Jun 03, 2013
Tim Hailes, Managing Director and associate general counsel for J.P. Morgan’s Corporate and Investment Bank, recently became the first employee in the modern history of the firm to be elected to the City of London’s Court of Aldermen.
The City of London Corporation is the world’s oldest continuously elected local government. Its focus is to support and promote London as a world leader in international finance and business services. It also works in partnership with neighboring boroughs on the regeneration of surrounding areas, and its charity – the City Bridge Trust – donates more than £15 million annually.
Each of the city’s 25 wards is represented by one Alderman. Before standing for election, candidates must first be selected and appointed as a Magistrate by the Lord Chancellor on behalf of the Queen. They then vie for votes from residents of The City and local businesses, which are allocated votes on a proportional basis depending on the size of the company.
Hailes represents Bassishaw, historically the City’s smallest ward, and among its most prestigious.
There are 100 Common Councilmen representing the City’s 25 wards. Together with the Court of Aldermen, they make up the City of London’s primary decision-making body.