Job Title: Non-Executive Director (Board Member, Audit & Risk Committee, and Investment Committee).
Location: London and Crewe (for committee meetings).
Remuneration: £29,000 annually.
Time Commitment: Approximately 25 days per year, including role-specific duties, preparation time, and travel for meetings and training.
Contract Term: Three years, with the possibility of extension by mutual agreement.
Start Date: January 2025.
Role Overview
As a Non-Executive Director (NED) at Reclaim Fund Ltd (RFL), you will play a pivotal role in ensuring the organisation achieves its core mission: safeguarding the ability to fulfil claims from dormant assets while facilitating the distribution of surplus funds for societal benefit. You will bring an independent perspective to RFL’s operations, supporting governance and strategic objectives. Additionally, as part of the Audit and Risk Committee, you will oversee risk management and ensure that RFL complies with its regulatory obligations as an FCA-regulated organisation.
Key Responsibilities
Strategic Contribution
- Provide constructive challenge and contribute to the development, formulation, and approval of the company’s strategy.
Performance Oversight
- Scrutinise and oversee the performance of the Executive team to ensure that agreed-upon goals are met, with a focus on continuous improvement aligned with the company’s objectives.
- Monitor the implementation of Board decisions and ensure that the company’s activities are in line with its mission.
Risk Management and Compliance
- As an integral member of the Investment Committee, and Audit and Risk Committee, collaborate closely with the Executive team to guide RFL within a prudent and effective control framework.
- Ensure that risks, including those related to investment and operational activities, are appropriately assessed, managed, and mitigated in compliance with FCA regulations.
People Management
- Support the appointment, evaluation, and, if necessary, the removal of the Chief Executive and Company Secretary in collaboration with fellow Board members.
- Support effective succession planning and help guide the Executive team as the company transitions from start-up to business-as-usual operations.
Framework Document Responsibilities
As an Arm’s Length Body (ALB) of the government, RFL’s sole shareholder is the Solicitor for the Affairs of HM Treasury. In this capacity, you will:
- Comply at all times with the Code of Conduct for Board Members of Public Bodies and with the rules relating to the use of public funds and conflicts of interest, and with any applicable guidance on the role of Public Sector non- executive directors and Boards that may be issued from time to time by HMG; Avoid the misuse of information gained in your role for personal or political gain, ensuring no conflicts of interest arise.
- Uphold company policies on accepting gifts and hospitality and act in good faith to help RFL achieve its objectives, maintaining compliance with all statutory, regulatory, and fiduciary responsibilities.
Upholding Public Service Values
You are expected to exemplify the Seven Principles of Public Life (Nolan Principles):
- Selflessness
- Integrity
- Objectivity
- Accountability
- Openness
- Honesty
- Leadership
These principles form the ethical foundation for public service roles, including those within ALBs and non-departmental public bodies. Further information on the principles can be found here:https://www.gov.uk/government/publications/the-7-principles-of-public-life