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Corporate Reporting Council Terms of Reference

1. Membership

The Board shall appoint a member of the Codes & Standards Committee to be the Council Chair. The Codes & Standards Committee shall appoint up to 11 other members to the Council, subject to the agreement of the Nominations Committee to the appointment of in excess of 9 other members. No more than half of the members of the Council shall be practising members of the accounting profession. 

2. Quorum

The quorum for Council meetings shall be 5 members.

3. Secretary

The Company Secretary or his/her nominee shall act as Secretary of the Council (the Secretary).

4. Frequency of Meetings

The Council shall meet at least 6 times a year or as required at the call of the Chair.

5. Attendance at Meetings

Only members of the Council shall have the right to attend Council meetings. However other individuals may be invited to attend all or part of any meeting as and when appropriate.

6. Notice of Meetings

Unless otherwise agreed, notice of each meeting confirming the venue, time and date, together with an agenda of items to be discussed and supporting papers, shall be forwarded to each member of the Council and any other person required to attend, no later than 5 working days before the date of the meeting.

7. Minutes of Meetings

The Secretary shall minute the proceedings and resolutions of all meetings of the Council, including recording the names of those present and in attendance.  Minutes of Council meetings shall be circulated to all members of the Council and, following approval, published on the FRC website.

8. Responsibilities

The Council shall:
  1. Provide strategic input and thought leadership on accounting and narrative reporting matters;
  2. Consider and advise the Codes & Standards Committee on the FRC Annual Plan;
  3. Consider and advise the FRC Board on draft codes and standards (including amendments and abstracts) to ensure that a high quality, effective and proportionate approach is taken;
  4. Consider and comment upon proposed developments to international codes and standards and regulations;
  5. Consider and advise on research proposals and other initiatives undertaken to inform the FRC on matters material to its remit and any resultant publications
  6. Consider and comment on the current, emerging and potential risks to the quality of accounting and narrative reporting in the UK and the Republic of Ireland;
  7. Consider and respond to any requests for advice from the Conduct Committee.
9. Reporting Responsibilities

The Council Chair shall report to the Board the full advice of the Council on any draft code or standard (including amendments and abstracts). Where the Board seeks further advice from the Council, the Chair shall report the resulting advice in full to the Board.

The Council Chair shall report to the Codes & Standards Committee on any other activity undertaken by the Council, and to the Board where appropriate.

10. Other

The Council shall have access to sufficient resources and is authorised to seek information from the FRC executive in order to carry out its responsibilities.

The Council may, under the oversight of the Codes & Standards Committee, appoint a group or standing group to advise on specific issues. The membership (which may comprise or include non-Council members) and the continuing need for the group or standing group should be reviewed after one calendar year.

Approved by the FRC Board with effect from 17 June 2016.

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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS