Organisation: Debt Management Office
Location: London
Time commitment: 18 days per annum
Remuneration: £20,000 per annum
Length of term: 3 years
Application deadline: 11am on 9 January 2025.
About the appointment
Introduction from the Minister
Thank you for your interest in the non-executive director (NED) role on the Advisory Board of the UK Debt Management Office (DMO).
The DMO has a reputation of professionalism and delivery, responding flexibly to changing market conditions. The Advisory Board play a key part in this, ensuring strong corporate governance and providing advice, support and challenge to the Executive Committee.
We are looking for a highly effective and talented individual to join the DMO’s Advisory Board as a non-executive director (NED). Someone who can use their expertise of related areas in financial markets to provide advice, support and constructive challenge to the DMO executive. The successful candidate will have the highest possible levels of personal integrity, as well as being able to collaborate effectively with other members of the Board. The NED would also chair the DMO Audit and Risk Committee, so we are looking for someone with relevant experience here.
If you have the skills and experience we are looking for, then we very much look forward to hearing from you and wish you every success with your application. We are actively searching for a diverse range of candidates and particularly welcome applicants from under-represented groups.
Tulip Siddiq (Economic Secretary to the Treasury and City Minister)
Introduction from the Chair
Thank you for your interest in the NED role on the DMO’s Advisory Board.
The DMO aims to be a centre of excellence, working with HM Treasury on the provision of policy advice on, and the delivery of, the Government’s financing needs, acting as a key gateway for Government to the wholesale financial markets. It performs these functions primarily to support HM Treasury’s objectives.
Since its establishment in 1998, the DMO has successfully established itself as a key participant in the wholesale capital financial markets, raising over £3 trillion in total gilt issuance, while annual turnover in its cash management operations was £5 trillion in 2023-24.
The DMO has successfully delivered all its annual debt and cash management remits, often in unexpected and challenging circumstances – most notably during the Global Financial Crisis of 2008-09 and following the outbreak of the COVID-19 pandemic. There are of course new challenges ahead but despite the significant increase in the volume of operations, the DMO continues successfully to deliver its core objectives and remain operational on every UK business day.
We are now looking for a NED to join the Advisory Board who will add a valuable external viewpoint and help to provide constructive and independent challenge to support the Board in delivering its key responsibilities and, in particular, to support the DMO through its transition to new leadership, following the retirement earlier this year of former Chief Executive Sir Robert Stheeman after over 21 years at the DMO.
We are actively searching for a diverse range of candidates and particularly welcome applicants from under-represented groups.
We very much look forward to working with the successful candidate in due course.
Dame Sue Owen (Non-Executive Chair of the DMO) and Jessica Pulay (Chief Executive of the DMO)
Appointment description
We are looking for a person with previous relevant financial markets experience at a senior level but who (or whose current employer) is no longer directly active in the DMO’s areas of debt capital markets to join its Advisory Board as a Non-Executive Director. In view of the DMO’s key role in government financing, the need for the highest levels of integrity and impartiality is paramount and the candidate is not expected to represent any specific constituency or stakeholder interest. The Non-Executive Director role is primarily to attend and participate actively in Advisory Board meetings and:
Support the Chief Executive and Executive Committee
Enhance the range of skills and experience represented on the Board, including providing wholesale financial market expertise
Effectively chair the DMO’s Audit and Risk Committee, with the potential to initially be a member of the Committee and transition to chairing at a later date.
Person specification
Essential criteria
Strong knowledge of UK wholesale financial markets, especially the gilt market and sterling money markets
Experience at a senior management level in a relevant environment
The highest levels of personal integrity, standing, authority and credibility
Influencing and communicating skills, including an ability to develop an effective and constructive relationship with the CEO, other executives, the NEC and other NEDs
Experience of managing risk, audit and control issues at an organisational level.
Desirable criteria
Extensive experience in issues surrounding financial regulation and oversight
Experience in a non-executive role
