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Alan Johnson said:
"I welcome Sir Christopher's appointment as the new Chair of the FRC. He has a strong business background at senior levels, both domestically and internationally and is highly respected in the business community.
"I would like to pay tribute to the excellent work Sir Bryan has done at the FRC. He led the organisation very successfully through a period of major change when it took on significant responsibilities for improving confidence in corporate reporting.
"I am confident that Sir Christopher will prove a worthy successor to Sir Bryan Nicholson and carry on his good work at the FRC."
Sir Christopher Hogg said:
"I am delighted to accept this very important post of Chair to the FRC. The UK has an admirable and fully developed corporate reporting regime. But there are also major new challenges to address, such as International Financial Reporting Standards and International Auditing Standards. I look forward to the challenges of leading the FRC."
Sir Christopher Hogg will take over as Chair from 1 January 2006.
The post of Chair is three days per week and attracts a remuneration of £130,000. The appointment is for three years, renewable for a further three years.
Background
1. The Financial Reporting Council (FRC) is a unified, independent regulator with a wide range of functions including setting, monitoring and enforcing accounting and auditing 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 bodies, and promoting high standards of corporate governance. It will take over responsibility for the regulation of actuarial services in 2006. Full details of its work can be found at http://www.frc.org.uk/
2. The FRC currently incorporates five subsidiary boards: the Accounting Standards Board, the Auditing Practice Board, the Financial Reporting Review Panel, the Accountancy Discipline and Investigation Board and the Professional Oversight Board for Accountancy.
3. Sir Bryan Nicholson has been Chair of the FRC since 2001. 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.
