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Stakeholder Insight Group

Contents

Introduction

The Stakeholder Insight Group (SIG) meets on a quarterly basis. This group represents preparers, investors, audit committee chairs and other key parts of the stakeholder universe including reporting framework owners and civil society groups.

The Group:

  • Shares their perspectives on key opportunities and potential areas of focus for the FRC.

  • Shares their perspectives on key areas of concern and emerging risks relating to accounting, reporting, auditing and governance issues.

  • Provides input on:

    • Auditing, Accounting and narrative reporting policy development, including proposed developments to international codes, standards and regulations as appropriate.

    • The UK Corporate Governance Code.

    • The UK Stewardship Code.

    • The FRC Annual Report and Accounts and its Strategy and Plan.

    • The FRC’s approach to ESG and Climate reporting.

  • Provides comments on regular Enforcement and Supervision activities such as Audit Quality and Enforcement Reviews.

  • Considers and responds to requests for input and advice from the FRC relating to thematic reviews and other ad-hoc projects.

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Current members

Mohammed Amin

ShareSoc/UKSA

Mohammed Amin has a Mathematics degree from Cambridge University and is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Chartered Institute of Taxation and an Associate Member of the Association of Corporate Treasurers.
 
Professionally, Amin is a tax adviser. Before retirement at the end of 2009, he was a PricewaterhouseCoopers tax partner and an elected member of PwC’s UK Supervisory Board as well as being PwC’s UK Head of Islamic Finance. He has a strong interest in corporate governance from having served on the Management Board of the British Chess Federation, the Board of Manchester Training & Enterprise Council, the Council of Salford University and PwC’s Supervisory Board, as well as being a trustee of several charities.
 
Amin has been an active individual investor for over 40 years and manages all of his family’s investments. After trying for many years to emulate Warren Buffett, he has given up and instead is gradually switching to a quantitative investment style. He writes regularly on financial matters, is a member of the Policy Team at the UK Shareholders’ Association, a member of ShareSoc, and frequently inputs into FRC investor consultations.

James Baird

Audit Committee Chair

James is a former senior partner of Deloitte LLP, where he led the business in Scotland and NI before becoming Managing Partner of the firm’s Audit and Advisory business and Chief Operating Officer in Switzerland. As a senior audit partner until his retirement in 2017, he has over 30 years’ experience in the audit of fully listed UK and Swiss companies, as well as large private companies and private equity interests. James currently chairs the Audit Committee at Macfarlane Group plc, a fully listed company involved in the distribution and manufacture of protective packaging. He is also Chair of Trustees at the RS Macdonald Charitable Trust and a member of Council at Rainforest Trust UK.
 
James is an Honorary Professor at Adam Smith Business School, where he is also in the final stages of completing a PhD on audit partner decision-making.  A qualified member of the ICAEW, James is a member of the ICAS Research Panel and has contributed to ICAS working groups in areas including materiality, the future of corporate reporting, the use of Big Data by finance professionals and the demand for Real Time Data by investors. James is married to Rhona and has three daughters, one granddaughter and two grandsons.

Elaine Boyd

Audit Scotland

Elaine Boyd is the Director of Audit Quality and Appointments at Audit Scotland where she heads the organisation’s quality assurance team, driving and upholding standards for the auditors of around £57 billion of annual spending. Over the last five years, Elaine has developed and implemented a quality framework that covers all audit work and providers, this includes six delegated private firms and Audit Scotland. She is responsible for managing the appointment of auditors in the public sector in Scotland. Elaine also has extensive experience in public sector external audit working in Audit Services for 15 years delivering audits in Local and Central government and the NHS. Elaine is an active member of the Leadership Group and Disability Confident working group.

Previously in the NHS, Elaine gained direct experience of managing public services during her employment as a hospital finance manager and financial accountant.

Elaine is a qualified accountant and a member of the Association of Chartered Certified Accountants. She is currently Chair of the ACCA Scotland committee.

