As part of the arrangements for restructuring the Financial Reporting Council which were announced on 29th March last year, it was agreed that the Chairs of the FRC’s Operating Bodies (OBs) should in future be ex officio members of the new FRC Board with effect from the start of a new period of tenure; and also that each current Chair should decide whether he wished to be considered for future tenure.

Sir John Bourn, after serving more than two full terms as Chair of the Professional Oversight Board and its predecessor, the Review Board of the Accountancy Foundation, has said that he does not wish to be considered for a further three-year term, but has agreed to continue as an adviser to the FRC and will commit two days a week to the role. Sir John has also agreed to continue as Chair of the POB beyond the end of his present tenure on 31st March 2008 until his successor can take over.

The FRC will therefore shortly be advertising for applicants for the Chair of the POB.

Sir Christopher Hogg, Chair of the FRC, said:

“I am very pleased that the FRC can continue to benefit from John’s massive experience and am most grateful to him for guiding the POB through a period of considerable development in its activities, which include, in particular, taking on its statutory role in relation to audit regulation and its new responsibilities for regulation of the actuarial profession.”

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 and Actuarial Discipline Board) and by the Committee on Corporate Governance.
3. All media enquiries should be addressed to Paul George, Director of the Professional Oversight Board on 020 7492 2340.