Financial Reporting Council - The FRC

FRC Board

The FRC Board is composed of the Chair, a non-executive Deputy Chair, the Chief Executive, seven non-executive directors and the Chairs of the FRC's six Operating Bodies. The FRC Board complies with the relevant principles and provisions of the Combined Code.

To view the minutes of the meetings of the Board of Directors, click here.

Chairman
Baroness Hogg		Sarah Hogg has been Chairman of the Financial Reporting Council, the regulator and standard-setter responsible for corporate governance and financial reporting as well as the audit, accounting and actuarial professions, since May 2010. She is Senior Independent Director of BG Group plc, Lead Independent Director of HM Treasury, a Director of the John Lewis Partnership and Chairman of Frontier Economics Ltd, a consultancy founded in 1999 to specialise in the provision of strategic competition advice and the economics of regulation. She is also a Member of the Takeover Panel, Senior Advisor to the Financial Services Authority and a member of the Prime Minister's Business Ambassador Network. With extensive experience of business, government and the media, Sarah has worked at a high level in all three. She was Chairman of 3i Group plc from 2002 to 2010. As Head of the Prime Minister's Policy Unit, with the rank of Second Permanent Secretary, from 1990 to 1995, she was closely involved in the programmes of privatisation and private finance, performance measurement in public services and international economic issues. She was the then Prime Minister's closest adviser on the Uruguay round of trade negotiations and the creation of the World Trade Organisation. Before that Sarah Hogg was responsible for the economics coverage of a number of Britain's most respected publications, including The Economist, The Times and the Daily Telegraph. She was also involved in the start-up of The Independent, with responsibility for hiring and managing its award-winning business team from 1986 to 1989. Sarah Hogg was created a Life Peer in the 1995 New Year's Honours List.

Deputy Chair
Mr Glen Moreno		Glen Moreno was appointed chairman of Pearson in October 2005 and senior independent director of Lloyds Banking Group in February 2010. He is also a director of Fidelity International and chairman of its Audit Committee. Until mid 2009 he was senior independent director of Man Group plc and acting chairman of UKFI. From 1987 to 1991 he was chief executive of Fidelity International. Before that he was a group executive at Citigroup, where he spent 18 years in Europe and Asia. He was appointed Deputy Chairman of the Financial Reporting Council in November 2010. He is a governor of The Ditchley Foundation and a director of the Royal Academy of Dramatic Art.

Chief Executive
Stephen Haddrill		Stephen Haddrill became Chief Executive Officer of the Financial Reporting Council in November 2009. Previously he was Director General of the ABI from May 2005. In December 2008, Stephen was appointed as a member of the Financial Crisis Advisory Group (FCAG), the high-level advisory group set up by the International Accounting Standards Board and the Financial Accounting Standards Board to consider financial reporting issues arising from the global financial crisis. In October 2007, Stephen was appointed Vice President and Chair of the Board of the Institute for Employment Studies, the UK's leading employment and human resources experts. Stephen was Director General, Fair Markets Group at the Department of Trade and Industry (DTI), where he was responsible for the development of the framework within which business operates, including the competition and consumer framework, employment relations, company law, women and equality issues, and also trade and European issues. He held this position from January 2002. Prior to this, from 1998 until Spring 2002, he held other positions within the DTI, including Director of Employment Relations, and Consumer Affairs. From 1994 to 1998 he was a director of the DTI’s Competitiveness Unit, a central policy team reporting directly to the Secretary of State. From 1990 to 1994 he left the UK civil service to work for the Hong Kong Government as a member of the Governor’s Central Policy Unit. Stephen studied history and economics at Oxford University and joined the Department of Energy in 1978 where he held a number of posts, principally on nuclear issues and as Principal Private Secretary to the Secretary of State for Energy.

