Jun 072016

Corporate Reporting Council - Non-Executive Member (Ref: GL010)

Financial-Reporting-Council_frc_carouselimageThe Financial Reporting Council (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.

The Role

The FRC seeks to appoint two non-executive Members to its Corporate Reporting Council (former Accounting Council). The Corporate Reporting Council advises the FRC Board and Codes & Standards Committee on corporate reporting with a particular focus on financial reporting. The FRC Board and the Codes & Standards Committee also look to the Council for advice on strategy and to provide input on the importance of issues as they arise.

Responsibilities of the Corporate Reporting Council:

  • Provide strategic input and thought leadership, both in the field of accounting and financial reporting and in the work-plan of the FRC as a whole. This will involve "horizon-scanning" and consulting with corporates, practitioners or users;
  • Consider and advise the FRC Board upon draft corporate reporting codes and standards (or amendments thereto) to ensure that a high quality, effective and proportionate approach is taken;
  • Consider and comment on proposed developments in relation to international corporate reporting codes and standards and regulations; and
  • Consider and advise on research proposals and other initiatives undertaken to inform the FRC on matters material to its remit and any resultant publications.
  • Consider and comment on the current, emerging and potential risks to the work of the FRC.

The current Terms of Reference (ToR) and membership information for the Corporate Reporting Council are available on the FRC website - https://www.frc.org.uk/About-the-FRC/FRC-structure/AccountingCouncil.aspx.

Candidate Requirements

Successful candidates will have a strong, financial background and the reputation and credibility to develop relationships and command respect with the business and financial community as well as with Government, other regulatory agencies and the wider public. We would particularly welcome applications from senior experienced investors or user of accounts and from individuals with significant experience of financial services.

Ideal Characteristics

  • Strong intellectual qualities and sound judgement with the ability to analyse and develop solutions to a range of strategic and technical questions and to assess what will work best in the UK to promote high quality corporate governance and reporting to foster investment.
  • Strong ethics aligned closely to the FRC’s values of creating a framework that encourages trustworthy behaviour by directors and professionals and engagement with them by investors; and to encourage companies to produce trustworthy information that contributes to informed decisions.
  • Ability to deal skilfully with competing views.

Terms and conditions

The expected time commitment is 12-14 days per year. Formal half day Council meetings are held in every month except August and Ad hoc meetings (at which attendance is optional) may be called.

  • Remuneration of £10,000 per annum will be offered.
  • The reasonable expenses incurred in performing the duties of the appointment will be reimbursed.
  • Members will be required to comply with the FRC Codes of Conduct.
  • Members will be expected to attend appropriate training, including induction.

Selection Process

The anticipated timetable will be as follows:

  • 12 Noon on 17 June 2016 – Closing date for applications
  • 4 and 7 July 2016 – Interviews for short-listed candidates
  • Late July 2016 – Appointment offers

How to Apply

Applications should be sent by email to: recruitmentgl@frc.org.uk. Please quote reference GL010 in the subject line.

Candidates should provide a CV and covering letter to 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. Appointments to the FRC are based on merit and with due regard for the benefits of diversity on the FRC.

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