The NS&I board is advisory, providing support to the Chief Executive, who is also NS&I’s Accounting Officer. It consists of seven Executive Directors (including the Chief Executive), up to five Non-executive Directors (including the NS&I Chairman) who are independent; and up to two representatives of HM Treasury.
“[The Board] assists in developing NS&I’s strategy and
advises on the operational implications and
effectiveness of policy proposals.”
The board does not decide policy or exercise the powers of the Minister. It assists in developing NS&I’s strategy and advises on the operational implications and effectiveness of policy proposals, as well as scrutinising performance and challenging Executive Directors on how well NS&I is achieving its objectives.
The Chief Executive is required to follow the advice of the board, except where it conflicts with their obligations as Accounting Officer. In particular, NS&I’s board advises on five main areas:
- strategic clarity: setting the NS&I vision.
- commercial sense: scrutinising the allocation of financial and human resources.
- talented people: ensuring NS&I has secured sufficient capability and capacity to meet current and future needs.
- results focus: agreeing the corporate plan and monitoring its delivery.
- management information: ensuring that clear, consistent, comparable performance information is used to drive improvements.
Other specific responsibilities are delegated to the board’s committees (the Audit and Risk Committee and the Appointments and Remuneration Committee) which are chaired by Non-executive Directors. Terms of reference for the board can be found on our website.
Key Responsibilities and Main Tasks of Non-executive Directors at NS&I Include:
- Strategy
Helping ensure a sound strategy for NS&I is in place serving the interests of government and meeting agreed performance targets. Non-executive Directors support the development of the strategy by challenging the Executive Team in terms of robustness and contributing ideas, bringing their own expertise and experience to bear as external sources of advice on key strategic issues. - Management and Outsourcing Oversight
Playing a key role in the monitoring, continuous evaluation and, where necessary, challenging the performance and competence of NS&I senior executives. This includes challenging behaviour demonstrated by Executive Directors that is not in line with NS&I’s values and accepted corporate ethical standards. They will also contribute as to the development of NS&I’s outsourcing partnership. - Risk and Compliance
Ensuring that effective systems exist for internal control and for the identification and management of risk; and will regularly review major areas of risk, and the adequacy of risk mitigation measures. - Governance
Contributing as a member of the Board and its sub-committees. Non-executive Directors also develop the effectiveness of NS&I’s governance structure, as appropriate, giving independent assurance to HM Treasury Ministers that NS&I abides by the highest standards of business conduct.