancellor Gordon Brown said: “I am delighted that two of our leading business figures have agreed to bring their considerable skills and experience to the Bank’s court.

“I am confident they will make an outstanding contribution and help further strengthen the effectiveness of one of the nation’s most important institutions.”