HM Treasury has confirmed today (23 July) that Lord CMG CBE will be stepping down
from his role as Chair of the Board for National Savings and
Investments (NS&I) with immediate effect.
has been a member of the House
of Lords since January 2025. Prior to this, he was appointed to
the NS&I Advisory Board as Chair from 1 April 2024 on a
three-year term but will be stepping down with immediate effect
to take up an appointment in the Whip's Office within the House
of Lords.
Non-Executive appointments to NS&I's Board, including the
Chair, are regulated by the Office of the Commissioner for Public
Appointments. The process to identify an Interim Chair will
follow the Governance Code for Public Appointments and HM
Treasury will seek to confirm the Interim Chair as soon as
possible.
Further information
NS&I is an arm's length body of HM Treasury, responsible for
raising cost-effective finance for the government through the
retail savings market.
The role of NS&I's Non-Executive Directors, including the
Chair, is set out in the Framework Document agreed between HM
Treasury and NS&I. The Chief Executive Officer remains
responsible for the day-to-day operations of NS&I and
ensuring that NS&I is run on the basis of the standards set
out in Managing Public Money, including terms of governance,
decision-making and financial management.
As the Minister responsible for NS&I, the Economic Secretary
to the Treasury is responsible for determining the overall policy
and performance framework within which NS&I operates. Further
information can be found in the Framework
Document.