Listed in the Shaw Trust Disability Power 100, Elaine is a passionate advocate for equality, diversity and inclusion.  She is an active supporter of charity work for Cerebral Palsy Scotland, Riding for the Disabled and Disability Snowsports UK. Elaine is currently a board member of Exceed Worldwide and Cerebral Palsy Scotland. In 2018 Elaine was awarded a Flying Scholarship for the Disabled.

Donato Calace

Datamaran

Dr. Donato Calace is the Vice President of Innovation and Accounts at Datamaran. He contributes to global innovation projects for the firm and heads the business development and account strategy. He speaks frequently at expert-conferences world-wide. In 2019, he participated in the invite-only European Commission DG FISMA expert session on materiality (November 2019).
 
He is a member of the EFRAG Task Force on reporting of non-financial risks and opportunities and linkage to the business model, and from 2021 a member of the EFRAG Expert Working Group reviewing the EU Sustainability Reporting Standards.
 
Alongside Prof. Riccardo Stacchezzini, he is Co-Chair of the working group on Operationalising Materiality launched by the Organismo Italiano Business Reporting (OIBR).
 
He designed and teaches the ESG trends in North America module for the EFFAS CESGA certification.
 
A passionate expert in his field, in June 2016, Donato was awarded a Ph.D. in the international program “The Economics and Management of Natural Resources” developed by the LUM Jean Monnet University – Italy, Megatrend University, Belgrade (Serbia), China Three Gorges University (CTGU – China), Louisiana Tech University (USA) and Saint Petersburg State Forest Technical University (SPbSFTU – Russia).

During his PhD and visiting period at Cass Business School, he focused on the relationship between non-financial disclosure and environmental performance; reporting and market value; national culture and non-financial risks reporting. His areas of expertise and research include materiality analysis, ESG integration, and risk management associated to non-financial issues. The results of his doctoral research are available here. He presented results of his studies in international conferences and published on scientific journals such as the International Journal of Sustainable Development, and specialised reviews such as Ethical Boardroom.

Clare Chapman

ACAS

Clare took up the post of Acas Chair in July 2020. She is also a Non-Executive Director at M&G Investments and the Weir Group, and is Co-Chair of The Purposeful Company. Clare previously served as Group People Director at BT Group and before that, Director General of Workforce at the Department of Health. Clare is also a Trustee of the Reconciling Leaders Network, part of the Archbishop of Canterbury’s commitment to mobilise a generation to live out roles as peacemakers and reconcilers.

Peter Cheese

Chartered Institute of Personnel and Development

Peter is the CEO of the CIPD, the professional body for HR and People Development. Since January 2019, he has been co-chair of The Flexible Working Task Force, a partnership across government departments, business groups, trade unions and charities, to increase the uptake of flexible working. He is also Chair of Engage for Success and the What Works Centre for Wellbeing.

Peter writes and speaks widely on the development of HR, the future of work, and the key issues of leadership, culture and organisation, people and skills. In 2021, his book ‘The New World of Work’ was published, exploring the many factors shaping work, workplaces, workforces and our working lives, and the principles around which we can build a future that is good for people, for business and for societies. 

Prior to joining the CIPD in 2012, Peter was Chair of the Institute of Leadership and Management, an Executive Fellow at London Business School, and held a number of Board level roles. He had a long career in consulting at Accenture working with organisations around the world, and in his last seven years there was Global Managing Director for the firm’s human capital and organisation consulting practice.

He is a Fellow of the CIPD, a Fellow of AHRI (the Australian HR Institute), the Royal Society of Arts, and the Academy of Social Sciences. He’s also a Companion of the Institute of Leadership and Management, the Chartered Management Institute, and the British Academy of Management. He holds honorary doctorates from Bath University, Kingston University and Birmingham City University.

Vineet Chhibber

BlackRock

Vineet Chhibber, Director, is a member of BlackRock's Investment Stewardship (BIS) team, based in London. He is responsible for engaging with portfolio companies in a number of markets within EMEA on behalf of BlackRock's clients globally, with a particular focus on the Materials and Industrials sectors. The BIS team actively works with BlackRock's portfolio companies to address economic risks that arise from environmental, social and corporate governance (ESG) issues, and co-ordinates the integration of corporate governance and responsible investment considerations into the investment process.

