Chair - Financial Reporting Council
Salary £150,000 per annum
The mission of the Financial Reporting Council (FRC) is to promote transparency and integrity in business. These are cornerstones to generating public trust and confidence in UK business and help attract investment in successful companies that provide jobs, create prosperity and generate economic growth.
The FRC sets the UK Corporate Governance & Stewardship Codes which aim to make investors more accountable to their clients and beneficiaries. The FRC also sets standards for accounting, auditing and actuarial work. As the UK’s independent regulator and Competent Authority for Audit it monitors, and takes action where necessary, to promote the quality of corporate reporting and audit. It also operates independent enforcement arrangements for accountants and actuaries.
Following the Independent Review in to the Financial Reporting Council (FRC), the Secretary of State for Business, Energy and Industrial Strategy (BEIS) has accepted the recommendation that FRC should be replaced with a new independent regulator and Competent Authority for Audit – the Audit, Reporting and Governance Authority (ARGA).
The FRC will therefore be undergoing a period of significant change as the recommendations are implemented, and a new regulator is created. The Government wants to see change implemented to put in place a world-class regulator operating with the highest levels of effectiveness.
The incoming Chair will lead the regulator’s Board to take forward the fundamental changes recommended in the Independent Review, and to set the strategic direction of the new regulator once it is established.
The successful candidate will initially be appointed to the FRC, and will hold to account the executive leadership of the organisation as it undertakes its regulatory duties and commences implementation of the Independent Review’s recommendations.
Key responsibilities and accountabilities
The Board of the FRC is responsible for the long-term strategy and success of the FRC. It maintains prudent and effective controls to assess and manage risk, ensures resources are in place for the FRC to meet its objectives and reviews management performance. The Board also sets the FRC’s values and culture and ensures that its obligations to its stakeholders and others are understood and met.
In light of the Independent Review by Sir John Kingman, the Board will ensure that there is oversight and strong governance while driving forward the recommended changes to create a strong and robust regulator.
The Chair will be responsible for:
- Effective, cooperative and inclusive leadership of the Board so that it provides clear strategic direction. This will include enabling a high standard of discussion and challenge, while fostering an environment in which diverse views are encouraged and considered;
- Holding the Executive Team to account for the performance of the regulator against its objectives, duties, and impact; and ensuring it continues to improve and increase the overall quality and effectiveness of the audit, reporting, and governance landscape.
- Working with the Board to ensure that the Board, committees, and Executive Team have an appropriate range of skills, and that they promote diversity;
- Oversee the implementation of the recommendations in the Independent Review, conducting an overhaul of the Board to ensure the appropriate skills and experience needed by the future regulator are present, and working in collaboration with the Executive Team, BEIS and other stakeholders to take forward these recommendations and embed them within regulator; and
- Leading the new regulator once it is established, ensuring the UK has a world-leading body.
The Chair will be accountable to Parliament, and to the Secretary of State for Business, Energy, and Industrial Strategy. The Chair will be expected to appear in front of the BEIS Select Committee.
Key skills and experience
As the incoming Chair will lead a body preparing for fundamental transformational change, it is essential that the successful candidate brings:
- Essential criteria:
- The ability to develop a Board and provide leadership through periods of significant change;
- Excellent influencing and communication skills, including the ability to encourage debate and challenge, and resolve conflict in a constructive manner;
- Strong analytical skills and a capacity to operate strategically and with influence;
- Ability to successfully implement reforms within an organisation;
- An ability to ensure the effective use of public funds;
- Ability to demonstrate attitudes consistent with the expectations of public office and the Nolan Principles of Public Life.
- Desirable criteria:
- Experience in working in a business or regulatory field at senior levels, including holding to account those responsible for delivery.
Please submit the following documents:
- A Statement of Suitability (no longer than two pages)
This should explain how you consider your personal skills, qualities and experience provide evidence of your suitability for the role, with particular reference to the points highlighted in the essential criteria. Please note that the statement of suitability is an important part of your application and is as much the means by which you will be assessed as your CV.
- A CV
- Candidate application form enclosed in this pack
- Equal Opportunities Monitoring Form – all candidates are asked to please complete this form and send it to BEIS Public Appointments Mailbox: firstname.lastname@example.org
This will assist BEIS in monitoring selection decisions to assess whether equality of opportunity is being achieved. Any information collated from the Equal Opportunities Monitoring Forms will not be used as part of the selection process and will be treated as strictly confidential.
All applications will receive an automated response.
Failure to submit both your CV and Statement of Suitability will mean the panel only have limited information on which to assess your application against the essential criteria.
The closing date for applications is 2300 on 22/04/19
- 71791 Financial Reporting Council Chair Applicant Pack.docx
- 71791 Financial Reporting Council Chair Diversity monitoring form.docx