Baroness Hogg asks BIS to begin the search for her successor as Chairman of the FRC
News types: Staff/Board Announcements
Published: 8 May 2013
The Financial Reporting Council (FRC) announces Baroness Hogg’s intention to step down as Chairman when a successor has been appointed. Baroness Hogg has been Chairman of the FRC for three years, Deputy Chairman for another three and a member of the FRC for almost nine years. Her term as chairman formally ended in April 2013 but she has agreed to remain as chairman to allow the search for her successor to be properly conducted and the changeover executed smoothly.
Baroness Hogg has steered the FRC through the most transformational period in its existence. The process of reform, which turned the FRC into a fully integrated body with greater powers to act when risks arise, was completed in July 2012.
Baroness Hogg said
“I am immeasurably proud of what the FRC has achieved through what has been a hugely challenging period in its history. I want to thank the Board, the management and the staff of the FRC for the support they have given me and for the excellent work they do. The FRC is in good shape to continue to protect and promote the strengths of the UK governance and reporting system, in order to maintain investor confidence in the UK capital markets.”
“It has been a privilege to work with Sarah Hogg whose motivated leadership has taken the FRC forward as a more efficient, streamlined organisation. Under her guidance, the FRC has become the world’s leading audit regulator and a global champion of excellence in corporate governance and financial reporting.”
Jo Swinson MP, BIS Minister for Employment Relations, Consumer and Postal Affairs and for Women and Equalities said:
"I'm hugely grateful to Baroness Hogg for all her work at the Financial Reporting Council (FRC) over the past nine years, including her three years as Chair. She has been a real inspiration, leading the FRC and UK to higher quality corporate governance and reporting standards. Her leadership on a wide range of issues in that time has been crucial not just to the UK, but also overseas, and has taken the FRC into new areas including the FRC's Stewardship Code. We will now begin the process of recruiting a replacement."
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.