20-24 days pa
Wrexham and Cardiff
Established in 2017, The Development Bank of Wales’ objective is to unlock potential in the Welsh economy by increasing the supply and accessibility of sustainable, effective finance. The Bank works closely with Welsh Ministers to develop and deploy debt and equity investment funds in support of important policy objectives throughout Wales. The Bank has three goals: Deliver debt and equity funding with a social impact; Promote and advance a green future in Wales; and Deliver financial stability with excellence and putting the customer first. The Development Bank is a limited company whose primary shareholder is Welsh Government and with whom it enjoys an open and proactive working relationship.
In the 5 years since launch, the Development Bank of Wales has invested in over 2,000 businesses and created/supported over 20,000 jobs. Its success in delivering and influencing many key business policy objectives for Welsh Government means that its assets under management have now grown to £1.9 billion in 13 funds serving many different industry sectors at all stages of the business lifecycle. It serves c. 3,000 customers from offices across Wales, employs c. 280 people, and has a successful regulated fund management business (FW Capital) which manages funds from the British Business Bank serving neighbouring English regions (such as the Northern Powerhouse), a business angel investment network, and an economic intelligence unit.
The Chair will retire by September 2024 after 9 years’ service, in compliance with the UK Corporate Governance Code. Development Bank now seeks a new Chair to provide leadership to the Board, and shape strategic and corporate plans, including all the usual responsibilities for a plc board that aims to comply with the Combined Code as far as is reasonably practicable.
The Chair is accountable to the Senedd and Welsh Ministers for assuring high-quality corporate governance and has the primary responsibilities of leading the DBW Board to deliver the objectives enshrined in the Remit Letter and of holding the executives to account. Their responsibilities also include acting as a trusted advisor to Welsh Government Ministers, providing a primary communication channel between the DBW Board and Welsh Ministers, and ensuring that the Development Bank of Wales Board’s policies and actions support the Ministers’ wider strategic policies.
This position is one of the most original and exciting roles in the UK financial services and public policy arenas. The Development Bank was the first development bank in the UK, is a growing institution in size and operational scope and the Chair role is a unique opportunity to ensure policy goals are enabled through effective outcomes in the Welsh business environment.
Candidates will have a connection to and personal ambition for Wales; board level experience from regulated Financial Services (preferably a commercial bank, equity investment firm or related investment organisation) and prior experience as a main board Chair or sub-committee Chair in the private sector. With strong leadership, communication and interpersonal skills, they will have the ability to build trust and develop advisory relationships with Welsh Government Ministers, think strategically, foster innovation and make sound decisions.
There are six Board meetings each year plus one strategy meeting, each for around half a day, usually in Cardiff or Wrexham. The Chair will also sit on the Remuneration; Nominations; and Finance, Risk and Audit Committees (held four times a year).
The Development Bank of Wales recruits, employs, trains and promotes regardless of race, religion, colour, national origin, sex, disability, age, gender identity and/or expression, or any other protected status. The Bank is dedicated to nurturing an inclusive environment where employees can bring their full selves to work; it celebrates diversity of thought and recognises the strength and dynamism that comes with it.
To have a confidential conversation about the role with Odgers Berndtson’s team in Wales, please call Jemma Terry or Steffan Griffiths on 029 2078 3050 or email us at OdgersWalesPractice@odgers.com