Non executive directors
Peter Chambers		Over the past thirty years Peter Chambers has held a range of key positions in a number of prominent investment management businesses. Peter was Chief Executive Officer of Legal & General Investment Management (LGIM) from November 2005 until March 2010. Before joining LGIM, he was Chief Executive Officer for Framlington Group, Chief Investment Officer at Gartmore, Chief Investment Strategist for James Capel & Co. Ltd, Head of International Equities at Citibank Global Asset Management and managed UK Pension funds at Lazard Brothers. Peter has a broad range of industry expertise ranging from developing a hedge fund business to managing money for Sovereign Wealth Funds. Peter is a Non-Executive Director of the Financial Reporting Council, a Director of the Investment Management Association and is also a member of the Supervisory Board of EFRAG. Peter graduated with a BA Honours in Geography from Sheffield University and also holds a MBA from the Manchester Business School.
Elizabeth Corley		Elizabeth Corley is Chief Executive Officer of Allianz Global Investors Europe. She joined the company in April 2005 and in October 2005 became a member of the Management Board of Allianz Global Investors AG, the global management holding company of Allianz's asset management business. Prior to joining Allianz, Elizabeth spent eleven years working at Merrill Lynch Investment Managers (formerly Mercury Asset Management). She became Managing Director and Head of the EMEA Asia Pacific Mutual Fund Business as well as Member of various Boards including MLIM UK Ltd. and Merrill Lynch International Investment Funds. Before this, Elizabeth was a partner with Coopers & Lybrand and prior to that worked for a number of years in the Life & Pensions industry. Elizabeth is a Fellow of the Chartered Insurance Institute (UK), the Chartered Institute of Marketing and also holds a Post Graduate Diploma in Management Studies. She was named Personality of the Year in 2006 by Funds Europe and Most Influential Woman in Asset Management in 2009 by Financial News. From March 2006 until the end of June 2007, she was Chairwoman of FEAM (Forum of European Asset Managers); in September 2010 she was appointed Chairwoman for a second term. Elizabeth is also a board member of TheCityUK Ltd and a member of the City of London International Regulatory Strategy Group. Starting in April 2011 she serves as non executive director on the Financial Reporting Council, the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. Elizabeth is a fellow of the Royal Society of Arts. She is also an acclaimed writer and has had four thriller novels published.
Nick Land		Nick, a chartered accountant, retired as Chairman of Ernst & Young LLP in 2006 after a career spanning 36 years with the firm. He became an audit partner in 1978 and held a number of management appointments before becoming Managing Partner in 1992. He was elected Chairman in 1995 and joined the Global Executive Board at that time. He was also Chairman of Ernst & Ypung's Northern Europe, India, the Middle East and Africa Region. Nick is a non-executive director of Vodafone Group plc, Alliance Boots GmbH, BBA Aviation plc and Ashmore Group plc. He stepped down as a non-executive director of Royal Dutch Shell plc in 2010. He is an adviser to the board of SNR Denton LLP and Alsbridge plc. He is also chairman of the board of trustees of both the Vodafone Group Foundation and Farnham Castle. He is a member of the National Gallery's Finance and Audit Committees and until recently was Chairman of the Practices Advisory Board of the Institute of Chartered Accountants in England and Wales.
Rudy Markham		Rudy was educated at Christ's College, Cambridge University, graduating with a master's degree in natural sciences. He joined Unilever in 1968 as a commercial management trainee with the Wall's Meat Company. He spent most of his early career in the finance function of various Unilever companies in Europe, before being appointed financial director of Unilever in Zurich. He returned to Rotterdam as head of the finance department and became group treasurer of Unilever in 1986. From 1989 to 1998, Rudy was based in the East Asia Pacific region, first as chairman and managing director in Australia and New Zealand, and later as chairman and CEO of Unilever Japan. From 1996 to 1998 he was responsible for running operations in China, Hong Kong, Japan, South Korea and Taiwan based in Singapore. In 1998 he joined the Board of Unilever as director of strategy and technology. He was appointed Financial Director in August 2000 and retired in 2007. Rudy is a Fellow of the Chartered Institute of Management Accountants and the Association of Corporate Treasurers. He is a non-executive director of Standard Chartered and in May 2004 he became chairman of the Audit Committee. He is also a non-executive director of Legal &General, Astra Zenica and United Parcel Service Inc.
Sir Michael Rake		Sir Michael Rake is Chairman of BT Group plc. He is Chairman of easyJet plc, as well as a director of Barclays PLC, McGraw Hill Inc and the Financial Reporting Council. He is also chairman of the private equity oversight group the Guidelines Monitoring Committee. He was the first Chairman of the UK Commission for Employment and Skills from 2008 to 2010. He was a member of the National Security Forum for 2009/2010. From May 2002 to September 2007 Sir Michael Rake was Chairman of KPMG International. Prior to his appointment as Chairman of KPMG International he was Chairman of KPMG in Europe and Senior Partner of KPMG in the UK. He joined KPMG in 1974 and worked in Continental Europe before transferring to the Middle East to run the practice for three years in 1986. He transferred to London in 1989, became a member of the UK Board in 1991, and was elected UK Senior Partner in 1998. Mike is also Vice President and Chairman of Governors of Wellington College, a Vice President of the RNIB, a member of the Board of the TransAtlantic Business Dialogue, a Trustee of the Prince of Wales' Charities, a member of the Advisory Council for Business for New Europe, an Associate Member of BUPA, Senior Adviser for Chatham House and on the Global Advisory Board of the Oxford University Centre for Corporate Reputation. Mike is also a William Pitt Fellow at Pembroke College, Cambridge. Mike was Chairman of Business in the Community from 2004-2007 and a member of the board of the Prince of Wales International Business Leaders Forum from 1998 to 2007. Mike is married with four children.
Sir Steve Robson CB		Steve Robson retired as Second Permanent Secretary at HM Treasury in January 2001. He joined HM Treasury after leaving university. His early career included a period as Private Secretary to the Chancellor of the Exchequer and a two year secondment to Investors in Industry plc (now 3i). From 1997 until his retirement his responsibilities included the legal framework for the regulation of the UK financial services industry, public-private partnerships, procurement policy including the private finance initiative and the Treasury's enterprise and growth unit. He is a non-executive director of Xstrata plc and chairman of the Public Interest Committee of KPMG Europe.

