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About the FRC FRC Structure Corporate Reporting Review Committee

Corporate Reporting Review Committee

The Corporate Reporting Review (CRR) Committee comprises the Chair and Deputy Chairs of the Financial Reporting Review Panel appointed by the Conduct Committee. The CRR Committee is responsible for taking all steps delegated to the CRR Committee under the Conduct Committee operating procedures for reviewing corporate reporting including:

  • opening an Inquiry;
  • appointing a Review Group; 
  • and if appropriate, referring any matter to the Conduct Committee to consider action under one of the FRC’s disciplinary schemes.

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Corporate Reporting Review Committee Terms of Reference

1. Membership         

The CRR Committee shall comprise the Chairman and Deputy Chairmen of the Financial Reporting Review Panel appointed by the Conduct Committee.

2. Quorum

The quorum for CRR Committee meetings shall be 2 members.

3. Secretary 

The Company Secretary or his/her nominee shall act as Secretary of the CRR Committee (the Secretary).

4. Frequency of Meetings 

The CRR Committee shall meet as required.

5. Attendance at Meetings 

Only members of the CRR Committee shall have the right to attend CRR Committee meetings. However other individuals may be invited to attend all or part of any meeting as and when appropriate.

6. Notice of Meetings 

Unless otherwise agreed, notice of each meeting confirming the venue, time and date, together with an agenda of items to be discussed and supporting papers, shall be forwarded to each member of the CRR Committee and any other person required to attend, no later than 5 working days before the date of the meeting.

7. Minutes of Meetings 

The proceedings of the CRR Committee will be recorded in accordance with the Conduct Committee Operating Procedure and/or as appropriate having regard to all the circumstances.

8. Responsibilities 

 

The CRR Committee shall:

Take all steps delegated to the CRR Committee under the Conduct Committee Operating Procedures including:

Opening an Inquiry

Appointing a Review Group;

If appropriate, refer any matter to the Conduct Committee or the Case Examiner, as applicable, to consider action under one of the FRC’s disciplinary schemes or enforcement procedures; and 
Perform any other function as shall be determined by the Conduct Committee from time to time.

9. Opening an Inquiry

 

Appointing a Review Group;

If appropriate, refer any matter to the Conduct Committee to consider action under one of the FRC’s disciplinary scheme; and
Perform any other function as shall be determined by the Conduct Committee from time to time

Reporting Responsibilities 

The CRR Committee Chair shall report:

  • to the Conduct Committee on its activities and proceedings at Conduct Committee meetings no less than four times a year; and.
  • on the quality of corporate reporting, emerging themes and risks at Codes & Standards Committee meetings on a regular basis.

10. Other 

The CRR Committee shall have access to sufficient resources and is authorised to seek information from the FRC executive in order to carry out its responsibilities.

Approved by the FRC Board with effect from 17 June 2016.