The Student Loans Company (SLC) is a UK public sector organisation established to provide student funding (in the form of loans and grants) to over two million new and returning students and learners annually, in colleges and universities across England, Northern Ireland, Scotland and Wales. It is a non-profit-making limited company which is Government-owned. In total, it has around eight million customers and manages a nationally significant loan book worth over £200bn (as at 31 March 2022). It employs over 3000 staff in three main locations: Glasgow, Darlington and Llandudno Junction in North Wales.

The scale of SLC is akin to that of a mid-tier UK financial services institution. It is incorporated as a company limited by shares under the Companies Act and is wholly in public ownership – with the UK Government being the majority shareholder and the remaining shares held by the devolved administrations in Scotland, Wales, and Northern Ireland. SLC provides different functions for each of the devolved administrations.

This is an exciting time for SLC; on top of its core mission to enable student opportunity and delivery an outstanding customer experience, the Student Loans Company is also transforming its business to improve customer and colleague experience, further drive down cost to create better value for taxpayer money and create greater system stability, resilience, and security. The Student Loans Company is also the key delivery partner for the Lifelong Loan Entitlement, a priority for the UK Government, which will be transformative for the whole system and approach to student finance in England.

Candidates will support the SLC by bringing their unique skills and experience to the Board, ensuring effective oversight and assurance of the operations of SLC, as well as steering the organisation through the development and delivery of organisational and product change. Specific responsibilities will include:

• Constructively challenging and contributing to the development of strategy and business planning, including the setting and development of key objectives and targets
• Scrutinising the performance of the organisation in meeting agreed goals and objectives, overseeing performance against customer metrics, reviewing regular financial information concerning the management of SLC, and ensuring that effective arrangements are in place within SLC to ensure compliance with statutory or administrative requirements on the use of public funds
• Ensuring that effective arrangements are in place within SLC to provide assurance on risk management, governance, and internal control
• Taking forward the strategic aims and objectives of SLC and ensuring that these are consistent with its overall strategic direction and within the policy and resources framework determined by the Secretary of State
• Ensuring that SLC’s responsibilities towards its employees, such as pay, pension and development of staff, are satisfactorily discharged

Context

As a Non-Executive Director, you will play an active role on the Board of the SLC, supporting the SLC Executive Team and SLC Chair to deliver the company’s portfolio of priorities, overcome challenges and exploit opportunities, including the continued growth of its customer base and delivery of SLC’s transformation into becoming a digitally modern provider.

Supporting the executive team to continually modernise SLC over the next few years will be a key responsibility, and a significant element of the role will be to work as a member of the Board to ensure that the resources and skills available to the Company are commensurate with, and focussed on, its delivery obligations.

The successful candidates will have extensive experience in previous private and / or public sector roles, which will enable them to provide advice, guidance, support and effective challenge to the SLC Executive Leadership Team, and to ensure that the Board’s responsibilities are correctly discharged. Applicants will need to evidence experience for both specific and generic skills as listed below.

Essential criteria - Specific Skills

• Role one: Significant, senior level experience of working in a regulated financial environment, managing substantial profit and loss accounts, or managing and maximising the value of financial assets in complex commercial ventures. This candidate should also be financially qualified
• Role two: Significant, senior level experience in customer service and customer experience, including driving customer and organisational value from enabling a shift to self-serve channels within large-scale retail or operational delivery organisations
• Role three: Significant, senior level experience of HR, including organisational design, people strategy and development, EDI and culture and the operational requirements within large-scale organisations

And the following generic criteria:

• Board level senior leadership experience in large and complex organisations with a specific focus on delivery
• The ability to think strategically, and effectively shape organisational strategy and transformation
• Excellent communication skills, including the ability to engage and influence senior stakeholders
• A collaborative working style including an ability to work jointly with other executives in the organisation to seize opportunities and collectively solve problems

In addition, one of the successful candidates should currently be active within the Higher Education sector, at a suitable level to bring an understanding of current issues and challenges in the sector to Board deliberations on customer service and partnership working. 

As Non-Executive Directors are expected to join one or more of the Board committees, which cover Audit and Risk, Remuneration and Technology, SLC is looking in this recruitment to attract candidates who will be able to contribute to the Audit and Risk and Remuneration Committees.

Please clearly indicate in your application which of the three roles you are applying against. You may apply against one or more.  

Desirable criteria

Additionally, at interview, candidates may also be assessed on the following desirable criteria:

• A strong understanding of the Higher / Further Education sector
• Previous non-executive board member experience on a public or private sector board
• Experience of risk, performance, and financial management
• Experience of working with or in UK Government / Devolved Governments and the demands of public accountability

Please also refer to the Nolan Principles as the basis of the ethical standards expected of public office holders - https://www.gov.uk/government/publications/the-7-principles-of-public-life

Time requirements: Approximately two days per month which includes Board and Committee commitments. The Board meets formally eight times per year but may also convene outside the scheduled cycle of meetings. Meetings will be held virtually and in person in keeping with SLC’s approach to hybrid working; in-person meetings will be held in Glasgow, Darlington, and Llandudno Junction. Non-Executive Directors will be expected to travel to these locations as necessary.

Remuneration detail: £12,000 per annum, rising to a maximum of £17,000 depending on participation in Board Sub-committees or other additional duties as agreed with the SLC Chair. There is an expectation that all Board members will join one or more Sub-committees.

The Department is focused on equality of opportunity and is committed to ensuring that public appointments better represent the views of the communities which they serve. It particularly encourages applicants from underrepresented groups, those based outside London and the South-East, as well as applicants who have achieved success through non-traditional educational routes.

All applicants will be asked to complete an anonymised diversity monitoring form used for data gathering information in order to ensure departments are recruiting from the widest possible pool.

Disability Confident Leader

As a Disability Confident Leader, SLC offers an interview for people with disabilities (as defined by the Equality Act 2010 and The Disability Discrimination Act 1995 (Amendment) Regulations (Northern Ireland) 2004) who meet the minimum criteria for the appointment. Where high numbers of applications are received, the candidates that best meet the minimum criteria for the role may only be invited to interview.