Terms of reference
This page provides the terms of reference for the Export Guarantees Advisory Council (EGAC) which advises UK Export Finance.
On this page:
Purpose and objectives
The Export Guarantees Advisory Council ("the Council") is established under Section 13 of the Export and Investment Guarantees Act 1991 as amended by the Industry and Exports (Financial Support) Act 2009.
The statutory purpose of the Council is to give advice to the Secretary of State, at his request, in respect of any matter relating to the exercise of his functions under the Act. In particular, the Secretary of State is required to consult the Council in exercising his duty under Section 11(2) of the Act (in relation to the provision of reinsurance to the private sector in the national interest).
The Council is an advisory body. It does not perform executive functions or take decisions on ECGD’s activities.
Activities
The Council normally provides advice to the Secretary of State through ECGD officials, usually at meetings attended by ECGD’s Chief Executive. The Council addresses its views directly to the Ministers on any subject where it deems it appropriate to do so. It meets with the Minister once a year.
The main areas on which Ministers seek advice are on ECGD’s policies relating to:
- Environmental, social and human rights impacts;
- Anti-bribery and corruption;
- Sustainable lending;
- Disclosure through its obligations under information legislation.
The Council gives advice on other issues as requested by Ministers, and on the provision of reinsurance as necessary.
ECGD informs the Council of developments related to relevant international agreements and policies set by Ministers which guide ECGD’s operations so that these can be taken into account by the Council in providing its advice.
The Council meets with interested parties i.e. exporters, banks, trade associations, special interest groups, to help inform its work.
Council members are appointed by Ministers, one of whom is appointed as Chairperson, in conformance with the recruitment policies and procedures of the Office of the Commissioner for Public Appointments.
A member of ECGD’s Management Board usually attends Council meetings as an observer to provide a link between ECGD’s Management Board and the Council.
Quorum
A quorum will be the Chairperson, or his nominee, and two other members.
Secretariat
The Council’s secretariat is provided by ECGD. The Secretary is responsible for organising meetings, producing agendas, providing papers, producing minutes of meetings.
Reporting
Minutes of each meeting are produced and published on ECGD’s website. The Council produces an annual report of its activities which is published in ECGD Annual Review and Accounts.
Public Service Values
Council members are expected to:
- observe the highest standards of impartiality, integrity, and objectivity in relation to the advice they provide;
- be accountable to the Secretary of State for the Council's activities and for the standard of advice they provide; and
- follow the Seven Principles of Public Life set out by the Committee on Standards in Public Life. (You can find out more information from the right hand side of this page).
Declaration of interests
Council members declare directorships and executive appointments held, and any substantial shareholding or interest held including by immediate family members. A Register of Interests is held by the Secretary and published on ECGD’s website. Go to from the right hand side of this page for more information.
Legal Proceedings
Although legal proceedings by a third party against individual board members or advisory bodies are very exceptional, a Council member may be personally liable if a fraudulent or negligent statement is made which results in a loss to a third party. If a Council member has provided advice honestly, reasonably, without negligence and in good faith ECGD will provide an indemnity against personal civil liability.
