Non Executive Directorships

About the FRC
The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and holding to account those responsible for delivering them. The FRC is the UK Competent Authority for audit.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work, and influence the development of international standards. We also monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. Further information about our role can be found at www.frc.org.uk.

Following the publication of the Independent Reviews by Sir John Kingman, the Competition and Markets Authority and Sir Donald Brydon, the FRC will be going through a period of significant change as the 155 recommendations are implemented and a new regulator is created.

The FRC has adopted a governance structure designed to maximise its effectiveness and responsiveness, through an ‘Executive Led’ approach. From 2021, the Board will be supported in its oversight of work and decision-making by the two Board Committees: Regulatory Standards and Codes and Conduct. In addition, the Executive and the Board Committees will be assisted by Senior Advisors and an Advisory Panel formed of subject matter experts.

The Role
Members of the Advisory Panel will be called on to provide expert advice across the breadth of the FRC’s activities. This could include:

• Input to the development and maintenance of regulatory standards, codes and guidance
• Providing expert advice in relation to the FRC’s work on corporate reporting, corporate governance and stewardship, auditing, actuarial work, audit firm supervision, audit market supervision, audit quality review and oversight of professional bodies
• Providing advice to the Enforcement Division on case matters
• Providing advice on regulation and public interest
• Providing advice on the emerging issues affecting the regulatory landscape, including the use of new technologies

In total Advisory Panel Members will have extensive subject matter expertise in the following areas:

• Corporate governance and stewardship
• Accounting
• Auditing
• Corporate reporting (including non-financial reporting) and finance
• Actuarial work
• Public law
• Public interest / regulation
• The impact of new technology in each of these areas

The Positions
The FRC is looking to recruit new Advisory Panel Members:

• 1) With significant experience of the practical application of accounting and other reporting requirements as a preparer of listed company reports and accounts; eg as a Finance Director or other Board member;
• 2) With experience of working in the Republic of Ireland using Irish accounting standards, and knowledge of related Irish company law;
• 3) With expertise and practical experience in non-financial reporting from a range of perspectives
• 4) With academic interests in corporate reporting, financial reporting and accounting;
• 5) With technical audit specialism in ethical and auditing standards and their application to complex entities and/ or experience of implementing audit methodologies and policies;
• 6) With technical specialism in other areas of assurance, including client assets and capital market transactions;
• 7) With significant expertise and experience in competition policy, and awareness of its application within the audit market;
• 8) With a detailed understanding of UK competition law, including of concurrency arrangements in the regulated sectors;
• 9) With a detailed understanding of competition economics and analysis, including experience in market studies and investigations;
• 10) With a background in corporate governance and experience of engagement with shareholders and wider stakeholders;
• 11) With a background in investment management and experience in areas such as stewardship, audit and reporting;
• 12) With expertise in forensic accounting, fraud investigation and expert witness experience, particularly in the context of disciplinary proceedings. This would include a thorough understanding of the requirements of contentious litigation and an appreciation of the rigour with which evidence must be obtained, analysed and presented;
• 13) With knowledge and experience of Culture/Ethics and how corporate or professional services firms consider cultural, ethical and behavioural matters;
• 14) With experience in the application and assurance of systems of internal control as they relate to financial reporting.

Regardless of subject matter expertise, all Members of the Advisory Panel will bring:

• Experience as senior executive with strong financial background;
• An understanding of the principles underpinning the Regulators’ Code;
• Strong ethics that are aligned closely with the FRC’s Values and Behaviours;
• Strong intellectual qualities and sound judgement with ability to analyse and develop solutions to a range of strategic and technical questions and assess what will work best for the success of continued growth of the UK economy and confidence in shareholders, employees, investors and wider public;
• An ability to demonstrate significant credibility in their subject matter area to stakeholders;
• Extensive knowledge and understanding of the associated challenges in relation to their subject matter area; and
• Experience in navigating uncertainty and managing competing views.

Terms and conditions
Advisory Panel Members will be engaged to provide advice either as an individual or as part of a working group on an ad hoc basis. Exact time commitments will vary by Panel Member subject to the particular Panel Member’s area of expertise and the business needs of the FRC.

Advisory Panel Members will receive a daily rate of £500 or a half day pro-rata. Pay will be subject to tax.

All Advisory Panel Members are expected to demonstrate the FRC’s Values and Behaviours and adhere to the FRC’s Code of Conduct.

Advisory Panel Members are required to declare their financial and non-financial interests on appointment and thereafter declare any conflicts of interest with their work at the FRC.

How to apply
If you are interested in learning more about the role, or for any queries, please contact the governance team at recruitmentgl@frc.org.uk

To apply, please submit your CV and covering letter explaining which number position(s) (1-14) you are applying for, why you are interested in the appointment and how you meet the candidate requirements detailed above. Should the application proceed to the final stage, candidates will be asked to provide details of two referees.

The closing date for application is 23.55hrs on 31 January 2021 and interviews will take place in February / March 2021.

Recruitment process
The FRC values and promotes diversity and inclusion and is committed to equality of opportunity for all. Appointments are made on merit. We believe that the best organisations are those that reflect the communities they serve. We very much welcome applications from women, those with disabilities and from people from black, Asian and minority ethnic communities, who we know are under-represented in non-executive roles.

Shortlisting for interview will be conducted as a ‘blind process’.