Regulatory Standards & Codes Committee

Role of the Regulatory Standards & Codes Committee
Committee Members
Terms of Reference
Meeting Minutes

Role of the Regulatory Standards & Codes Committee

The Regulatory Standards and Codes Committee (the ‘Committee’) remit entails high quality, effective and proportionate standards, codes and guidance for corporate governance, corporate reporting, stewardship, audit and assurance, and actuarial work.

The Committee comprises of the Chair of the Committee and other non-executive Directors of the FRC. In addition, the Committee will be assisted by Senior Advisors, who will provide technical expertise and advice where requested, but will not be involved in taking decisions.

Codes Committee Members

Hannah Nixon

Chair

Appointed 1 September 2021

Hannah has widespread experience in economic regulation across a range of industries. She brings significant experience of developing, implementing and enforcing regulatory regimes and influencing public policy. She was the first CEO of the Payment Systems Regulator, the economic regulator of the UK’s £80tn payments industry, responsible for driving competition and innovation in the interests of consumers. She was also a senior partner at Ofgem, where she had responsibility for the networks division. Until recently she was also a NED of the Jersey Competition and Regulatory Authority.

Hannah is also a non-executive director of the FRC Board, a member of the Audit & Risk Committee and the Supervision Committee.

John Coomber

Member

Appointed 1 January 2021

John Coomber joined Swiss Re in 1973. In 1993, he was made Head of the UK operations. He was appointed a member of the Group Executive Board in 1995, responsible for the Life & Health division and was Swiss Re’s Chief Executive Officer from 2003 to 2005. He was a member of the Group's Board of Directors from 2006 to 2014.

He was a member of the Group’s Board of Directors from 2006 to 2014.

He joined the Board of Pension Insurance Corporation as a Non Exec Director in 2006, was appointed Chief Executive Officer in 2009 until June 2015 and continued as a Director until May 2017.

He is also Chairman of MH (GB) Limited. He previously has been a Director of Euler Hermes, Chairman of The Climate Group, Chairman of Climatewise and a member of the Deutsche Bank Climate Advisory Board.

He has a degree in Theoretical Mechanics from Nottingham University, is a Fellow of the Institute and Faculty of Actuaries and an Honorary Fellow of the Chartered Insurance Institute.

John is also a non-executive director of the FRC Board and Chair of the Supervision Committee.

Sir Ashley Fox

Member

Appointed 1 April 2022

Sir Ashley is a business consultant providing strategic advice on the European Union. Sir Ashley formerly served as a Member of the European Parliament (MEP) for the South West of England & Gibraltar from 2009-19. During his career in the European Parliament Sir Ashley was a member of the committee for Economic & Monetary Affairs and the Industry where he was the committee's rapporteur on Corporate Governance in Financial Institutions. He also served on the Industry, Research and Energy committee where he authored the Parliament’s reports on Crowdfunding and also Artificial Intelligence and Robotics. He was knighted in 2019 for political and public service.

In 2020 Sir Ashley was appointed as non-executive Chair of the Independent Monitoring Authority, a public body set up under the UK/EU Withdrawal Agreement to ensure the rights of EU citizens living in the UK are upheld. Before entering politics, Sir Ashley was a solicitor specialising in insurance litigation.

Clare Thompson

Member

Appointed 1 April 2022

Clare is a non-executive director and Chair of the Audit Committee at M&G plc. She is also Senior Independent Director and chair of the Audit Committee at Bupa. She retired from PwC in 2011 having been a partner for 23 years. At PwC she was audit/lead partner on major financial services groups and served UK Insurance leader and a member of the UK Assurance executive team.

Since leaving PwC she has built a portfolio of non-executive roles and has served as Chair of the Audit Committee of Bupa’s UK insurance business, a non-executive director of Direct Line Insurance Group plc, a non-executive director of Retail Charity Bonds plc, as Chair of the Audit Committee of Miller Insurance Services LLP and as Treasurer of the Disasters Emergency Committee.

She is a member of the ICAEW.

Mark Holmes

Observer - BEIS

N/A

Clare Cole

Observer - FCA

N/A

Terms of Reference

The responsibilities of the Regulatory Standards & Codes Committee are set out in the Committee's Terms of Reference.