News September 2015 FRC Committee Appointments

FRC Committee Appointments

08 September 2015

PN 54/15

David Cannon, Helen Jones and Sean Collins have been appointed to the Financial Reporting Council’s (FRC) Conduct Committee with effect from 1 September 2015. David Cannon will also join the Monitoring Committee.
David Cannon and Sean Collins bring their experience of 40 years working in professional services and Helen brings her considerable knowledge of assurance and risk management to the FRC’s Conduct Committee.

Commenting on the appointments, David Childs, Chair of the Conduct Committee said,

“I am delighted to welcome David, Helen and Sean to the FRC’s Conduct Committee. Their experience and diverse backgrounds will contribute to the FRC’s strong Conduct arm and the work of the Conduct Committee in overseeing our Audit Quality and Corporate Reporting Reviews, Professional Oversight and Professional discipline teams.”


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. New Council/Committee Members biographies:
    • David Cannon joined Ernst and Young in 1976, becoming an Audit Partner in 1986 and proceeding to run an Audit Division before leaving in 1995 to become Group CFO of BZW, Barclays' then Investment Bank. He returned to E&Y in 1998 as Managing Partner of the London Financial Services Office. In 2003, he became CFO for Deutschebank's global Investment Bank and also subsequently became Deputy Group CFO. David retired in 2012 and is currently a non-executive director of Morgan Stanley's European business where he chairs the regional Audit Committee.
    • Helen Jones is Senior Vice President, Head of Audit & Assurance at GlaxoSmithKline plc, a position she has held since January 2014. She is responsible for providing assurance to the Board and senior leadership that risks across the enterprise are appropriately managed. She reports to the Head of the Audit & Risk Committee and the CFO.   Helen joined GSK in 2008 as SVP Head of Global Tax. She was responsible for managing the global tax affairs of GSK in over 100 countries, particularly focused on fostering constructive dialogue with various authorities around the world. Prior to joining GSK, Helen held a number of roles at Reuters Group PLC, ultimately becoming Global Head of Tax and Treasury in 2003.  She trained as a Chartered Accountant with Arthur Andersen in London. She is also a Trustee of the GSK Pension Scheme.
    • Sean Collins joined Peat, Marwick Mitchell & Co (now KPMG) in 1972 beginning a career which would encompass audit, taxation, financial investigations and consulting. He became a partner on his transfer to the Malaysian practice in 1985, where he led the financial services practice as well as the technical advisory department. On his return to London, he assumed responsibility for the firm's leasing practice and then the telecommunications and media practice, for which he was global leader for more than 10 years. After a second period in Asia, directing the Asia-Pacific practice from 2009 to 2012 from Singapore, he retired from KPMG. For over three years he was the Senior Independent Director and Audit Committee Chairman of Millennium & Copthorne Hotels plc.  He is currently the Audit Committee Chairman for Jersey Telecom, Crown Representative at the Cabinet Office, a Member of Council of the Royal Society for Asian Affairs and Deputy Chairman for Arthritis Research UK.
  3. The Conduct Committee is responsible for overseeing the FRC’s Conduct Division in its work promoting high quality corporate reporting. Its responsibilities include overseeing:
  • Monitoring of Recognised Supervisory and Recognised Qualifying Bodies
  • Audit Quality Reviews
  • Corporate reporting reviews
  • Professional discipline
  • Oversight of the regulation of accountants and actuaries.

It also has statutory functions which are delegated by the Secretary of State under section 457 of the Companies Act 2006 and section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004. The Conduct Committee exercises these functions in accordance with its Operating Procedure.

The Conduct Committee, which meets monthly, comprises FRC Board members and others with a range of skills, experience and relevant technical expertise. It has a majority of lay members and excludes current practising auditors as well as officers of the professional bodies it regulates.

The Conduct Committee is supported by two further committees: the Monitoring Committee which ensures the consistency and quality of the FRC’s monitoring work and the Case Management Committee which advises on and monitors the handling of disciplinary cases. Members of these Committees, including the Chairs, sit on the Conduct Committee.