Job Description

Founding Chair (Executive Chair for 6-12 months, Non-executive Chair thereafter)

We are seeking to appoint a Chair of the Board for the Financial Inclusion organisation to take up post as soon as possible early in 2019. This role is critical to the success of the new organisation. This is a high profile and challenging Chair role, particularly given the scale and profile of the social challenge and the keen interest from multiple stakeholder groups.

Term

The appointment is for an initial term of four years.

Time Commitment

  • The role will be particularly active in the first 6-12 months during a set up period, taking the form of an Executive Chair. This role is expected to take 1-2 days per week.
  • The Chair role after the initial period is expected to be 1-3 days per month.

Remuneration

  • This is a paid role. During the set-up period, a day rate of £600 per day will be available as compensation for the additional work expected in establishing the organisation, with up to a maximum of 2 days’ remuneration per week.
  • Following this period, the position will be remunerated with a salary of £12,000 per annum.

Structure and Accountability

The new organisation will be an independent company, empowered and responsible for setting the strategic direction and developing its business plan for improving financial inclusion. To reflect the origin of the Dormant Assets funding, a parent company will be set-up as a governance body with limited controls to ensure there is accountability for delivering on the purpose and performance of the new organisation. In particular, the parent will have responsibility for hiring the chair and appraising the chair’s performance against the agreed goals of the new organisation.

Key Responsibilities - Executive Chair

The Executive Chair will lead the set-up of the new organisation. The Executive Chair will be supported in the early stages by an interim programme manager and a small interim staff, prior to the appointment of a Chief Executive and permanent staff. The Executive Chair phase of the role will last for no more than a year.

We are seeking a Chair who has the network, the creativity and resourcefulness to bring the organisation to a fully functioning state rapidly. In this set-up phase, the Chairperson will be accountable for all the functions of setting up the new organisation including:

  • Recruiting the Board, Chief Executive and supporting the recruitment of other key roles within the organisation;
  • Working with Government and BLF to finalise the details of the articles and governance of the new organisation, and the governance relationship between the organisation and the parent body that will be established;
  • Setting the strategy of the new organisation in order to deliver its mission, including:
    • Identifying strategic priorities in increasing access to affordable credit and alternatives for positive social impact as the primary focus for the Dormant Assets funding. The plan should account for how the funding should best be leveraged for greatest impact in these markets, including a partnership approach. To a lesser degree, identifying strategic priorities to increase access to insurance.
    • Defining the shape and required expertise of the team of the new organisation;
    • Setting an investment strategy for deployment of repayable capital;
    • Setting a capital raising strategy seeking additional sources of funding for the early years of the organisation;
    • Promoting the importance of diversity in the organisation’s appointments and operations;
    • Drawing lessons from the initial engagement phase and determining what they mean for the work of the new organisation.
  • Working with government and BLF to finalise the terms on which the dormant assets funding is transferred to the new organisation, based on the development of the strategy;
  • Collaborating with the new CEO in defining, in addition to the Strategic Business Plan, other resources and infrastructure that will be required to set-up the organisation;
  • Building strong relationships with key partner organisations, including the financial services sector, the financial inclusion sector, the FCA, HMT, DCMS and potential co-funders.

Key Responsibilities - Non-executive Chair

Following the initial set-up phase (including recruitment of the Board and Chief Executive), the non-executive Chairperson will be accountable for:

Strategic Direction

  • Providing strategic and inclusive leadership to the Board;
  • Ensuring the Board meets the highest possible standards of governance and accountability;
  • Ensuring that the Board is able to review major risks, and satisfy itself that systems are in place to take advantage of opportunities, and manage and mitigate risks;
  • Building active engagement with the Department for Digital, Culture, Media and Sport; Big Lottery Fund; Her Majesty’s Treasury; the Department of Work and Pensions, the Financial Conduct Authority and others who were involved in the consultation and engagement process in the early stages of the Dormant Assets project;
  • Together with the CEO and executive team, building relationships and partnerships with both the financial inclusion and financial services sectors in order to deliver the organisation’s objectives;
  • Being a visible ambassador for the organisation;
  • Ensuring that the Board recognises the importance of promoting diversity in all aspects of its work;
  • Supporting and, where appropriate, offering guidance to the CEO;
  • Setting the Board’s annual objectives.

Governance

  • Ensuring that the governance arrangements for the Board and any supporting committees (such as for example Nominations, Risk, Investment, Audit) are working in the most effective way for the organisation and in accordance with principles of good governance;
  • Developing the knowledge, capability and skills of the members of the Board to enable them to discharge their responsibilities;
  • Appraising the performance of the Board and its members (as required) and addressing and resolving any conflicts or performance issues within the Board;
  • Ensuring ongoing performance against the outcomes of alleviating poverty and promoting financial inclusion;
  • Leading the relationship with the governing parent that will be established to oversee the organisation.

Efficiency & Effectiveness

  • Charing meetings of the Board effectively and efficiently, bringing impartiality and objectivity to the decision-making process;
  • Ensuring that the Board members are fully engaged, that relationships between them are constructive, and that decisions are taken in the best long-term interests of the organisation and its intended beneficiaries;
  • Working closely with the CEO to ensure that Board decisions are implemented in line with the organisation’s purpose and strategy;
  • Setting objectives for the CEO and conducting an annual appraisal and remuneration review for him/her in consultation with other Board members.

To Top