Volunteer Non Executive Board Director

What will you be doing?

Wessex Community Bank is a small ethical and local not-for-profit community bank based in Fareham Hampshire.  It's not often you hear of a not-for-profit bank. However, we have been around since 2001 providing affordable financial products to everyone, irrespective of their socio-economic status. The profits we make are called surpluses. Unlike the 'big banks' our profits are invested in the local community to create a fair socio-economic system. They are also used in pursuing our social objectives of providing ethical and affordable finance and funding our foundation. Members, people who save and borrow with us, own our bank together as a cooperative. We don’t have any corporate shareholders or investors pursuing their own financial objectives. Our membership is a one-member, one-vote system where everyone is equal. Community Banks have a 'common bond' which means they can only offer our products and services within a specific geographical region. That's what makes us truly local. Our common bond is Hampshire & IOW,  Bournemouth, Reading, Newbury, Woking, Guildford & surrounding areas. We manage several million in members' savings across our common-bond.

What are we looking for?

Our Board is currently made up of Bank of England Authorised Individuals and non-Authorised NEDs. This is a non-Authorised role. You do not need specific experience or knowledge in any particular subject matter or have a background in banking. It is more important you can demonstrate you have a broad range of skills and knowledge gained from a senior management position or from previous Board experience. We are looking for someone who can contribute with the constructive and clear-sighted thought and reasoning required to provide effective governance of a regulated bank. You will be providing valuable input to the Board's oversight in the wider matters of governance including: financial accountability, policy, procedures, regulation, compliance, marketing, HR and strategy. This is an ideal opportunity for someone to step into the world of local not-for-profit banking.

What difference will you make?

We are a small friendly team which has a desire to provide inclusive banking while creating strong sustainability and financial ratios. Our bank isn't just about helping to alleviate financial exclusion, we also have some of the most innovative and competitive products in the market for people from all walks of life. We are looking for someone who can spend between 2 - 4 hours each month attending a board meeting. You will also spend a small amount of additional time preparing which will generally include reviewing board papers in advance.  You don't need to be a financial professional because we are looking for people with broad and varied experience and knowledge from any industry. The position isn't an arduous or overly demanding role in terms of commitment and is an 'oversight role' with no operational responsibility. However, as a firm regulated by the Bank of England, the role does hold considerable responsibility for the oversight of business functions and controls, making sure the bank is being run in the best interest of its members and in line with regulatory rules. Currently, Board Meetings are conducted virtually. This may change in the future and you may need to attend a Board Meeting at our office in Fareham.