Lord Mandelson, Secretary of State for Business, Innovation and Skills, today (Friday, 4 December 2009) announced that Baroness Sarah Hogg has been selected as the new Chair of the Financial Reporting Council (FRC).
The long term strength of the UK’s economy relies on high standards of corporate governance and reporting by UK companies. The FRC has a vital role to play in maintaining confidence, following this challenging period for the global and national economy.
Baroness Hogg has served as Deputy Chair of the FRC since 2007 and has considerable corporate experience from serving on the boards of several UK companies.
Lord Mandelson said:
“I am delighted that Baroness Hogg is taking on the role of Chair of the FRC.
“Baroness Hogg has extensive experience in business, coupled with a strong understanding of the regulatory environment, in which the FRC operates, both in the UK and internationally.
“I would also like to pay tribute to Sir Christopher Hogg who has served as an exemplary Chair of the FRC over the past 4 years.”
Baroness Hogg said:
“I am honoured to have been asked to succeed Sir Christopher as Chairman of the Financial Reporting Council, with whose important and varied activities I have been involved as Deputy Chairman over the past few years.
I look forward to working with the FRC’s excellent board and in particular with Stephen Haddrill in his new role as Chief Executive.”
Baroness Hogg will take over as Chair of the FRC on 1 May 2010.
Notes to editors
1. The FRC is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. The FRC and its operating bodies have various responsibilities for setting, monitoring and/or enforcing accounting, auditing and actuarial standards, overseeing the self-regulatory accountancy and actuarial professional bodies and operating independent disciplinary arrangements for public interest cases involving accountants and actuaries. Further details are at http://www.frc.org.uk/
2. The post of Chair is for an average of two days a week and shall receive remuneration of £120,000 per annum. The appointment is for three years, renewable for a further three years.
3. Sir Christopher Hogg has been Chair of the FRC since 1 January 2006.
4. Baroness Hogg has been Chairman of 3i Group plc since January 2002, and in July 2009, announced she would be retiring during the course of 2010. She is also Senior independent Director of BG Group plc, a Non Executive Director, Cadbury plc and Chairman of Frontier Economics Ltd.
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