Corporate Governance

The UK Municipal Bonds Agency Plc is owned by UK local authorities and the Local Government Association, to whom the board of directors reports. The board’s governance is designed to enable the board and the UK Municipal Bonds Agency’s executive management to operate within a clear governance framework. The board’s focus is to promote the owners interests, including the active consideration of strategy, the monitoring of executive action and ongoing board and executive management succession. The board has developed committees and principles to fulfil its responsibilities and regularly keeps its work and performance under review.

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Sir Merrick Cockell , Chairman

Sir Merrick Cockell was appointed Chairman of the UK MBA in January 2015. He is also Chairman of the London Pensions Fund Authority.

Sir Merrick was Chairman of the Local Government Association from 2011-2014 and London Councils 2006-2010. In addition, he chairs Localis, an independent think-tank dedicated to localist issues and is a Governor of Kensington Aldridge Academy.

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Adrian Bell , Vice Chairman

Adrian was appointed Vice Chairman of the UKMBA in January 2015. Adrian is currently the head social housing at JC Rathbone & Associates, having previously been head of UK Debt Markets at Canaccord Genuity. He has a wide range of experience in financial services – focused on infrastructure and the Bond Markets. In the process, he built the Royal Bank of Canada into one of the largest operations in the sterling bond market, focused on raising funds for major Sovereign, Super National and Municipal borrowers and became the Chair of RBC Europe Limited, its principal banking subsidiary in Europe.

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Sir Stephen Houghton , Senior Independent Director

Sir Steve has been an elected member of Barnsley Metropolitan Borough Council for 25 years and Leader of the Council for 22years.

Sir Steve holds a number of positions including Chair of the Barnsley Health and Well Being Board; Chair of SIGOMA and National Lead Peer for the LGA.

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Derrick Anderson , Non Executive Director

Derrick Anderson, CBE, has over 25 years’ senior management experience in local government and more than 30 years in the public sector.

Derrick was Chief Executive of Lambeth Council from 2066-2014. and was previously Chief Executive of the City of Wolverhampton Council for 10 years. Derrick was voted Public Leader of the Year in the Guardian Public Services Awards 2012.



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Michael Lockwood , Non Executive Director

Michael Lockwood has proven local government experience, having held the role of Chief Executive in several local authorities over the last 15 years. These include the London Borough of Harrow and Elmbridge Borough Council.

Michael was formerly Executive Director for Local Government Finance and Policy at The LGA. In January 2018, Michael was appointed the first Director General of the Independent Office for Police Conduct

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Mridul Hegde , Non Executive Director

Mridul Hegde CB is an experienced adviser with top-level background in UK government, politics and regulation.  She is a former senior official of HM Treasury and now chairs the Risk Committee of HSBC UK plc. 


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Brian Roberts , Non Executive Director

Brian is the Finance Commissioner for Northamptonshire County Council, having been director of corporate resources and deputy chief executive at Leicestershire County Council. Brian has worked at a number of councils during his career.

Brian qualified as an accountant in 1980. He is Past President of the Chartered Institute of Public Finance and Accountancy (CIPFA). He was a Member and past president of the Society of County Treasurers and he has also been an LGA core finance adviser and past president of the Association of Local Government Treasurers. Brian is currently a trustee of the Centre for Public Scrutiny.

The UK Municipal Bonds Agency Plc operates a robust and effective governance structure.


Matters Reserved for the Board

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Code of Conduct for Directors

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Nominations and Remuneration Committee

Adrian Bell - Chair

Derrick Anderson

Sir Stephen Houghton

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Risk, Compliance and Audit Committee

Mridul Hegde

Michael Lockwood

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Our Shareholders

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The UK Municipal Bonds Agency Plc shareholders reflect a diverse and representative range of regions, political parties and Type.


Statement of Accounts

November 2015 

November 2016

November 2017


Anti - Bribery and Corruption Policy