News March 2016 FRC appoints Tracy Vegro as Executive Director of Strategy & Resources

FRC appoints Tracy Vegro as Executive Director of Strategy & Resources

07 March 2016


The Financial Reporting Council (FRC) announces that Tracy Vegro has been appointed Executive Director of Strategy & Resources. In this new role Tracy will be responsible for implementing the FRC’s strategy, and ensuring the organisation has the culture, resources and leadership to deliver against its objectives as it takes on the new role of the Competent Authority for Audit.

Tracy will report to the FRC’s Chief Executive, Stephen Haddrill and sit on the Executive Committee.

Tracy Vegro is a Senior Civil Servant who has just concluded a secondment through the Cabinet Office High Potential Secondment Programme at the Co-operative Group where she worked initially on the Co-operative Bank recapitalisation, the subsequent Treasury Select Committee Inquiry into the Bank’s problems, and then stayed to implement significant governance reforms at the Co-operative Group, following Lord Myners’ Review of its governance.

Stephen Haddrill, Chief Executive of the FRC, said,

“Tracy’s work on policy and strategy will be invaluable to the FRC as we enter our next three year strategic cycle. Her experience and insight in governance and capital market issues will be of critical importance to the FRC as our responsibilities grow and we seek to promote trustworthy behaviour and trustworthy corporate information in pursuit of our mission to foster investment.”
Tracy Vegro said,

“I am delighted to be joining the FRC and to the challenge of helping the organisation implement its new strategy. I’m particularly looking forward to working with the FRC’s extensive stakeholders to promote trustworthy and transparent information and behaviours, and to contributing to its important work of boosting economic confidence and growth by assisting the flow of global capital into the UK”

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.    Tracy Vegro is a Senior Civil Servant and one of the first to be selected for the Cabinet Office’s new High Potential Development Secondment Programme (HPSP), through which she was seconded to the Co-operative Group to work on the Co-operative Bank recapitalisation project, stabilising the Bank without recourse to taxpayer funding.  After the Bank crisis was over, she stayed on to establish the new role of Director of Policy for the wider Co-operative Group, which included working with Lord Myners on a major review of the Group’s corporate governance and then implementing a major Board restructure with the new Group Secretary. 
Tracy joined the Civil Service  straight from university, into the then DTI, and has held Director roles in the Departments for Communities and Local Government (CLG), Business Innovation and Skills  (BIS) and Energy and Climate Change (DECC).   She has also served on the Boards of several Non-Departmental Public Bodies, such as the Energy Saving Trust and the Equal Opportunities Commission.
Tracy has spent time in Brussels as a UK representative on equality and diversity policy and worked for P&G in Paris in the late 1990s whilst on a Career Break from the Civil Service.  She is a member of the Government’s Major Project Leadership Academy and completed the Oxford Business School Masters Programme.