FRC Board
Role of the Board
The Board of the Financial Reporting Council (FRC) is made up of non-executive and executive directors and is collectively responsible for the long-term success of the FRC. All Board Members, including the CEO and Chairman, are appointed by the Secretary of State for Business and Trade.
The Board’s role is to provide strategic leadership of the FRC within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the FRC’s strategic aims, ensures that the necessary financial and human resources are in place for the FRC to meet its objectives and reviews management performance.
The Board also sets the FRC’s values and culture and ensures that its obligations to its stakeholders and others are understood and met. All directors must act in what they consider to be the best interests of the FRC, consistent with their statutory duties.
The Board delegates some of its responsibilities to its three Committees to carry out on its behalf.
Read how the Board fits into the FRC's Governance Structure.
Board Members
The Board comprises the Chairman, the Chief Executive, the Chair of the Regulatory Standards & Codes Committee, the Chair of the Conduct Committee, the Chair of the Supervision Committee and other non-executive directors.
Read the FRC Non-Executive Board Member Terms of Appointment .
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Sir Jan du Plessis
Chair
Appointed 3 February 2022
Sir Jan had a career in business, including serving over a period of 18 years as Chair of various public companies: BT Group plc (2017 to 2021); Rio Tinto plc (2009 to 2018); SABMiller plc (2014 to 2016); RHM plc (2005 to 2007); and British American Tobacco plc (2004 to 2009). These roles have given him extensive experience in leadership and governance of some major public companies. He has also had multiple interactions with the institutional investment community and gained meaningful insight into the challenges facing the audit services sector.
Sir Jan has also served as non-executive director of Marks and Spencer Group plc and Lloyds Banking Group plc. From 1988 to 2004 he was CFO of Richemont.
Sir Jan is Chair of the Board and is also Chair of the People Committee and a member of the Conduct Committee.
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Richard Moriarty
Executive Director - CEO
Appointed 2 October 2023
Richard has over 25 years of board level experience across a range of regulated sectors. Prior to joining the FRC, he was CEO of the UK’s Civil Aviation Authority and before that the CEO of the Legal Services Board, which oversees the regulation of the legal professions. Earlier in his career he held senior roles in the regulation of social housing, communications and energy. He has also held roles in the private sector such as being a director with a water company and as a partner for a consultancy. In a non-executive capacity, he was deputy Chair of the Social Housing Regulator, responsible for the governance and financial viability of social landlords. He is currently the senior independent director with a housing association.
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Clare Thompson
Senior Independent Non-Executive Director
Appointed 1 February 2022
Clare is a non-executive director and Chair of the Audit Committee at M&G plc. She is also a former Senior Independent Director and chair of the Audit Committee at Bupa. She retired from PwC in 2011 having been a partner for 23 years. At PwC she was audit/lead partner on major financial services groups and served UK Insurance leader and a member of the UK Assurance executive team.
Since leaving PwC she has built a portfolio of non-executive roles and has served as Chair of the Audit Committee of Bupa’s UK insurance business, a non-executive director of Direct Line Insurance Group plc, a non-executive director of Retail Charity Bonds plc, as Chair of the Audit Committee of Miller Insurance Services LLP and as Treasurer of the Disasters Emergency Committee.
She is a member of the ICAEW.
Clare is also the Chair of the Audit & Risk Committee.
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Angela Cha
Non-Executive Director
Appointed 1 February 2022
Angela is a non-executive director on the Board of the Saffron Building Society.
During her executive career Angela was a solicitor and a partner of Pinsent Masons where she was Joint Head of the Financial Services Sector Practice and specialised in advising FS sector clients on business change and transformation projects.
Angela is also Deputy Chair of the Conduct Committee and a member of Audit & Risk Committee.
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Hannah Nixon
Non-Executive Director
Appointed 24 June 2021
Hannah has widespread experience in economic regulation across a range of industries. She brings significant experience of developing, implementing and enforcing regulatory regimes and influencing public policy. She was the first CEO of the Payment Systems Regulator, the economic regulator of the UK’s £80tn payments industry, responsible for driving competition and innovation in the interests of consumers. She was also a senior partner at Ofgem, where she had responsibility for the networks division.
Hannah is currently Chair of the Single Source Regulations Office, the UK regulator for non-competitive defence procurement, and is also a non-executive director of National Grid Electricity Systems Operator, Thames Water and Worldpay UK.
Hannah is also a member of the Audit & Risk Committee.
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Ruwan Weerasekera
Non-Executive Director
Appointed 21 June 2021
Ruwan is the former COO and a Managing Partner of SoftBank Investment Advisers, a Managing Director and COO for Securities at UBS Investment Bank and Partner of Accenture. He is also a former Senior Independent Director of ICBC Standard Bank PLC and a Non-Executive Director of London North West University Health Care Trust.
Ruwan is a Non-Executive Director at BlackRock Group Limited. He is also a Non-Executive Board Director of UK Research and Innovation, a non-departmental public body sponsored by the Department for Science, Innovation and Technology (DSIT) which brings together the seven disciplinary research councils, Research England and the UK’s innovation agency, Innovate UK. Ruwan also chairs the Audit, Risk and Assurance Committee of UKRI.
Ruwan is also a member of the FRC's Audit & Risk Committee and the Non-Executive Director designated for engagement with the workforce.
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David Willis
Non-Executive Director
Appointed 1 February 2022
David is a solicitor by profession and was a partner in international law firm Herbert Smith Freehills (and predecessor firm Herbert Smith) for many years. He was Managing Partner of Herbert Smith from 2008-2012 and Joint CEO of Herbert Smith Freehills from 2012-2014.
He is currently Chair of Paradigm Trust, a multi-academy trust. He was previously a member of the governing body of Queen Mary University of London, where he chaired the Audit and Risk Committee, a member of the board of the Solicitors Regulation Authority, where he chaired the Finance and Audit Committee, a member of the Law Society Group Audit Committee and Vice Chair of United Response, a charity supporting adults with learning disabilities, where he chaired the Finance and Resources Committee .
David is also Chair of the FRC's Conduct Committee.