Supervision Committee
Role of the Supervision Committee
The Supervision Committee is responsible for overseeing the FRC's delegated statutory supervisory and oversight functions and its non-statutory monitoring work, with the aim of serving the public interest by promoting high professional standards in accounting, audit, actuarial work and corporate reporting.
The Committee provides strategic input and constructive challenge to the FRC’s supervision and monitoring activities, identifying key areas of risk and monitoring progress against the Supervision Division's objectives and operational plans.
The Committee advises the FRC Board on the exercise of statutory functions delegated to it by the Secretary of State under section 457 of the Companies Act 2006 and section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004.
| Name | Terms of Reference |
|---|---|
| Publication date | 3 July 2023 |
| Notes | The responsibilities of the Supervision Committee are set out in the Committee's Terms of Reference. |
| Format | PDF, 133.3 KB |
| Name | General Committee Terms |
| Publication date | 8 June 2023 |
| Notes | The Supervision Committee also adheres to the General Committee Terms. |
| Format | PDF, 134.1 KB |
| Name | Operating Procedures |
|---|---|
| Publication date | 5 May 2021 |
| Type | Operating procedure |
| Notes | The Supervision Committee and the FRC Board exercise these functions in accordance with its Operating Procedures. |
| Format | PDF, 308.8 KB |
Committee Members
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Ruwan Weerasekera
Chair
Appointed 1 January 2022
Ruwan is the former COO and a Managing Partner of SoftBank Investment Advisers, a Managing Director and COO for Securities at UBS Investment Bank and Partner of Accenture. He is also a former Senior Independent Director of ICBC Standard Bank PLC and a Non-Executive Director of London North West University Health Care Trust.
Ruwan is a Non-executive Board Director of UK Research and Innovation, a non-departmental public body sponsored by the Department for Science, Innovation and Technology (DSIT) which brings together the seven disciplinary research councils, Research England and the UK’s innovation agency, Innovate UK. Ruwan chairs the Audit, Risk and Assurance Committee of UKRI.
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Angela Cha
Member
Appointed 1 April 2022
Angela is a solicitor and a former partner of the international law firm Pinsent Masons where she was joint head of the financial services (FS) sector group and head of the outsourcing, commercial, and technology practice in London. She specialised in advising FS sector clients on major change and business transformation projects. After her private practice career with Pinsent Masons, Angela continued her legal career working with FS sector clients on a consulting basis.
Angela is a non-executive director on the Board of Bath Building Society where she is also Chair of the Remuneration Committee. Outside of the FS sector, Angela is a co-opted member of the Audit and Risk Committee at the NSPCC.
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Hannah Nixon
Member
Appointed 1 April 2022
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.
Hannah is currently Chair of the Single Source Regulations Office, the UK regulator for non-competitive defence procurement, and is also a non-executive director of National Grid Electricity Systems Operator and Thames Water.
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Andrew Vials
Senior Advisor
Appointed 1 January 2021.
Andrew was a partner at KPMG for 28 years. He was lead audit partner for clients in both the commercial and financial services sectors. From 2004 he headed the firm's Department for Professional Practice providing advice on a wide range of financial and corporate reporting issues. During that time, he was a member of the IASB's IFRS Interpretations Committee.
In 2014 then Andrew joined Grant Thornton as Head of National Assurance Services, the firm's centre of excellence for corporate reporting and audit matters, leaving in 2017.
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Anne Whitaker
Senior Advisor
Appointed 1 January 2021.
Anne Whitaker is a former EY Audit partner with a portfolio of non-Executive and charity roles, including independent NED and Audit Committee Chair at Markel International Insurance Company Ltd and Chair of the Risk and Audit Committee at Hitachi Capital (UK) plc. As the former Head of Audit and Risk Partner for EY’s UK Financial Services Practice, Anne specialised in asset management audits, including funds and investment trusts as well as other financial services. Some of Anne’s previous non-Executive roles include NED and Audit Committee Chair at Barts Health NHS Trust and Chair of the Audit and Risk Assessment Committee of the Independent Parliamentary Standards Authority (IPSA). She has also previously volunteered as an advisor for MicroVentures (a microfinance charity operating in Malawi).