FRC Board

Role of the Board

The Board of the Financial Reporting Council (FRC) is made up of non-executive and executive directors and is collectively responsible for the long-term success of the FRC. All Board Members, including the CEO and Chairman, are appointed by the Secretary of State for Business and Trade.

The Board’s role is to provide strategic leadership of the FRC within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the FRC’s strategic aims, ensures that the necessary financial and human resources are in place for the FRC to meet its objectives and reviews management performance.

The Board also sets the FRC’s values and culture 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 FRC, consistent with their statutory duties.

The Board delegates some of its responsibilities to its five Committees to carry out on its behalf.

List of matters that have been reserved to the Board

Read how the Board fits into the FRC's Governance Structure.

Board Members

The Board comprises the Chairman, the Chief Executive, the Chair of the Regulatory Standards & Codes Committee, the Chair of the Conduct Committee, the Chair of the Supervision Committee and other non-executive directors.

Read the FRC Non-Executive Board Member Terms of Appointment (PDF).

  • Sir Jan du Plessis

    Sir Jan du Plessis

    Chair

    Appointed 3 February 2022

    Sir Jan had a career in business, including serving over a period of 18 years as Chair of various public companies:  BT Group plc (2017 to 2021); Rio Tinto plc (2009 to 2018); SABMiller plc (2014 to 2016); RHM plc (2005 to 2007); and British American Tobacco plc (2004 to 2009).  These roles have given him extensive experience in leadership and governance of some major public companies.  He has also had multiple interactions with the institutional investment community and gained meaningful insight into the challenges facing the audit services sector.

    Sir Jan has also served as non-executive director of Marks and Spencer Group plc and Lloyds Banking Group plc.  From 1988 to 2004 he was CFO of Richemont.

    Sir Jan is Chair of the Board and is also Chair of the People Committee and a member of the Conduct Committee and Regulatory Standards and Codes Committee.

  • Richard Moriarty

    Richard Moriarty

    Executive Director - CEO

    Appointed 2 October 2023

    Richard has over 25 years of board level experience across a range of regulated sectors. Prior to joining the FRC, he was CEO of the UK’s Civil Aviation Authority and before that the CEO of the Legal Services Board, which oversees the regulation of the legal professions. Earlier in his career he held senior roles in the regulation of social housing, communications and energy. He has also held roles in the private sector such as being a director with a water company and as a partner for a consultancy. In a non-executive capacity, he was deputy Chair of the Social Housing Regulator, responsible for the governance and financial viability of social landlords. He is currently the senior independent director with a housing association.

  • Clare Thompson

    Clare Thompson

    Senior Independent Non-Executive Director

    Appointed 1 February 2022

    Clare is a non-executive director and Chair of the Audit Committee at M&G plc. She is also a former 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.

    Clare is the Chair of the Audit Committee and a member of the Regulatory Standards & Codes Committee.

  • Angela Cha

    Angela Cha

    Non-Executive Director

    Appointed 1 February 2022

    Angela is a non-executive director on the Board of Bath Building Society where she is the Vice-Chair and Senior Independent Director. She is a member of the Audit, Remuneration and Nominations Committees. In the voluntary sector, Angela sits on the Finance, Audit and Risk Committee at the NSPCC as a co-opted member.

    During her executive career Angela was a solicitor and a partner of Pinsent Masons where she specialised in advising FS sector clients on business change and transformation projects.

    Angela is also Deputy Chair of the Conduct Committee, a member of the Supervision Committee and Audit & Risk Committees.

  • Hannah Nixon

    Hannah Nixon

    Non-Executive Director

    Appointed 24 June 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.

    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.

    Hannah is the Chair of the Regulatory Standards and Codes Committee, a member of the Audit & Risk and the Supervision Committees.

  • Ruwan Weerasekera

    Ruwan Weerasekera

    Non-Executive Director

    Appointed 21 June 2021

    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.

    Ruwan is also the Chair of the Supervision Committee, a member of the Audit & Risk Committee and the Non-Executive Director designated for engagement with the workforce.

  • David Willis

    David Willis

    Non-Executive Director

    Appointed 1 February 2022

    David is a solicitor by profession and was a partner in international law firm Herbert Smith Freehills (and predecessor firm Herbert Smith) for many years. He was Managing Partner of Herbert Smith from 2008-2012 and Joint CEO of Herbert Smith Freehills from 2012-2014.

    He is currently Chair of Paradigm Trust, a multi-academy trust, and Vice Chair of United Response, a charity supporting adults with learning disabilities, where he chairs the Finance and Resources Committee. He was previously a member of the governing body of Queen Mary University of London, where he chaired the Audit and Risk Committee and a member of the board of the Solicitors Regulation Authority, where he chaired the Finance and Audit Committee and was a member of the Law Society Group Audit Committee.

    David is also Chair of the Conduct Committee.

Meeting Minutes and Summaries