Chairs of the operating bodies
Richard Fleck CBE, Chair of the Auditing Practices Board		Richard Fleck qualified as a solicitor with Herbert Smith in 1973 and was a partner from 1980 until his appointment as a Consultant in 2009. He specialises in corporate and regulatory law. He has been involved in audit standard setting since 1986, initially as a member of the Auditing Practices Committee, and subsequently as a founder member of the former Auditing Practices Board. In 2009 Richard was appointed a non-executive member of the Board of the National Audit Office.
John Kellas CBE, (Interim Chairman), Chair of the Professional Oversight Board		John Kellas was Chairman of the International Auditing and Assurance Standards Board (IAASB) for the five years to December 2008. This had become a full time role from 1 October 2004. He had been a member of the IAASB and its predecessor, the International Auditing Practices Committee, since 2000. A Chartered Accountant, he had previously spent his professional career with KPMG which he joined in 1972, becoming a partner 10 years later. He headed the Department of Professional Practice from 1990 until his retirement in 2004. Over the years he was involved in a number of professional activities, including acting as a moderator of the ICAEW examinations and serving on the Auditing Practices Board from 1991-2002. In 2009, Mr. Kellas was appointed to the Professional Oversight Board and to the Supervisory Board of EFRAG. He read mathematics at Pembroke College, Cambridge, and qualified as a Chartered Accountant in 1975.
Bill Knight, Chair of the Financial Reporting Review Panel		Bill Knight is a solicitor and a former Chairman of the Law Society's Company Law Committee. He was senior partner at Simmons & Simmons until 2001, Chairman of the Enforcement Committee of the General Insurance Standards Council until 2005 and Deputy Chairman of Council at Lloyd's of London until 2008. He is a Gambling Commissioner.
Roger Marshall (Interim Chairman), Chair of the Accounting Standards Board		Roger Marshall is the part time Chair of the ASB. He spent much of his career in PricewaterhouseCoopers, where he was an audit partner in London and Zurich and led the audits of a number of FTSE and other large multinational audits. Roger chaired PwC’s Global Audit Policy Board in 2003-2007 and its global Corporate Reporting Task Force in 2008-2009. He left PwC in 2009 and now serves on several Boards and committees including Old Mutual plc where he is Chair of the Audit Committee. Roger served two terms on the ASB between 2001 and 2007 and after that became a member of the Committee for Accounting for Public Benefit Entities.
Jim Sutcliffe, Chair of the Board for Actuarial Standards		Jim Sutcliffe has operated at a senior level in the insurance, banking and asset management industries for many years, which included being Chief Executive of Prudential's UK business, and Group Chief Executive of Old Mutual plc. He is a Director of Lonmin plc Sun Life Financial (Canada) and Liberty Holdings (South Africa). Jim grew up in South Africa and qualified as an actuary in 1979.
Timothy Walker, Chair of the Accounting and Actuarial Discipline Board		Timothy Walker began his career as an academic scientist, teaching and doing research on the borders of chemistry and physics. Following a short spell with the GLC, he joined the Department of Trade and Industry and worked on telecommunications liberalisation, aid to industry and managed IT R&D programmes. He was responsible for civil nuclear issues at the Department of Energy and was the UK Governor of the IAEA from 1989-95 and chairman of the EBRD Nuclear Safety Account from 1993-5. He moved to be head of immigration in the Home Office in 1995 and was Deputy Chairman of HM Customs and Excise from 1998-2000, when he became Director General of the Health and Safety Executive, retiring in 2005. He is the Third Church Estates Commissioner, a Trustee of the Prostate Cancer Charity and the De Morgan Foundation, and a member of the Scientific Council of the International Risk Governance Council. He is 65, married with three daughters, and lives in Balham.