The Financial Reporting Council (FRC), the UK’s independent regulator for promoting high quality corporate governance and reporting, has undergone an internal restructuring with effect from 2 July 2012. Going forward, the Board of the FRC will be responsible for strategy, the strategic direction of key decisions on standards and the methods by which the FRC’s responsibilities will be discharged. As regards codes, standard setting and policy questions, the FRC will be advised by three Councils dealing with accounting, actuarial and audit, and assurance issues respectively. Three committees will support the work of the Board - a Codes and Standards Committee, a Conduct Committee and an Executive Committee. The role formerly undertaken by the Financial Reporting Review Panel will continue to be carried out by a Panel which will retain the same name and be comprised of members appointed by the Conduct Committee.
Chairman of the FRC, Baroness Hogg, commenting on the restructuring, said: “The reforms will further enable the FRC to use its wide ranging expertise to strengthen the UK voice in international debates on corporate governance and reporting”.
To view the FRC press release, please click here.