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Chief Executive - Financial Reporting Council
Application deadline 5 June 2023
- Financial Reporting Council
- Sponsor department
- Department for Business and Trade
- Business and Trade
- Number of vacancies
- Time commitment
- £330000 per annum
- Length of term
- Application deadline
- Midday on 5 June 2023
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Timeline for this appointment
12 May 2023
Midday on 5 June 2023
16 June 2023
Interviews expected to end on
28 July 2023
Timeline dates are only an estimate and can change
About the role
We are seeking a candidate with exceptional leadership and management skills to lead the Financial Reporting Council (FRC).
As our new Chief Executive, you will provide effective executive leadership of the organisation and ensure the delivery of our regulatory duties. You will continue the work to prepare for the establishment of the Audit, Reporting and Governance Authority (ARGA) and will become ARGA’s Chief Executive, subject to successful passage of legislation through Parliament. You will be responsible for achieving the vision set out in the Government’s policy statement on Restoring trust in audit and corporate governance – increasing trust in the UK as a place to invest and to obtain investment: by building trust and credibility in the audit, corporate reporting and corporate governance system; ensuring accountability for those with key roles in that system; and increasing resilience and choice in the statutory audit market.
Key responsibilities and accountabilities
As Chief Executive and Accounting Officer, you will be responsible for the effectiveness of a robust and impactful regulator – both FRC within its current powers and ARGA in the future. The regulator’s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit, and by holding to account those responsible for delivering them. You will work closely with the Chair to provide vision, direction and leadership in the formulation and achievement of the regulator’s strategies and objectives. This will include ensuring that appropriate business planning, risk management, financial controls, business and people strategies and delivery assurance are in place.
You will be responsible for the effective executive leadership and management of the regulator, within a strategic framework agreed by the Board, and be held to account by the Board, the Government and Parliament. As Chief Executive, you will be expected to appear before the Business and Trade Select Committee as invited, likely to be at least annually.
Specifically, you will have accountability for:
- Leading the transformation programme to deliver a successful transition to ARGA in line with Government policy and legislation.
- Providing overall leadership and management of the regulator, ensuring that its regulatory and organisational objectives are met.
- Ensuring that the three-year plan is set and then delivered, including policy development and implementation, effective supervision of the regulated community and enforcement as and when necessary.
- Leading the ongoing transformation of the FRC to become ARGA, and establishing the new regulator in Birmingham.
- Building constructive and effective relationships with Ministers and the Department.
- Ensuring strong relationships with stakeholders including Parliamentarians, investors, industry and business, those in the regulated sector, and internationally.
- Driving continuous improvement in the delivery of regulatory duties and guidance in line with the Regulator’s Code.
- Building the culture and setting the direction for the organisation for the short and medium-term.
- Exercising the duties and responsibilities of the Accounting Officer as set out in Managing Public Money, and including responsibility for propriety, regularity and value for money; and
- Providing effective management information which enables the Board and the Department to assess the overall performance of the regulator.
- The personal credibility, integrity and capability required to build relationships with investors and the users of accounts; hold to account the business, actuarial, corporate reporting and audit community; work with Government and other regulatory agencies; and maintain the trust of the public.
- The ability to lead significant organisational change and achieve highly-effective operational delivery efficiently, delivering value for money.
- Sophisticated interpersonal skills including persuasive and effective communication skills, to develop and maintain confident positive internal and external relationships.
- The ability to work collaboratively with the regulator’s Board, including a good understanding of the effective governance necessary to ensure a well-run organisation delivering against its statutory objectives; and
- Strong analytical skills to help make sound organisational and financial decisions, with the ability to articulate the rationale for them clearly.
- Experience of handling regulatory issues, and a record of impactful senior leadership, with the ability to inspire a clear culture and aligned sense of purpose across a changing and complex organisation.
Application and selection process
The successful candidate will be required to undertake Baseline Personnel Security Standard checks in line with the Civil Service guidelines. Additional Security Clearance may also be required for certain roles. However, where this applies, candidates will be notified during the appointment process. Further information on National Security Vetting can be found on the Gov.uk website here.
Additional information for candidates
We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve and this is an important part of the Government’s levelling up agenda.
We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.
When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.
We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people.
As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘minimum criteria,’ we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert.
When you apply you will have the opportunity to select if you would like your application considered under this scheme.
We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.
Some examples of common changes are:
- ensuring that application forms are available in different or accessible formats;
- making adaptations to interview locations;
- allowing candidates to present their skills and experience in a different way;
- giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
- allowing support workers, for example sign language interpreters;
- making provision for support animals to attend.
When you apply you will have the opportunity to request reasonable adjustments to the application process.
Holders of public office are expected to adhere to and uphold the Seven Principles of Public Life. These are:
- Selflessness - Holders of public office should act solely in terms of the public interest.
- Integrity - Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.
- Objectivity - Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.
- Accountability - Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.
- Openness - Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.
- Honesty - Holders of public office should be truthful.
- Leadership - Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.
The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.
Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully:
- any outside interests that you may have, such as shares you may hold in a company providing services to government;
- any possible reputational issues arising from your past actions or public statements that you have made;
- and/or - any political roles you hold or political campaigns you have supported;
You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies.
Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).
As this is an office holder appointment, you will not become a member of the Civil Service. You will not be subject to the provisions of employment law.
Appointments are for the term set out in this advert, with the possibility of re-appointment for a further term, at the discretion of Ministers. Any re-appointment is subject to satisfactory annual appraisals of performance during the first term in the post. There is no automatic presumption of reappointment; each case should be considered on its own merits, taking into account a number of factors including, but not restricted to, the diversity of the current board and its balance of skills and experience. In most cases, the total time served in post will not exceed more than two terms or serve in any one post for more than ten years
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