Financial Reporting Council, Chair

Body: Financial Reporting Council
Appointing Department: Department of Business, Energy and Industrial Strategy
Sectors: Business, Finance & Skills, Regulation
Location: London, virtual for foreseeable future
Number of Vacancies: 1
Remuneration: £75,000 for 1.5 days per week
Time Requirements: 1.5 days a week

Campaign Timeline

  • Competition Launched

    20/11/2020

  • Closed for Applications

    03/01/2021

  • Panel Sift

    Week commencing 25/1. Please note this is subject to change

  • Final Interview Date

    Week commencing 22/2. Please note this is subject to change

  • Pre Appointment Scrutiny Hearing

    April 2021

  • Announcement

    TBC

 

Assessment Panel

  • Debbie Gillatt

    Panel Chair

    Director, Business Frameworks • Departmental Official

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  • Sir Donald Brydon

    Chairman of the SAGE Group • Representative of Organisation

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  • Professor Syed Kamall

    Institute of Economic Affairs • Independent Member

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Vacancy Description

The Role

The mission of the Financial Reporting Council (FRC) is to promote transparency and integrity in business. These are cornerstones to generating public trust and confidence in UK business and help attract investment in successful companies that provide jobs, create prosperity and generate economic growth.

The FRC sets the UK Corporate Governance & Stewardship Codes which aim to make investors more accountable to their clients and beneficiaries. The FRC also sets standards for accounting, auditing and actuarial work. As the UK’s independent regulator and Competent Authority for Audit it monitors, and takes action where necessary, to promote the quality of corporate reporting and audit. It also operates independent enforcement arrangements for accountants and actuaries.

The audit sector in the UK faces significant change following reviews undertaken by Sir John Kingman, the Competition and Markets Authority and Sir Donald Brydon. The FRC is in the process of transitioning into a new regulator, to be known as ARGA, and will be central to implementing the proposals in partnership with Government.  We are creating in ARGA a much bolder regulator with more energy, seizing this rare opportunity to undertake wholehearted reform of the organisation and the sector. Our task is to distil the Kingman, Brydon and CMA reports into a sustainable strategy for improving audit quality and reaffirming the UK’s leading position in the world for standards and the profession.

As a regulator working in the public interest, we need to respond appropriately to political, economic, environmental and technological change. To deliver our mission we must be transparent and act with integrity. We aim to be a well-governed and accountable public body, independent from those we regulate, and to follow our own principles of good governance and reporting.

We are looking for a Chair who can work with us across this range of challenges and provide fresh insight. In response to the Kingman recommendations you will be joining a Board tasked with demonstrating the leadership necessary to effect a shift in tone and culture and to build respect.  There are already a number of changes underway to action this and, with a number of planned retirements upcoming, the Board will be significantly refreshed by the end of 2020.

The Board

The Board of the FRC is responsible for the long-term strategy and success of the FRC and its successor, ARGA. The Board maintains prudent and effective controls to assess and manage risk, ensures resources are in place for the organisation to meet its objectives and reviews management performance. The Board also sets the values and culture and ensures that its obligations to its stakeholders and others are understood and met. In light of the independent review by Sir John Kingman, the Board will ensure that there is oversight and strong governance while driving forward the recommended changes to create a strong and robust regulator.

Person Specification

The Board of the FRC is responsible for the long-term strategy and success of the FRC. It maintains prudent and effective controls to assess and manage risk, ensures resources are in place for the FRC to meet its objectives and reviews management performance. The Board also sets the FRC’s values and culture and ensures that its obligations to its stakeholders and others are understood and met.

In light of the Independent Review by Sir John Kingman, the new Board will ensure that there is oversight and strong governance while driving forward the recommended changes to create a strong and robust regulator.

The Chair will be responsible for:

  • Effective, cooperative and inclusive leadership of the Board so that it provides clear strategic direction. This will include enabling a high standard of discussion and challenge, while fostering an environment in which diverse views are encouraged and considered.
  • Holding the Executive Team to account for the performance of the regulator against its objectives, duties, and impact; and ensuring it continues to improve and increase the overall quality and effectiveness of the audit, reporting, and governance landscape.
  • Working with the Board to ensure that the Board, committees, and Executive Team have an appropriate range of skills, and that they promote diversity.
  • Overseeing the implementation of the recommendations in the Independent Review, conducting an overhaul of the Board to ensure the appropriate skills and experience needed by the future regulator are present, and working in collaboration with the Executive Team, BEIS and other stakeholders to take forward these recommendations and embed them within regulator.
  • Leading the new regulator once it is established, ensuring the UK has a world-leading body.

The Chair will be accountable to Parliament, and to the Secretary of State for Business, Energy, and Industrial Strategy. The Chair will be expected to appear in front of the BEIS Select Committee.

Key skills and experience

As the incoming Chair will lead a body preparing for fundamental transformational change, it is essential that the successful candidate brings:

Essential criteria

  • The ability to develop a Board and provide leadership through periods of significant change.
  • Excellent influencing and communication skills, including the ability to encourage debate and challenge, and resolve conflict in a constructive manner.
  • Strong analytical skills and a capacity to operate strategically and with influence.
  • Ability to successfully implement reforms within an organisation.
  • An ability to ensure the effective use of public funds.
  • Ability to demonstrate attitudes consistent with the expectations of public office and the Nolan Principles of Public Life.

 Desirable criteria

  • Experience in working in a business or regulatory field at senior levels, including holding to account those responsible for delivery.

 

Additional Information

If you are shortlisted for the role, due diligence will be carried out and your referees are likely to be contacted.

You will be asked to prepare some identification documents if you are invited to an interview – further information will be provided at that stage.

Interviews are likely to be held remotely via Microsoft Teams.

Further information can be found in the applicant pack.

How to Apply

For us to progress your application, you must submit both of the following documents before 11pm on 3 January 2021. You must submit:

  • a curriculum vitae; and
  • a supporting statement

by email, with the subject ‘FRC, Chair’ to publicappointments@beis.gov.uk.

If you do not submit both a curriculum vitae and a supporting statement by 11pm on 3 January 2021, your application will not be progressed any further. Late applications will not be accepted.

We also ask that you complete a diversity monitoring form, which can be found here.

Your curriculum vitae and supporting statement must each be no longer than two pages in length. If you submit documents which are longer than two pages, any information not contained within the first two pages of each document will be disregarded and will not be seen by the assessment panel.

If you experience problems accessing or completing the diversity monitoring form or if you have any questions about the application process, please contact Sophie Austin at publicappointments@beis.gov.uk.

The closing date for applications is 11pm on 3 January 2021.

Late or incomplete applications will not be accepted.

Applicant packs can be provided in other formats upon request.

Attachments
FRC Chair Candidate Pack
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