Financial Reporting Council, Non-Executive DirectorsClosed
|Body:||Financial Reporting Council|
|Appointing Department:||Department of Business, Energy and Industrial Strategy|
|Sector:||Business, Finance & Skills|
|Skills required:||Accountancy, Audit and Risk, Regulation|
|Number of Vacancies:||6|
|Remuneration:||The remuneration for this role is £17,500 per annum|
|Time Requirements:||25 days per annum|
Closed for Applications
20/09/2021 at 12:00
Early October 2021
Final Interview Date
Early November 2021
Director of Business Frameworks, Department for Business, Energy and Industrial Strategy • Departmental Official
Senior Independent Director, Financial Reporting Council • Representative of Organisation
Chief Executive, British Beer & Pub Association • Independent Member
Financial Reporting Council
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 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.
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 also ensure that there is oversight and strong governance while driving forward the recommended changes to create a strong and robust regulator.
Non-Executive membership of the FRC as it transitions into ARGA and beyond 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.
To be effective the FRC Board requires individuals with a range of skills and backgrounds (see below). All candidates must demonstrate the following essential criteria:
- Experienced leader with proven ability to quickly earn the trust and confidence of other members of a Board and 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 an organisation with numerous areas of responsibility.
- Significant Board experience, holding executive teams to account.
- Performance driven with fresh ideas, able to add value to Board discussions and provide appropriate, effective but constructive, challenge without creating conflict.
- Experience in working in a business or regulatory field at senior levels, including holding to account those responsible for delivery.
The Board collectively needs to have the following skills, so candidates will need to display at least one of the following:
- Legal – Substantial experience at the highest level in corporate, enforcement or regulatory aspects of law. It is expected this individual will chair the FRC Conduct Committee.
- Investment Management – Significant experience in oversight of investment portfolios, maintaining strong relationships with investors, and knowledge of listed capital markets.
- Accounting – Extensive experience in financial accounting and finance at a senior level.
- Audit – Extensive experience in a senior leadership position relating to the audit of complex and/or multinational businesses. Experience of audit of local government in the UK
- Corporate Governance – Extensive knowledge and experience of the practical application, laws and regulation of corporate governance
- Transformation – Strong track record of governing transformation in a landscape that has multiple stakeholders, and with the interpersonal and leadership skills to ensure that significant and fundamental change takes place.
- Actuarial – Significant expertise at the highest levels in the actuary sector, with extensive knowledge of the industry and its regulation.
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