Governance and Constitution
The Board of the Financial Reporting Council (FRC) is made up of Non-executive directors and the CEO and is collectively responsible for the long-term success of the FRC.
The Board’s role is to provide strategic leadership of the company within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the company’s strategic aims, ensures that the necessary financial and human resources are in place for the company to meet its objectives and reviews management performance. The Board also sets the company’s values and standards and ensures that its obligations to its stakeholders and others are understood and met. All directors must act in what they consider to be the best interests of the company, consistent with their statutory duties.
Matters which the Board considers suitable for delegation are contained in the terms of reference of its committees. The Schedule of Matters Reserved to the Board indicates the items which are not suitable for delegation to a committee of the Board because of Companies Act requirements or the recommendations of the UK Corporate Governance Code. Where consideration of any of those matters is delegated to a committee, the final decision will be taken by the full Board following recommendations from that committee.
The Board is supported by two governance committees (Audit & Risk Committee, People Committee ) and two business committees (Regulatory Standards & Codes Committee and Conduct Committee). In addition the Tribunal Panel and the Enforcement Committee Panel are maintained pursuant to the Conduct Committee Operating procedures and the FRC’s disciplinary and enforcement procedures. The two business committees would be supported by Advisory Panel to provide input on technical matters on project to project basis.
Read the full text of the FRC Governance Handbook January 2021 (PDF)
Read the Responsibilities of the Chair, Deputy Chair, Chief Executive/Chief Accounting Officer (CEO) and NEDs (PDF)
Read FRC Travel and Expenses Policy (PDF)
ExCo and NED Expenses Q3 2020/21 (PDF)
ExCo and NED Expenses Q2 2020/21 (PDF)
ExCo and NED Expenses Q1 2020/21 (PDF)
Executive Committee Member Expenses Q4 2019/20 (PDF)
Board Member Expenses Q4 2019/20 (PDF)