The Financial Reporting Council, the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, is pleased to announce that the following have agreed to serve as non-executive directors on the new Board of the FRC:

Eric Anstee	Until end 2006, Chief Executive of the Institute of Chartered Accountants in England and Wales. Has been CFO of three FTSE 100 companies and is currently a non-executive Director of Insight Investments.
Peter Chambers	Chief Executive Officer, Legal & General Investment Management.
Rudy Markham	Chief Financial Officer, Unilever Plc, and a non-executive Director of Standard Chartered Plc and Legal & General Group Plc.
Sir Michael Rake	Chairman of BT Group plc and the UK Commission for Employment and Skills. Immediate past Chairman of KPMG International.
Sir Steve Robson	Until 2001 Second Permanent Secretary at HM Treasury. Currently a non-executive Director of Xstrata Plc, Royal Bank of Scotland Plc, JP Morgan Cazenove Plc and Partnerships UK Plc.
Sir John Sunderland	Chairman, Cadbury Schweppes Plc, and a non-executive Director of Barclays Plc. Immediate past President of the CBI.
Lindsay Tomlinson	Vice Chairman, Barclays Global Investors. Past Chairman of the Investment Management Association and of the Professional Affairs Board of the Actuarial Profession.

The new Board will come into being on 1st November. It will initially comprise Sir Christopher Hogg, the present Chair, Paul Boyle, the present Chief Executive, and the above non-executive Directors, who were chosen by the Temporary Nominations Committee established for the purpose. It will also include Baroness Sarah Hogg as Deputy Chair, whose appointment by the Department for Business, Enterprise and Regulatory Reform was announced today.

In the coming months, the new Board will be enlarged to sixteen members by the addition of the Chairs of the FRC’s Operating Bodies, all of whom, as an agreed part of the FRC’s transition process, will submit their offices for re-election. The new Board will comply with the relevant principles and provisions of the Combined Code.

Speaking in London today, Sir Christopher Hogg said: “The FRC is now transforming itself, on process and on time, and I want to thank and to pay warm tribute to all my colleagues on the present Board and Council for their many and substantial contributions to the FRC in the past few years. I am particularly grateful to them for supporting the transition and making it possible. I also wish to thank the members of the Temporary Nominations Committee for their commitment in taking us through this vital process.”

1. The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting confidence in corporate reporting and governance.
2. The FRC’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board). The Committee on Corporate Governance, whose members are drawn from the Council, assists it in its work on corporate governance.
3. On 29th March the FRC, with the support of the Government, announced proposals aimed at enhancing the independence, transparency and efficiency of its governance structure. At the same time it published a consultation paper and invited views by 1st June.

   The main features of the proposals were:-

   • The FRC’s Board and Council to be merged into a single governing body – the new Board
   • The Chairs of the FRC’s Operating Bodies to be members of the new Board
   • The non-executive members, who would include the Deputy Chair, to form a majority of the new Board excluding the Chair
   • Only the Chair and Deputy Chair to be appointed by Ministers
   • Members of the new Board to be appointed on their individual merits rather than as representatives of particular interests, the intention being that they should bring to the table a very wide practical experience in reporting and governance, as well as intra-professional understanding, international knowledge and experience, and diversity
   • The new Board to have a Committee on Corporate Governance (CCG) to succeed the one currently drawn from Council. The CCG might include additional members from outside the Board.
4. On 5th June it was announced that implementation of the proposals, which were substantially supported in the responses to the consultation paper, would proceed. A Temporary Nominations Committee (TNC), primarily representing the FRC’s principal stakeholders and charged with the task of selecting the non-executive members of the new FRC Board, was announced. Its members were:-
   

    

   Chair:	Sir Christopher Hogg
   Deputy Chair:	Lady Barbara Thomas Judge.
   Accounting profession:	Richard Dyson Paul Druckman Gerald Russell
   Actuarial profession:	Michael Pomery
   Investors:	Douglas Ferrans Keith Jones Tony Watson
   Business community:	Sir Nigel Rudd Miles Templeman Lucy Neville-Rolfe
   General financial interests:	Alastair Clark
   Assessor:	Elizabeth Filkin

   The TNC’s Terms of Reference and its programme were published on 26th June.
   
   The TNC was assisted throughout by Odgers Ray & Berndtson and has applied the principles set by the office of the Commissioner for Public Appointments.

5. All media enquiries should be addressed to Ian Rodger, Head of Communications, +44 (0) 20 7492 2395 or email at i.rodger@frc.org.uk