Prior to joining BlackRock in May 2021, Vineet spent 15 years working in investment stewardship in active management houses including J.P. Morgan Asset Management and Pictet Asset Management. From 2003 to 2006, Vineet worked at Institutional Shareholder Services in London where he was responsible for producing corporate governance reports and voting recommendations on UK listed companies.

Vineet holds a Master’s degree in Corporate Finance & Strategy from the University of Nottingham and a Bachelor’s degree in Accounting & Finance from the University of Kent.

Tom Gosling

London Business School

Tom Gosling is an Executive Fellow in the Department of Finance and the Leadership Institute at London Business School where he contributes to the evidence-based practice of responsible business by connecting academic research, public policy, and corporate action. He is also an Executive Fellow of the European Corporate Governance Institute, a member of the Advisory Panel at the Financial Reporting Council, and an adviser to the Steering Committee of The Purposeful Company thinktank.

Tom has over 20 years’ experience as a board adviser. Most recently, he was a senior Partner at PwC where he established and led the firm’s executive pay practice, advising FTSE 100 and equivalent private and European companies on corporate governance and executive pay.

Prior to joining PwC, Tom was a Research Fellow in the Department of Applied Mathematics and Theoretical Physics at Cambridge University. He has a PhD in mathematics, is a Fellow of the Institute of Actuaries, and is a Meyler Campbell Mastered Graduate.

Rachit Gupta

Capital Group

Rachit Gupta (MBA) is the ESG Stewardship Manager at Capital Group. As Stewardship Manager, he has responsibility for leading Capital Group’s ESG and proxy voting efforts in EMEA, by way of active stewardship and engagement. He is responsible for Capital’s EMEA Voting Policy and sits on Capital Group’s Guidelines Committee. He has 15 years of responsible investment experience and has been with Capital Group since February 2021. Prior to this he had stints with Aviva Investors and had been the co-head of Institutional Shareholder Service’s UK research function.

He holds an MBA (Finance) degree from ICFAI Business School, India and a bachelor’s degree in biotechnology from GGSIP University, India. Rachit is currently based in London.

Andrew Harding

AICPA/CIMA

Andrew Harding FCMA, CGMA, ACA has been the Chief Executive – Management Accounting at the Association of International Certified Professional Accountants (AICPA & CIMA) since 2017. He is also currently the Secretary General of CIMA.

Andrew leads management accounting activities for AICPA & CIMA, developing plans and strategies, managing relationships and delivering results for members.

Andrew is a Deloitte alumnus where he qualified as a chartered accountant, having started his career in the mid-1980s as a trainee auditor. He progressed into training and development from there, and then began professional body work in 1991. He joined CIMA in 2009, originally as Executive Director for Global Markets, and became Managing Director in 2011— a position he held until 2016.

Andrew was born in London. He holds an MBA from Henley Business School and a BSc (Economics) from the University of Bristol.

Gavin Hayes

Chartered Institute of Internal Auditors

Gavin Hayes has been Head of Policy and External Affairs at the Chartered Institute of Internal Auditors since July 2018. In this role, Gavin leads the Institute’s engagement with external stakeholders, research and thought-leadership programme, public affairs and advocacy, as well as overseeing PR and media relations. This includes leading the Institute’s work on audit reform, spearheading the Institute’s response to the Government White Paper on Restoring Trust in Audit and Corporate Governance. As well as this, Gavin played a key role in the development, and successful launch of the Institute’s Internal Audit Code of Practice, leading the secretariat that supported the independent committee that helped to develop the Code.

Gavin has a background in public policy, campaigns and communications. His previous roles include Aviation Campaign Director at the business membership organisation London First, where he led the organisation’s airport expansion campaign ‘Let Britain Fly’; Editorial Director at the public policy events and communications specialist Neil Stewart Associates and prior to that General Secretary of the centre-left political campaign group Compass.

