The Financial Reporting Council (FRC) today publishes its Annual Report for 2007/08 and invites those with an interest in its work to attend its Annual Open Meeting at 2.30 pm on Thursday 17 July 2008 in the Council Chamber at The Institute of Electrical Engineers (IET), 2 Savoy Place, London WC2R 0BL.
Annual Report for 2007/08
The Annual Report describes the ways in which the FRC and its Operating Bodies and committees, working closely with stakeholders, have contributed to promoting confidence in corporate reporting and governance during 2007/08. The Report is structured around the FRC’s Strategic Framework which was published, following consultation, in April 2007.
Sir Christopher Hogg, Chair of the FRC, said:
“The FRC made significant progress last year in pursuing its overall aim of promoting well-founded confidence in corporate reporting and governance in the UK. We continued to broaden and deepen our engagement with our stakeholders. I am particularly pleased that we were able to restructure our own governance, and I am confident the FRC is now better equipped than ever to face the challenges ahead.”
Paul Boyle, Chief Executive of the FRC, said:
“Last year was a particularly testing one for the FRC, as the credit crunch deepened and economic growth slowed. We are acutely aware that risks to confidence in corporate governance and reporting have increased significantly. As our 2007/08 Annual Report explains, we have taken a number of measured actions to mitigate these risks, and we shall continue to monitor the situation carefully.
I am also pleased to report that we either completed or made significant progress on the major projects and activities that were in our 2007/08 plan, including our project on Choice in the UK Audit Market.
We have set ourselves a number of significant goals for 2008/09 and believe we can make a further cost-effective contribution to promoting confidence in corporate reporting and governance.”
Annual Open Meeting
The FRC’s Annual Open Meeting will be held 2.30pm on Thursday 17 July 2008 in the Council Chamber at The Institute of Electrical Engineers (IET), 2 Savoy Place, London WC2R 0BL. There will be an introduction by the Chair, a report by the Chief Executive and the opportunity to ask questions.
Anyone with an interest in the FRC’s work on corporate governance, corporate reporting, auditing, actuarial practice and the integrity, competence and transparency of the accountancy and actuarial professions is welcome to attend.
If you wish to attend, please follow the instructions to fill in a response form on the homepage of our website at www.frc.org.uk.
In order to make the discussion part of the meeting more effective, we invite stakeholders to submit questions or topics in advance, preferably with some detail of the particular issue(s) of concern to you. Submissions are welcome, regardless of whether or not you intend to attend the AOM.
Submissions should be made, either by email at aom@frc.org.uk or by post to Ian Rodger, Head of Communications, FRC. Please disclose your name, address and affiliation, if any.
Sir Christopher Hogg said:
“Holding an Annual Open Meeting is an important part of the FRC’s commitment to be a transparent and accountable regulator. It will be an opportunity to discuss our work over the last year and hear views on our priorities for the coming year. If you have issues you would like to raise, but cannot attend, please send us a note.”
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