The FRC is pleased to announce the appointment of Jim Sutcliffe, FIA, as the next Chair of the Board for Actuarial Standards (BAS) and a Director of the FRC.

The appointment follows the decision earlier this year by Paul Seymour, who has served since the end of November 2005, to stand down as Chair of the BAS. Jim Sutcliffe will take over in mid-June 2009.

Jim Sutcliffe had a distinguished 30 year career in international commercial and general management in the insurance and asset management industries. He became a Fellow of the Institute of Actuaries in 1979. From 1976 to 1997, he worked at Prudential plc, and was Chief Executive of Prudential UK from 1995 to 1997. He was Deputy Chairman of Liberty International plc, a leading shopping centre owner and developer in the UK, in 1998-1999. He joined Old Mutual plc, a multi-national financial services company with businesses operating in Europe, South Africa, USA and Asia, in 2000 and was Group CEO from 2001 to 2008.

He is currently a non-executive Director of Lonmin plc and of Sun Life Financial Inc. He is also a Trustee of the Buffelshoek Trust, which aims to educate children in the Manyeleti villages in South Africa. He served as a Trustee of The Nelson Mandela Legacy Trust (UK) from 2005 to 2008.

Commenting on the appointment, Sir Christopher Hogg, FRC Chair, said:

“I am delighted that Jim Sutcliffe has agreed to become the next Chair of the BAS. I am confident that his extensive commercial experience will be of great value to the BAS and will build on the excellent pioneering work of Paul Seymour in seeing the BAS through its first formative years.”

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 Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
3. The Board for Actuarial Standards contributes to the achievement of the Financial Reporting Council’s fundamental aim of promoting confidence in corporate reporting and governance by pursuing its aim of setting high quality actuarial standards.
4. Press enquires should be directed to Jon Hooper, telephone 020 7492 2344, email j.hooper@frc.org.uk.