Mar 252019

Deputy Chair - Financial Reporting Council London

Remuneration £29,950 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, the FRC 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 publication of the Independent Review by Sir John Kingman, the FRC will be going through a period of significant change as the recommendations are implemented and a new regulator is created.

With the current Deputy Chair’s term coming to an end in the first half of 2019, the Secretary of State for Business, Energy and Industrial Strategy wishes to appoint a new Deputy Chair.

We are seeking candidates who have a diverse range of skills and experience and would welcome candidates with experience in business, government, public policy and/or the voluntary sector. Successful candidates will also be able to demonstrate attitudes consistent with the expectations of public office and the Nolan Principles of Public Life. There is a time commitment of around one day per week, including reading time.

Job Specifications and Selection Criteria:

The Board of the FRC is responsible for the long-term strategy and success of the FRC. The Board 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.

Specifically, the Deputy Chair will:

  • Give general support to and deputise as necessary for the Chair in his/her responsibilities for the FRC’s effective operation
  • Act as the Senior Independent Non-Executive Director of the FRC
  • Lead on particular responsibilities where the Chair cannot act, for example where he/she is conflicted (including the matter of evaluating the Chair’s performance)
  • Represent the FRC to outside parties whenever it is advantageous to do so and enhance the FRC’s standing and other parties’ understanding of the FRCs role
  • Help to ensure the effectiveness of the Board by ensuring that all members continually update their skills and the knowledge and familiarity with FRC as required to fulfil their role both on the Board and on committees
  • With agreement of the Board, chair working groups necessary to support the Board and Executive through the period of change
  • Serve on Committees of the Board as determined from time to time by the Board

Person Specification

Key skills and experience

The Deputy Chair needs to have the following skills and experience:

  • Essential Criteria:
    • The credibility and capability to engage and build relationships with the business and financial community, as well as with Government and other regulatory agencies and the wider public;
    • The ability to chair a committee or working group of the FRC.
    • The ability to develop strategy and provide strategic direction in a way that ensures the FRC fulfils its duties; and
    • The interpersonal and leadership skills and experience to ensure significant and fundamental change takes place within a large or complex organisation.
  • Desirable Criteria:
    • Significant Board experience, holding executive teams to account.

The Deputy Chair will work in close partnership with the Chair to transform FRC and will assist in shaping the long-term strategy of the regulator as recommended in the Independent Review.

Please submit the following documents:

  1. 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.
  2. A CV
  3. Candidate application form enclosed in this pack
  4. Equal Opportunities Monitoring Form – all candidates are asked to please complete this form and send it to BEIS Public Appointments Mailbox:

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

Downloadable Content

non-executive director

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