Bishop of Durham to serve on Banking Standards Commission
The Rt Revd Justin Welby, Bishop of Durham, has been invited to sit on the Parliamentary Commission On Banking Standards. His appointment to the Commission underlines the depth and value of the non-partisan expertise the Lords Spiritual bring to their work in the House of Lords.
The Commission will be chaired by Andrew Tyrie MP, Chairman of the Commons Treasury Select Committee. The terms of reference set out in the motion which established the Commission require it to consider and report on 'professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the Libor rate-setting process' and 'lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy'.
Following graduation, Bishop Justin spent most of his professional life in business, including 11 years in the oil industry. He was part of the senior management team of a large British exploration and production company, responsible for its financing operations, eventually becoming Group Treasurer of Enterprise Oil PLC in 1984.
Bishop Justin has written widely on ethics and on finance, working closely with Roman Catholic groups in Europe. He has contributed to books such as Managing the Church?: Order and Organization in a Secular Age and Explorations in Financial Ethics. He also wrote Can Companies Sin?: "Whether", "How" and "Who" in Company Accountability , published by Grove Books in 1992.
He was ordained in 1992, and appointed Dean of Liverpool in 2007. He was appointed Bishop of Durham - thus becoming a member of the House of Lords ex officio - in 2011.