Financial Reporting Council - Non-Executive Director x8

Closed
Body: Department for Business, Energy and Industrial Strategy
Appointing Department: Department of Business, Energy and Industrial Strategy
Sectors: Business, Finance & Skills, Regulation
Location: London
Skills required: Accountancy, Audit and Risk, Business / Commercial, Change Management, Legal / Judicial, Regulation
Number of Vacancies: 8
Remuneration: £17,500 (pro rata £183,054/daily rate of £700)
Time Requirements: 25 days per annum

Campaign Timeline

  • Competition Launched

    12/08/2020

  • Closed for Applications

    20/09/2020

  • Panel Sift

    13/10/2020

  • Final Interview Date

    19/11/2020

  • Announcement

    TBC

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 Board members 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.

Person Specification

Non-Executive membership of the FRC as it transitions into ARGA, is a high profile role and 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.

Essential Criteria:

  • Experienced leader with proven ability to quickly earn the trust and confidence of both other members of the Board and the Executive, as well as developing strong working relationships with Government, other regulatory agencies and the wider public
  • Ability to develop strategy and provide strategic direction in a way that ensures the FRC/ARGA fulfils its mission.
  • Strong track record of driving transformation coupled with the interpersonal and leadership skills to ensure that significant and fundamental change takes place.
  • Experience in one or more of the following areas of expertise:
  1. audit
  2. corporate / commercial finance
  3. public policy
  4. competition law and policy
  5. organisational transformation
  6. investment management, capital markets and investor relations
  7. technology skills including, in particular, digital business transformation

Desirable Criteria:

  • Significant Board experience, holding executive teams to account.
  • Performance driven with fresh ideas, who will add value to Board discussions and provide appropriate, effective but constructive, challenge without creating conflict.
Attachments
FRC-NED-Candidate-Pack
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