FRC consults on its priorities and funding
News types: Consultation Announcement
Published: 17 December 2010
The Financial Reporting Council (FRC) has today published its priorities and funding proposals for 2011-12. The paper ‘Draft Plan and Levy Proposals 2011-12’ Responses are requested by 9 March 2011.
Key outcomes
In 2010/11 we will focus our work on four major outcomes:
-
stronger and better-informed engagement between institutional investors and company boards
-
corporate reporting and auditing that deliver greater value to investors and better serve the public interest
-
a strong UK voice in the EU and international debate on the future regulation of corporate governance, reporting and auditing
-
a more effective UK regulatory framework that adds value for investors and other stakeholders at low incremental cost.
The FRC will finalise its 2011/12 Plan and Levy Proposals in May 2011, taking account of the responses to its consultation paper and any outcome of the work by the Government on the reform of the FRC.
FRC Chairman, Baroness Hogg, said:
“During the economic crisis equity markets performed an invaluable role in providing the capital businesses needed to survive. As we now look forward to a period of economic growth the capital markets remain fundamental to the UK’s future economic success.
“The FRC’s work in the coming year will focus on the key ingredients of corporate reporting, governance and audit, all of which support the integrity, efficiency and competitiveness of the capital market.
“We will encourage a more productive dialogue between investors and company boards and will strengthen corporate reporting and auditing frameworks to ensure they better serve the needs of investors and the public interest. We must also continue to influence the international policy and regulatory agenda. In 2011, the European Commission will develop its proposals on the future of audit and corporate governance and it is vital that the FRC is involved in those debates to ensure that the UK voice is heard.
“We will work closely with Government to ensure that we have the powers necessary to carry out our responsibilities and that reform of the FRC by Government strengthens our independence and effectiveness”.
Notes to Editors
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate governance and reporting to foster investment. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
Document created under a former FRC operating body.