The Financial Reporting Council (FRC) announces changes to its executive structure following the announcement of its 2016/19 strategy.
The new divisional structure, which will take effect from 1 April 2016, will bring together responsibilities and harness resources to achieve the FRC’s objectives of:
Ensuring recent change is embedded to deliver high quality corporate reporting
Raising audit quality by making a success of EU legislation on audit
Promoting best practice and an ‘improvement culture’
Deregulation and better regulation
Holding people to account
Paul George will be Executive Director of Corporate Reporting & Governance which will include the FRC’s role in actuarial policy. Melanie McLaren will be Executive Director of Audit, which will include oversight of the audit, accounting and actuarial professions. Both will continue to be members of the FRC Board.
The FRC’s Executive Counsel, Gareth Rees QC, will lead the Enforcement Division and join the Executive Committee.
Anne McArthur continues as General Counsel & Company Secretary leading the Governance and Legal Team and a member of the Executive Committee.
A new role of Executive Director Strategy & Resources will ensure the FRC has the resources and processes to support the three year strategy and meet its new responsibilities as the UK’s competent authority, its funding needs and the Government’s deregulatory challenge.
Stephen Haddrill, CEO of the FRC, said,
“The FRC’s goal is to ensure reporting and audit in the UK are world leading and provide assurance to global investors. Our new executive structure will ensure we can meet the objectives of our 2016/19 strategy effectively and efficiently to maintain the UK’s dominant position in global capital markets.”
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.