Gareth Thomas, Parliamentary Under Secretary of State for Trade and Consumer Affairs, has announced today, that he is extending the term of Sir Christopher Hogg as Chair of the Financial Reporting Council (FRC) by one year.
Gareth Thomas said:
"Sir Christopher has done much good work as Chair of the FRC, in particular in putting in place new governance arrangements for the FRC. I have asked him to stay on for an additional year to ensure that the changes are fully bedded down."
Sir Christopher Hogg's term as Chair was due to expire on 31 December 2008, but will be extended to 31 December 2009.
Background:
1. The Financial Reporting Council is the UK's independent regulator responsible for promoting confidence in corporate governance and corporate reporting. Its functions can be summarised as: promoting high standards of corporate governance; setting, monitoring and enforcing accounting and auditing standards; setting actuarial standards; statutory oversight and regulation of auditors; operating an independent investigation and discipline scheme for public interest cases; overseeing the regulatory activities of the professional accountancy and actuarial bodies. Full details of its work can be found at http://www.frc.org.uk.
2. The FRC currently incorporates six subsidiary boards: the Accounting Standards Board, the Board for Actuarial Standards, the Auditing Practices Board, the Financial Reporting Review Panel, the Accountancy and Actuarial Discipline Board and the Professional Oversight Board.
3. Sir Christopher Hogg is a former Chairman and Chief Executive of Courtaulds 1979-1996 (Chairman from 1980, Chief Executive until 1991). He was also Chairman and Director of Reuters Group Plc 1984-2004 (Chairman from 1985), Director of GlaxoSmithKline Plc 2000-2004 (Chairman from 2002), Chairman of National Theatre 1995-2004, Director of Air Liquide SA 2000-2005 and a member of JP Morgan International Council 1988-2003.
4. The Department for Business Enterprise and Regulatory Reform helps UK business succeed in an increasingly competitive world. It promotes business growth and a strong enterprise economy, leads the better regulation agenda and champions free and fair markets. It is the shareholder in a number of Government-owned assets and it works to secure, clean and competitively priced energy supplies