David Luck

Numis Securities

‘Lucky’ has been a sell-side broker for over two decades, having worked for JP Morgan Cazenove, Royal Bank of Scotland, Jefferies International and Numis. He has consistently ranked as a top salesperson in the Extel Survey between 2011-2019.  He is currently Head of Sustainability at Numis where he is leading a major new initiative to turn its sustainable vision into effective operational and tactical implementation plans.  He is a member of the Numis ESG Executive committee and leads their ESG Task Force. 
 
‘Lucky’ has a dual role in the Investment Companies team which has raised over £12bn since 2009.  The team have strong sustainability synergies in providing advisory services to a suite of sector leading renewable and energy transition businesses. He is currently studying for a Masters in Sustainability at Harvard University. He has a BSc in Management Science & Information Technology and MSc with Distinction in Finance and Marketing from the University of Exeter. In his spare time, he enjoys kite surfing and triathlons and in 2017 became a Full Ironman Wales finisher.

Fergus Moffatt

ShareAction

Fergus has extensive experience in public policy at UK and EU level, advocating for regulatory frameworks that help to create and maintain a sustainable and responsible investment system. He previously worked as Head of Public Policy for the UK Sustainable Investment and Finance Association and in Westminster for a range of MPs during the Coalition Government. Joining in November 2018, Fergus leads on ShareAction’s UK policy output and engagement with government and regulators.

Ian Peters

Institute of Business Ethics

Ian Peters has been Director of the Institute of Business Ethics since May 2020. 

Previous roles have included Chief Executive of the Chartered Institute of Internal Auditors (UK and Ireland), Director of External Affairs at the Engineering Employers Federation (EEF), Deputy Director General of the British Chambers of Commerce, Head of SME Policy at the Confederation of British Industry, and a period in public relations for PR agency Burson-Marsteller.

Ian has held a number of non-executive and public appointments including Chair of the Independent Monitoring Panel of the UK Chartered Banker Professional Standards Board, member of the UK Regulatory Policy Committee and its predecessor, the Better Regulation Task Force, and member of the Court of the University of Lancaster.  He is currently a member of a number of committees and panels concerned with business ethics.

He holds a PhD from Southampton University on the role of small businesses in economic growth and a BA in Geography from the University of Lancaster. 

In 2015 Ian was awarded an MBE for services to regulatory reform in the UK.

Sandra Peters

CFA Institute

Sandra Peters leads the Financial Reporting Policy Group at CFA Institute where she oversees a team responsible for tracking all corporate disclosure issues of interest to investors (e.g. financial reporting, auditing and ESG disclosures).  She serves as spokesperson for CFA Institute to policymakers, standard setters, and regulators (e.g. IASB, FASB, SASB, ISSB, U.S. Securities and Exchange Commission, European Commission) and conducts outreach to other professional organisations and the media to discuss and promote data for investment decision-making.  

Sandy has an extensive and well-balanced background as a user advocate, preparer, and auditor. Most recently, Sandy served as Vice President and Corporate Controller at MetLife Inc. Prior to joining MetLife, she was a partner at KPMG LLP providing audit services primarily for insurance and financial services companies. 

She is currently a member of the SEC’s Investor Advisory Committee and the PCAOB’s newly formed Investor Advisory Group as well as the Standards and Emerging Issues Advisory Group. Sandy was previously was a member of the IFRS Interpretations Committee (IFRS IC), the PCAOB’s Standing Advisory Group and the FASB’s Financial Accounting Standards Advisory Council (FASAC). 
 
Sandy is a CPA licensed in New York, Texas, and Nebraska. She earned the CFA designation in 1998 and is a member of the CFA Society of New York. 
 
She holds a BSBA in Accounting from the University of Nebraska and an MBA in Finance from Indiana University. 

Sallie Pilot

BlackSun

Sallie is a Board Director and responsible for setting overall strategic direction for client work and the integrity of all of Black Sun’s research, thought leadership and engagement with the marketplace. She will be responsible for working closely with the South32 team throughout the stakeholder interview process.

