Financial Reporting Council, Chair

Body: Financial Reporting Council
Appointing Department: Department of Business, Energy and Industrial Strategy
Sector: Business, Finance & Skills
Location: London
Skills required: Accountancy, Audit and Risk, Regulation
Number of Vacancies: 1
Remuneration: £125,000 per annum (based on a time commitment of 2.5 days per week)
Time Requirements: 2.5 days per week

Campaign Timeline

  • Competition Launched

    23/07/2021

  • Closed for Applications

    04/10/2021

  • Panel Sift

    Late October 2021

  • Final Interview Date

    Late Novermber 2021

  • Pre-Appointment Scrutiny Hearing

    December 2021

  • Announcement

    TBC

 

Assessment Panel

  • Jaee Samant CBE

    Panel Chair

    Director General, Market Frameworks, Department for Business, Energy and Industrial Strategy​ • Representative of Organisation

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  • The Rt Hon The Lord Smith of Kelvin

    Chair, British Business Bank​ • Other Panel Member

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  • The Rt Hon Professor The Lord Kamall

    Professor of Politics and International Relations at St Mary's University and Academic & Research Director at the Institute of Economic Affairs​ • Independent Member

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Vacancy Description

The Financial Reporting Council (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 FRC sits at the centre of the ecosystem of corporate Britain. Post pandemic and Brexit it’s clear that all stakeholders who use and rely on high standards of corporate reporting and governance need to re-build confidence and trust and that the performance and prospects of companies across the UK are reported fairly and proportionately. The audit sector in the UK, and reporting by the largest UK companies, face significant change following the publication of the White Paper on Restoring Trust in Audit and Corporate Governance. The FRC is in the process of transitioning into a new regulator, to be known as the Audit, Reporting and Governance Authority (ARGA), and will be central to the once in a lifetime opportunity for reform of audit and corporate governance in partnership with Government.  We are creating in ARGA a much bolder regulator with more energy, seizing this rare opportunity to build on the reform of the organisation currently underway and in the sector more generally. We aim to distil the recommendations from the reports into a sustainable strategy for improving audit quality and corporate governance for the benefit of all stakeholders – employees, investors, consumers, supply chain participants and pensioners. 

As a regulator working in the public interest, the FRC needs to respond appropriately to political, economic, environmental and technological change. It must be transparent and act with integrity. It must be a well-governed and accountable public body, independent from those it regulates, and follow its own principles of good governance and reporting.

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 Role

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 and will be expected to appear in front of the BEIS Select Committee.

This is a high-profile role, leading the Board of an organisation that is high-profile, key to delivering an important part of the Government’s priorities, and of significant political interest. Candidates should have the reputation and credibility to develop relationships and command respect with the business, financial and professional services community as well as with Government, other regulatory agencies and the wider public.

Assessment Criteria 

As the incoming Chair will lead a body undergoing 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.
  • Able to command the respect of the industry, and be credible with those that are regulated by FRC.
  • Strong analytical skills and a capacity to operate strategically and with influence.
  • Ability to successfully implement reforms within an organisation.

Desirable criteria

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

Additional Information

This appointment is subject to pre-appointment scrutiny by the BEIS Select Committee.

Pre-appointment scrutiny is an important part of the appointment process for some of the most significant public appointments made by Ministers. It is designed to provide an added level of scrutiny to verify that the recruitment meets the principles set out in the Governance Code on Public Appointments. Further information about the pre-appointment scrutiny process is provided in the candidate pack.

The proposed date for a pre-appointment hearing is yet to be confirmed but is expected to be in late November 2021.

How to Apply

The closing date for applications is 12 noon on 4th  October 2021. Late or incomplete applications will not be accepted.

Please submit the following documents by email to FRC@kornferry.com

  • A covering letter
  • A CV
  • Data and diversity monitoring form (These forms are attached at the end of this advert. Please download the form to fill and attach along with your CV and covering letter).

Please ensure that you include “Financial Reporting Council Chair” in the subject box.

The key to a good application is to give the reader specific information about how you meet the criteria for appointment. Think about your knowledge, skills, experience and personal attributes, and take full advantage of the space available. Provide practical evidence that best demonstrates how you meet the essential criteria for the role.

Attachments
BEIS Public Appointments Privacy Notice
Diversity-Monitoring-Form Chair
FRC Chair - Candidate Pack V2
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