Paul Seymour, who has led the Board for Actuarial Standards (BAS) since its inception in 2005, has decided to stand down as Chair and a director of the FRC as soon as a successor can be appointed, probably in the first half of 2009.

Paul Seymour said:

“The BAS has laid the foundation for its future work. My other non-executive appointments are coming to a natural close, so I have decided to leave the BAS as well and devote more time to personal interests.”

Mr Seymour, who has operated at senior managerial and director level in the financial services sector for more than thirty years, was appointed the BAS’s first Chair in December 2005. He was re-confirmed in post and made an ex officio member of the FRC Board earlier this year in accordance with the FRC’s new governance arrangements.

FRC Chair Sir Christopher Hogg commented:

“Paul has done a fine job in getting the BAS up and running and its publications and scheduled objectives bear witness to the momentum now established. The FRC is indebted to Paul both for this pioneering contribution to the BAS and for his willingness to stay in post beyond his three year term until a successor has been chosen and can take his place. A search will be put in hand without delay.”

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 & Actuarial Discipline Board) and by the Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
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