Financial Reporting Council (FRC) - CEO

Body: Financial Reporting Council (FRC)
Appointing Department: Department of Business, Energy and Industrial Strategy
Sectors: Business, Finance & Skills, Regulation
Location: London
Skills required: Audit and Risk, Business / Commercial, Regulation, Transformation
Number of Vacancies: 1
Remuneration: The remuneration for this role is £330,000 per annum.
Time Requirements: This is a full-time position.

Campaign Timeline

  • Competition Launched

    29/04/2019

  • Closed for Applications

    10/06/2019

  • Panel Sift

    08/07/2019

  • Final Interview Date

    22/07/2019

  • Announcement

    TBC

 

Assessment Panel

Vacancy Description

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.

Following the Independent Review in to the Financial Reporting Council (FRC), the Secretary of State for Business, Energy and Industrial Strategy (BEIS) has accepted the recommendation that FRC should be replaced with a new independent regulator and Competent Authority for Audit – the Audit, Reporting and Governance Authority (ARGA).

We are seeking a candidate with exceptional leadership and management skills to secure the change recommended in the Review.

The successful candidate will initially be appointed to the FRC, and will provide effective executive leadership of the organisation, continue to deliver its regulatory duties, and begin implementation of the Independent Review’s recommendations within the existing organisation.  They will also take forward the regulator’s work to establish ARGA, including with relevant regulators.  The successful candidate will be responsible for ensuring that it achieves the vision set out in the Independent Review.

Key responsibilities and accountabilities

As Chief Executive and Accounting Officer you will be responsible for the overall effectiveness of a new, robust, impactful regulator. It is a key function of the regulator to protect the interests of investors and the wider public interest by setting high standards of corporate governance, corporate reporting and statutory audit, and to hold to account those responsible for meeting these standards. You will work closely with the Chair to provide the vision, direction and leadership in the formulation and achievement of the regulator’s strategies and objectives. This will include ensuring the appropriate business planning, risk management, financial controls, business and people strategies and delivery assurance is in place as befits an arm’s length body of the Department for Business, Energy and Industrial Strategy.

The Chief Executive will be responsible for the effective executive leadership and management of the regulator, within a strategic framework agreed by the Board and held account by the Government and Parliament. The post-holder will be expected to appear at least annually before the BEIS Select Committee.

Specifically, the Chief Executive will have accountability for:

  • Leading the successful transition in line with the recommendations from the Independent Review;
  • Providing overall leadership and management of the regulator, ensuring that its obligations and objectives are met;
  • Developing the strategic direction of the new regulator, overseeing policy development, and communicating these effectively;
  • Ensuring strong relationships with stakeholders;
  • Driving continuous improvement and efficiency in the delivery of regulatory duties and quality of guidance through the measurement of performance and taking action to instigate any remedial action necessary;
  • Building on the culture and setting the direction for the organisation in a time of change for the short and medium-term, ultimately identifying and delivering efficiencies;
  • Developing strategy proposals for recommendation to the Board, and ensuring that business decisions made and implemented are consistent with the agreed strategy;
  • Ensuring that the regulator develops and delivers against the framework agreed between the Board and the Department for Business, Energy and Industrial Strategy as the sponsoring department;
  • Building constructive and effective relationships with Ministers and BEIS;
  • Constructing and delivering an external stakeholder engagement plan which should include Parliamentarians, industry and business, those in the wider regulatory sector, and internationally;
  • Developing clear and achievable corporate plans, objectives and annual operating budgets for recommendation to the Board and Department;
  • Exercising the duties and responsibilities of the Accounting Officer as set out in Managing Public Money, and including responsibility for propriety, regularity and value for money; and
  • Establishing effective management information which enables the Board to assess overall performance of the regulator.

Person Specification

Essential Criteria:

  • The credibility, integrity, and capability required to build relationships with investors and the users of accounts; hold to account the business and financial community; work with Government and other regulatory agencies; and maintain the trust of the wider public;
  • Ability to lead significant organisational change that achieves highly effective operational delivery as well as efficiency and value for money;
  • Sophisticated interpersonal skills including persuasive and effective communication skills, to develop and maintain confident positive internal and external relationships;
  • The ability to work collaboratively with the regulator’s Board, including a good understanding of the effective governance necessary to ensure that the regulator is a well-run organisation; and
  • Strong analytical skills to help make sound organisational and financial decisions, with the ability to articulate the rationale for them clearly.

Desirable Criteria:

  • Strong experience of handling regulatory issues, and a record of impactful senior leadership, with the ability to inspire a clear culture and aligned sense of purpose across a changing and complex organisation.

Eligibility

Under the statutory and regulatory frameworks which apply to the regulator’s responsibilities there are certain restrictions on suitable candidates for the Chief Executive role. These include individuals who are or in the previous three years have been practicing auditors.

In view of the review’s recommendations that ARGA should take on statutory regulation of the major audit firms, candidates will need to demonstrate independence particularly in relation to those firms.

Additional Information

The term of CEO of the FRC is expected to be a five-year appointment, with the possibility of re-appointment, subject to Ministerial approval.

How to Apply

The closing date for applications is 10/06/2019 at 23:00.

Late applications will not be accepted.

For further information or to apply, please visit: www.odgers.com/71793

If you are unable to apply online please email: 71793@odgersberndtson.com

Please submit the following documents:

  1. A Statement of Suitability (no longer than two pages) – this should explain how you consider your personal skills, qualities and experience provide evidence of your suitability for the role, with particular reference to the points highlighted in the essential criteria. Please note that the statement of suitability is an important part of your application and is as much the means by which you will be assessed as your CV.
  2. A CV
  3. Application form enclosed in the candidate pack (please send this separately to Rhianna.bridgewater@odgersberndtson.com)
  4. Diversity Monitoring Form – all candidates are requested to complete an online Diversity Monitoring Form which you will receive an email prompt to complete at the end of the application process. This will assist BEIS in monitoring selection decisions to assess whether equality of opportunity is being achieved. Any information collated from the Diversity Monitoring Forms will not be used as part of the selection process and will be treated as strictly confidential.

All applications will receive an automated response.

Please note that failure to submit both your CV and Statement of Suitability will mean the panel only have limited information on which to assess your application against the essential criteria.

If you have any questions and want to discuss directly with the BEIS Public Appointments team, please email publicappointments@beis.gov.uk

Attachments
FRC CEO Diversity monitoring form 29042019
Financial Reporting Council CEO Applicant Pack 29.04.19

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

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