Sallie has more than 25 years’ experience in delivering strategic communications consultancy projects for a range of UK and international clients. Sallie is a leader in the external market, driving the corporate communications debate around key topics of stakeholder value creation, integrated reporting and the evolving relationship between business, governments, society and broader stakeholders.

She is a board member and chair of the Best Practice Committee of the UK Investor Relations Society, member of the Institute of Directors (IOD), Centre for Corporate Governance Stakeholder Governance Working Group and member of Accounting for Sustainability (A4S) Communications Group.

Sallie has also provided strategic advice on integrated thinking and reporting for a range of UK and international clients such as Coca-Cola Hellenic, DBS, HSBC, Olam, Tesco and Worldbank.

Helen Price

Brunel Pensions Partnership

Helen leads on stewardship, engagement and voting at Brunel Pension Partnership (Brunel). She draws on knowledge built from her BA (honours) in Business Studies and from working in different sectors. Helen is eager to improve representation within the industry and at companies in which we invest. She is a member of the Diversity Project Steering Committee and co-leads the Asset Owner Diversity Group. Helen is also a member of the PRI’s Plastic Investor Working Group and the PRI Reporting and Assessment Advisory Committee.

She is passionate about the role of pension funds in moving to a more sustainable business world and is involved in industry-wide initiatives to improve standards in responsible investment and corporate sustainability.

Ashish Ray

Jupiter Asset Management

Ashish joined Jupiter in 2007 as a Governance analyst and has held managerial roles within the central stewardship function since 2015. Ashish currently serves as the Head of Stewardship and leads Jupiter’s Stewardship team which is part of the fund management department. Over this period, Ashish’s role has been focused on working in partnership with investment teams to help execute and enhance Jupiter’s active ownership approach. This has meant developing direct and collaborative engagement programmes with investee companies to discuss ESG issues affecting long-term performance and sustainability. 

Ashish is also a member of the UK Sustainable Investment and Finance Association’s Policy Committee.

Alex Struc

Goalsfirst

Alex Struc is the founder and CEO of GOALSFIRST – an outcomes-oriented fixed income firm founded to enable equitable ownership of impact (or influence) and superior financial returns for its investors and clients. Mr Struc is a seasoned bond investor with extensive experience managing complex credit instruments across banking, insurance, and broader corporate sectors.

Before GOALSFIRST, he spent fifteen years as a portfolio manager at PIMCO, responsible for the firmwide credit exposure to financial institutions, including the world's largest bank capital fund and a successful launch of the ESG investing platform. Known as an innovator in impact investing, Mr Struc led the industrywide efforts on engagement as the Chair of the inaugural PRI Bondholder Engagement Committee in 2017. Subsequently, he launched PIMCO's first comprehensive engagement protocol with portfolio investees. As head of PIMCO ESG Portfolio Management, he originated first of their kind multi-billion bond transactions linked to the UN Sustainable Development Goals.

Peter Swabey

Chartered Governance Institute

Peter Swabey is Policy & Research Director at The Chartered Governance Institute UK & Ireland. Based in London, he is responsible for developing the profile of the Institute and the governance profession with members, regulators, policymakers, employers and other stakeholders by delivering thought leadership, lobbying campaigns and professional guidance promoting strong governance as the vital ingredient for success in organisations.

Peter, who joined the Institute in 2013, has more than 35 years’ experience of company secretarial work. He is a member of a number of industry committees and working parties, and is a regular speaker at conferences and events, with an industry-wide reputation as an expert on shareholder and governance matters.  

Gareth Sykes

Herbert Smith Freehills

Gareth Sykes is a corporate lawyer specialising in corporate governance matters and is currently UK Head of Corporate Governance Advisory at international law firm Herbert Smith Freehills. Gareth has extensive experience advising on a range of company law and corporate governance issues including corporate reporting requirements, the UK Corporate Governance Code, continuing obligations under the UK listing regime, company meetings and directors' duties.

Gareth writes widely on corporate governance matters and is actively involved in various industry bodies. He is vice-chair of governors and chair of the finance and general purposes committee at a local primary school.

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Meeting Summary

Terms of Reference

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