News July 2015 FRC Board appointments

FRC Board appointments

02 July 2015

PN 42/15

Ray King and John Coomber have been appointed to the Financial Reporting Council (FRC) Board with effect from 23 July 2015. Ray King also becomes a member of the Board’s Codes and Standards Committee and Chair of the Audit & Assurance Council from the same date. John Coomber becomes a member of the Board’s Codes and Standards Committee.

Commenting on the appointments, FRC Chairman Sir Win Bischoff said,

I am delighted to welcome Ray King and John Coomber to the FRC Board. Ray’s wide knowledge of corporate reporting within a number of large organisations, as well 

as listed entities outside the FTSE 100 and FTSE 350 and his experience as a Board member on Audit Committees will lend highly valuable insights to the FRC’s work on corporate governance and audit regulation. John’s significant international experience and actuarial background will contribute to the FRC’s strategy in these areas.

John Stewart will step down from the FRC Board with effect from 1 July.

Sir Win Bischoff thanked John Stewart,

John has provided significant input to the FRC, particularly in the area of strategy, from his experience in financial services. We wish him well for the future.

Notes to editors:

  1. 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.

  2. Ray King is a Non-Executive Director and chairs the Audit & Risk Committees at Saga PLC, a NED and chair of the Audit Committee at Rothesay Life Limited, and a NED and Chair of the Audit Committee at Infinis Energy plc; he also sits as a Reporting Panel Member at the Competition and Markets Authority. Ray is the former Chief Executive of BUPA and throughout his career has held a number of senior finance positions, including as Group Finance Director of BUPA, Southern Water, Director of Group Finance and Control of Diageo/Guinness plc and as a controller with ICI. Ray is also the former Chair of the Audit Committee of Friends Provident PLC. He qualified as a Chartered Accountant with Price Waterhouse & Co.

  3. John Coomber retired recently as Chief Executive Officer of Pension Insurance Corporation Limited. He joined the Board as a Non-Executive Director in 2006 and became an Executive Director in 2007, CEO in 2009 and will continue as a non-executive. He joined Swiss Re in the UK in 1973. From 1987, he led the Life Division and, in 1993, was made Head of the UK operations. He was appointed a member of the Group Executive Board in 1995, responsible for the Life & Health division. He became a member of the Executive Committee in 2000 and was Swiss Re’s Chief Executive Officer from 2003 to 2005. He was a member of the Group’s Board of Directors from 2006 to April 2014. He is also Chairman of MH (GB) Limited and was previously a Director of Euler Hermes, Chairman of ClimateWise and Chairman of The Climate Group.