Regulators

FRC launches search for new chair

The accountancy watchdog has been without a permanent chair since Simon Dingemans left the position over a year ago for private equity group Carlyle

The Government has launched a search to recruit the next chair of the Financial Reporting Council (FRC).

The accountancy watchdog has been without a permanent chair since Simon Dingemans left the position over a year ago for private equity group Carlyle.

However the newly appointed chair will not be in place before Keith Skeoch, current interim chair at the body, departs in October.

While applications for the role close in early September, the pre-appointment scrutiny hearing is set for late November and the hiring announcement is yet to be confirmed.

In a job advert posted by the Cabinet Office, it was revealed that the new chair would receive an annual salary of £125,000 for two-and-a-half-day weeks.

According to The Financial Times, this is less than the salary paid to Dingemans, despite the FRC’s upcoming shift to cover audit, reporting, and governance authority with extra authority.

The job post said: “This is a high-profile role, leading the Board of an organisation that is high-profile, key to delivering an important part of the Government’s priorities, and of significant political interest. 

“Candidates should have the reputation and credibility to develop relationships and command respect with the business, financial and professional services community as well as with Government, other regulatory agencies and the wider public.”

Alongside the appointment, the FT revealed that six new non-executives are set to join the watchdog.

Paid an annual fee of £17,500 for 25 days’ work, the additions will triple the number of non-executives on the FRC’s board, which is set to fall to three by October.

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