Jul 282016

Conduct Committee - Non-Executive Member (Ref: GL013)

Financial-Reporting-Council_frc_carouselimageThe FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We are the UK Competent Authority for audit and 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 enforcement arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

The Role

The FRC seeks to appoint a Non-Executive Member to its Conduct Committee. The Conduct Committee is responsible for overseeing the FRC’s conduct work with the objective of promoting high quality corporate governance and reporting. It has specific responsibilities as set out in the FRC’s monitoring, review and enforcement procedures. It reports to the FRC Board and is supported by the Corporate Reporting Review Committee, Audit Quality Review Committee, Case Management Committee and the Enforcement Committee.

The Committee has 12 members, the majority of whom are lay. Under the requirements of the Audit Regulation and Directive current practicing auditors, partners or recently retired partners of accountancy firms (within the last three years) as well as officers of the professional bodies regulated by the FRC are excluded from membership of the Committee. The Committee is chaired by David Childs who is a non-executive Director of the FRC.

Full details of the Committee membership and Terms of Reference can be found on the FRC website - https://frc.org.uk/About-the-FRC/FRC-structure/Conduct-Committee/Terms-of-Reference.aspx

Responsibilities of the Committee include:

  • Exercising the delegated functions from the Secretary of State and advising the FRC Board on its exercise of those functions
  • Deciding which matters should be subject to enforcement action
  • Overseeing the FRC’s supervisory, monitoring and enforcement work
  • Identifying and addressing current, emerging and potential risks to the quality of corporate governance and reporting in the UK.

Candidate Requirements

The FRC is seeking a member from an investment background. Candidates should have strong intellectual qualities and sound judgement with an ability to set strategic direction and to challenge constructively.

Terms and conditions

  • The expected time commitment is approximately 12 days per year. Formal half day Committee meetings are held in every month except August and ad hoc meetings may be called.
  • Appropriate remuneration will be offered and reasonable expenses incurred in performing the duties of the appointment will be reimbursed.
  • Members will be required to comply with the FRC Code of Conduct.
  • Members will be expected to attend appropriate training, including induction meetings.

How to Apply

Applications should be sent by email to recruitmentgl@frc.org.uk no later than noon on 30 September 2016.

Please quote reference GL013 in the subject line.

Candidates should provide a CV and covering letter which should explain why they are interested in the appointment and how they meet the candidate requirements detailed above. Should the application proceed to the final stage candidates will be asked to provide details of two referees. An independent assessor will be involved in the appointment process.

The FRC is an equal opportunities employer.

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