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Stephen Haddrill to step down from the FRC amid increased scrutiny

Stephen Haddrill had told the board of the Financial Reporting Council (FRC) his intention to step down from his role as CEO, in 2019.

Haddrill has held the role at the FRC since 2009.

There has been no set date of his departure as of yet. Contributing factors which will determine the date include, the outcome of John Kingman’s review of the FRC, the search of Haddrill’s successor, and the transaction period associated with that appointment.

Haddrill said: “I am incredibly proud to have led the FRC for nearly 9 years. However, I believe that it should be the job of a new CEO to lead the FRC when the way ahead is decided. In the meantime, I remain fully committed to taking forward the FRC’s important programmes on audit reform, investor stewardship, corporate reporting and preparing the FRC for EU exit.”

FRC’s chairman Win Bischoff commented: “I would personally like to thank Stephen and also on behalf of the board, committees and councils of the FRC for his leadership and commitment over this significant period in our history.”

Role of the FRC in question

Following increased scrutiny of the Big Four and their failings in spotting irregularities in collapsed UK companies such as HBOS and Carllion, the FRC has found itself in the spotlight too.

Members of parliament called the regulator “useless” and in June launched an investigation led by John Kingham and 11 business leaders to see if the FRC is fit for purpose and any conflicts of interest the watchdog might have had when conducting its investigations.

While the call for evidence has run out the Kingham review is yet to issue its final report after reviewing all the evidence and comments provided by the stakeholders.

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