Endorsement Board Members, UK Endorsement Board, Financial Reporting Council London

Body: Department for Business, Energy and Industrial Strategy
Appointing Department: Department of Business, Energy and Industrial Strategy
Sector: Business, Finance & Skills
Location: London
Skills required: Accountancy, Business / Commercial
Number of Vacancies: 8-12
Remuneration: £14,000 for 20 days (or £182,000 pro rata per annum)
Time Requirements: 20 days

Campaign Timeline

  • Competition Launched

    13/11/2020

  • Closed for Applications

    11/12/2020 at 12:00

  • Panel Sift

    Week Commencing 14/12/2020

  • Final Interview Date

    January/February 2021

  • Announcement

    TBC

 

Assessment Panel

Vacancy Description

The UK Accounting Standards Endorsement Board (UKEB) will serve the UK public interest by contributing to: the research and development of high-quality international financial reporting standards; their endorsement and adoption for use in the UK in accordance with the legislative requirements; and international debate on developments in financial reporting by entities.  It will do this by:

  • Influencing the development of international financial reporting standards—the UKEB will contribute to debates on all the IASB’s projects, consult with UK stakeholders to obtain their views, highlight any concerns to the IASB at every stage of their project, including the development of its agenda and post-implementation reviews.
  • Following the process for the endorsement and adoption of IFRS specified in legislation — The UKEB will decide on whether to adopt IFRS for application by UK entities.
  • Providing thought-leadership — The UKEB will undertake research and contribute to the development of financial reporting internationally. It will also undertake to inform and educate UK and international stakeholders on developments in financial reporting.
  • The UKEB will adopt, follow, and represent the guiding principles of transparency, accountability, independence and thought leadership in all its activities.

Board members will represent the best available combination of technical skills and background experience of relevant business and economic conditions to contribute to the development of high quality, global financial reporting standards.

Key accountabilities are:

  • Acting in an independent manner in the UK public interest, in all matters relating to their Board member role, and therefore not regarding themselves as representing their organisation. They are expected to inform the Board of their organisation’s views and reasons for these views to help inform the debate. This is to ensure the Board remains independent in its decision-making.
  • Contributing to the debate and acting as an integral member of the Board.
  • Providing advice and guidance to staff and technical input in particular areas of expertise.
  • Representing the guiding principles of the organisation which are: transparency, accountability, independence and thought leadership.

Person Specification

Applicants must have:

  • The ability to think strategically and to work collegiately with others;
  • A comprehensive understanding of financial reporting matters and of the operations of UK markets and/or political landscape reflective of their background. For example, those applying to represent the interests of accounting professionals, preparers or investors will be required to demonstrate an in-depth knowledge of IFRS and an understanding of the role they play in the efficient allocation of capital and the smooth functioning of capital markets;
  • An in-depth understanding of the use of financial reporting to enhance the transparency and accountability of entities listed on capital markets and their impact on the wider economy;
  • An understanding of the issues that may be relevant to the process for assessing whether proposed or published IFRS are conducive to the UK public good;
  • Commercial awareness and political sensitivity on the impact of adopting accounting standards; and
  • An understanding of the due process of the international accounting standard-setting process and related organisations.

 

Desirable:

  • Previous experience of operating at Board level, or equivalent.
Applicants must be able to:

  • Interact effectively and respectfully with stakeholders; and,
  • Represent the views and agreed positions of the UKEB with clarity, integrity and commitment.
  • Contribute to the development of financial reporting globally;
  • Debate, willing to listen and to synthesise other UKEB members’ and stakeholders’ views to agree on the way forward;
  • Analyse complex issues, identify salient issues and to offer up potential solutions for further debate by UKEB members; and
  • Where appropriate, work with the UKEB secretariat to develop a robust evidence base to supporting the positions/decision reached by the UKEB.
  • Understand how their role as a board member can contribute to the success of the UKEB. As a board member, UKEB appointees will have specific, shared responsibility for:
    • establishing and taking forward the strategic aims and objectives of the UKEB consistent with its overall strategic direction and within the policy and resources framework determined by the Secretary of State;
    • ensuring that the responsible minister is kept informed of any changes which are likely to impact on the strategic direction of the UKEB or on the attainability of its targets, and determining the steps needed to deal with such changes;
    • ensuring that any statutory or administrative requirements for the use of public funds are complied with; that the Board operates within the limits of its statutory authority and any delegated authority agreed with the sponsor department, and in accordance with any other conditions relating to the use of public funds; and that, in reaching decisions, the Board takes into account guidance issued by the sponsor department;
    • ensuring that the Board receives and reviews regular financial information concerning the management of the UKEB; is informed in a timely manner about any concerns about the activities of the UKEB; and provides positive assurance to the department that appropriate action has been taken on such concerns;demonstrating high standards of corporate governance at all times.

Each individual UKEB board member should:

  • comply at all times with the Code of Conduct for Board Members of Public Bodies and with the rules relating to the use of public funds and to conflicts of interest;
  • not misuse information gained in the course of their public service for personal gain or for political profit, nor seek to use the opportunity of public service to promote their private interests or those of connected persons or organisations;
  • comply with the Board’s rules on the acceptance of gifts and hospitality, and of business appointments;
  • act in good faith and in the best interests of the UKEB.
Applicants must:

  • Have high credibility in the financial reporting community, likely arising from a senior level of responsibility.
  • Be able to contribute to the success of the UKEB and achievement of its objectives.
  • Be able to influence the IASB and other key stakeholders when discussing the development of IFRS, and financial reporting more generally, and articulating the UK’s views.

Additional Information

Additional information can be found in the Candidate Pack.

How to Apply

The closing date for applications is 11th December at 12:00.
Late applications will not be accepted.

The recruitment process is being undertaken by Odgers Berndtson on behalf of the UKEB, the Financial Reporting Council and the Department for Business, Energy and Industrial Strategy.

The preferred method of application is online at: www.odgers.com/80916

If you wish to apply for this position, please supply the following:

  • A comprehensive CV setting out your career history, with responsibilities and achievements.
  • A covering letter (maximum two sides of A4) highlighting your suitability and setting out how you meet the person specification. Please note that the covering letter is an important part of your application and is as much the means by which you will be assessed as your CV.
  • Diversity Monitoring Form – Once you have completed your application, you will receive an automatically generated email asking you to complete a Diversity Monitoring Form. Your Diversity Monitoring Form will be stored separately from your application and will play no part in the selection process.
  • Political Activity/Conflicts of Interest Questionnaire – This can be found by visiting: www.odgers.com/80916 Please download the form and return to: anne.neill@odgersberndtson.com

 

If you are unable to apply online please email your application to: anne.neill@odgersberndtson.com

All applications will receive a response.

Candidates may be requested to attend a preliminary interview with
Odgers Berndtson before a shortlist is selected.

Contact
If you would like an informal conversation about this role, please contact Odgers Berndtson: Laura Spurgin on +44 20 7529 1072 or laura.spurgin@odgersberndtson.com or Simon McDonald on +44 20 7529 6359 or simon.mcdonald@odgersberndtson.com

Due Diligence
Please note that due diligence will be carried out on shortlisted candidates.

Conflicts of Interest
If you have any interests that might be relevant to the work of the UKEB and which could lead to a real or perceived conflict of interest if you were to be appointed, please provide details in your supporting letter/application form.

GDPR
In line with GDPR, we ask that you do NOT send us any information that can identify children or any of your Sensitive Personal Data.

Attachments
UKEB Board Member Candidate Brief FINAL

This post is NOT regulated by The Commissioner for Public Appointments.

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