Board Effectiveness Review

BACKGROUND The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.

The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC's core objectives are to promote high-quality corporate governance and reporting, support effective audit and actuarial work, hold relevant parties to account through proportionate supervision and enforcement, and contribute to well-functioning UK capital markets in the public interest.

PROJECT REQUIREMENTS The Board of the Financial Reporting Council (FRC) is made up of non-executive and executive directors and is collectively responsible for the long-term success of the FRC. All Board Members, including the CEO and Chair, are appointed by the Secretary of State for Business, Innovation, Science and Trade.

The Board's role is to provide strategic leadership of the FRC within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the FRC's strategic aims, ensures that the necessary financial and human resources are in place for the FRC to meet its objectives and reviews management performance.

The Board also sets the FRC's values and culture and ensures that its obligations to its stakeholders and others are understood and met. All directors must act in what they consider to be the best interests of the FRC, consistent with their statutory duties.

For further information see FRC Board The UK Corporate Governance Code requires that companies which follow the Code should consider undertaking an externally facilitated Board effectiveness review every three years. THIS TENDER The FRC is seeking an experienced, independent external reviewer to undertake a Board Effectiveness Review covering the Board, its Committees and wider governance arrangements.