Arun Sarin will bring in £5,000 a year for non-exec director role...Vodafone CEO and silicon.com Agenda Setter Arun Sarin has been appointed as a non-executive director of the Bank of England by the Queen.
Sarin will join the Court of Directors board overseeing the bank operations but not take part in monetary policy decision making, which is the responsibility of a separately appointed committee.
Sarin will take up his three-year appointment on 1 June 2005 along with Paul Myners, chairman of retailer Marks and Spencers, with Brigid Blow, director of technology at Serco Group, and Kathleen O'Donovan, former CFO of Invensys PLC, stepping down.
Another familiar high-tech name among the list of business luminaries currently serving on the board is Dr David Potter, chairman of Psion and Symbian's supervisory board.
Members of the Court of Directors are appointed in a personal capacity rather than as representatives of their company or industry and receive £5,000 per year for their efforts - a drop in the ocean compared to Sarin's multi-million bonus-linked Vodafone salary.
Chancellor Gordon Brown said in a statement: "I am delighted that two of our leading business figures have agreed to bring their considerable skills and experience to the Bank's Court. I am confident they will make an outstanding contribution and help further strengthen the effectiveness of one of the nation's most important institutions."