6 June 2023
11:59pm on 2 July 2023
3 July 2023
21 July 2023
The Department for Business and Trade (DBT) and the Financial Reporting Council (FRC) are seeking a talented and influential leader to chair the new UK Sustainability Disclosure Technical Advisory Committee (“the TAC”). The TAC will be responsible for providing recommendations to DBT on endorsing the ISSB’s IFRS Sustainability Disclosure Standards for use in the UK. The Chair will also be expected to lead the TAC’s influencing work with the ISSB. This is a challenging and high-profile role that will play a crucial part in the development of sustainability disclosures in the UK, and internationally.
About the UK Sustainability Disclosure Technical Advisory Committee
The UK Government and financial regulators strongly support ISSB’s development of IFRS Sustainability Disclosure Standards. This is an important initiative in facilitating global consistency of sustainability-related disclosures, providing investors with comparable and consistent information to inform decisions.
The Government is committed to implementing the ISSB’s global baseline and will endorse full or amended versions of the IFRS Sustainability Disclosure Standards (referred to as “UK-endorsed Sustainability Disclosure Standards”), for use by UK companies, subject to an assessment of their suitability for application in the UK. The Secretary of State (“SoS”) for DBT is responsible for deciding whether to endorse IFRS Sustainability Disclosure Standards for use in the UK. This decision is subject to collective Cabinet agreement.
DBT officials are responsible for providing advice to the SoS in support of that decision and this advice will include recommendations from the TAC.
The TAC will provide a recommendation to DBT on whether use of an IFRS Sustainability Disclosure Standard would result in the disclosure of decision useful information for investors. In doing so the TAC will undertake comprehensive assessments of the IFRS Sustainability Disclosure Standards against matters set by the SoS. The TAC will also advise whether any amendments to the IFRS Sustainability Disclosure Standards are necessary before the Standards can be endorsed for use in the UK.
The TAC will also have responsibility for influencing the ISSB’s technical work, including the way the ISSB develops its future standards and the ISSB's choices to amend or produce guidance on existing standards.
The TAC will consist of an independent Chair and will include members from the following categories:
There will be observers to the TAC who have speaking rights from the Bank of England, DBT, Financial Conduct Authority, and HM Treasury, who will offer technical and policy insight on the implications of using IFRS Sustainability Disclosure Standards in the UK. Further observers with speaking rights may attend TAC meetings at the discretion of the Chair.
The secretariat to the TAC will be provided by the FRC. The Secretariat will provide resources, schedule meetings, draft agendas and papers for meetings, take meeting minutes, undertake engagement with other parties (as requested by the TAC Chair), and lead the drafting of the TAC’s endorsement recommendations or any other advice.
About the role of the Chair
The Chair is responsible for leading the TAC by determining and implementing its work agenda in accordance with the TAC’s terms of reference (“ToR”) and any commissions from DBT.
Key responsibilities:
This recruitment is being handled by the Financial Reporting Council via http://www.frc.org.uk/document-library/esg/2023/tac-chair-job-description
To apply, please submit your CV and cover letter to FRCSustainabilityTAC@frc.org.uk explaining why you are interested in the appointment and how you meet the candidate requirements detailed above
The assessment process
Shortlisted candidates will be invited to attend an interview process and final appointments will be subject to the provision of two satisfactory references. The closing date for applications is 23:59 on Friday 2 July 2023 and interviews will take place during the week commencing 17 July 2023.
The final appointment of the Chair will be made by the FRC and will be subject to endorsement from DBT ministers.
Additional Information for candidates
Location
London, with some overseas travel. Applicants should note that the FRC has announced to employees that it will open a second location in Birmingham with plans being at a very early stage. No location or scope for the Birmingham office has been agreed and the FRC is expected to remain at the current premise of 125 London Wall to the end of its building lease in early 2025.
Eligibility criteria
Candidates shall not be:
• carried out statutory audits;
• held voting rights in an audit firm;
• been a partner or employee of an audit firm; or
• been a member of the administrative, management or supervisory body of an audit firm.
The Chair will be appointed in their personal capacity and should ensure that no preference is shown to their special interests and/or employing entity and professional, sectoral, or organisational affiliations. The Chair is required to declare their financial and non-financial interests on appointment and thereafter declare any relevant conflicts of interest.
The Chair will be expected to demonstrate the FRC’s Values and Behaviours and adhere to the FRC’s Code of Conduct
The FRC believes that equality of opportunity and diversity is important in the work that we do and we are strongly committed to being an inclusive employer. We very much welcome applications from women, those with disabilities and from people from black, Asian and minority ethnic communities, who we know are under-represented in non-executive roles.
The FRC is a signatory to the Government's Disability Confident scheme, which means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.
Applicants who require reasonable adjustments to assist them during the recruitment process may request these by email.
The Chair will be entitled to claim travel, subsistence and other reasonable expenses incurred solely for the purpose of fulfilling their duties as a member of the TAC and incurred in accordance with the FRC’s Travel and Expenses policy.