The Accountancy Investigation and Discipline Board today published the Report of the Disciplinary Tribunal’s decision in relation to costs in the matter of The Mayflower Corporation plc. The Tribunal made awards against the AIDB in favour of Mr David Donnelly and PwC in the amounts of £587,500 and £400,000 respectively. In doing so, the Tribunal expressed the view that the cases against both respondents should not have been brought before it.

The FRC is disappointed with the decision. The FRC continues to support the function of the AIDB, as set out in its Scheme.

The decision in this case gives rise to potentially significant implications for future disciplinary cases. The FRC is giving careful consideration to the implications of the Tribunal’s decision.

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance.
2. The FRC’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy Investigation and Discipline Board) and by the Council. The Committee on Corporate Governance, whose members are drawn from the Council, assists it in its work on corporate governance.
3. Press enquires should be directed to Anna Colban, telephone 020 7492 2451 or email a.colban@frc.org.uk.