The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

Structure

It is a company limited by guarantee

Company limited by guarantee

In British and Irish company law, a private company limited by guarantee is an alternative type of corporation used primarily for non-profit organisations that require legal personality. A guarantee company does not usually have a share capital or shareholders, but instead has members who act as...

, partly funded by government and the industry and its Board of Directors is appointed by the Secretary of State for Business, Innovation and Skills. It and its subsidiaries play crucial roles in the oversight and development of corporate governance

Corporate governance

Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...

 standards in the UK, such as the UK Corporate Governance Code and standards for the accounting industry.

The FRC incorporates six operating bodies:

• Accounting Standards Board
  Accounting Standards Board
  The role of the Accounting Standards Board is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985...
  
   (ASB)
• Financial Reporting Review Panel (FRRP)
• Accountancy & Actuarial Discipline Board (AADB)
• Professional Oversight Board
  Professional Oversight Board
  The Professional Oversight Board is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council , the independent regulator of corporate governance and reporting in the UK.-Functions:The Board's state d purpose is to...
  
   (POB)
• Auditing Practices Board
  Auditing Practices Board
  The Auditing Practices Board Limited was originally established in 1991 as a committee of the Consultative Committee of Accountancy Bodies, to take responsibility within the United Kingdom and Republic of Ireland for setting standards of auditing with the objective of enhancing public confidence...
  
   (APB)
• Board for Actuarial Standards (BAS)

Senior personnel

Sarah Hogg has been Chairman of the FRC since May 2010. Other Board members include Glen Moreno

Glen Moreno

Glen Moreno is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom and most recently worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings.Glen Moreno was born in...

, Sir Michael Rake

Michael Rake

Sir Michael Rake is Chairman of BT Group and the UK Commission for Employment and Skills, as well as a non-executive director of Barclays PLC, McGraw-Hill Inc and the Financial Reporting Council. He is also chairman of the private equity oversight group the Guidelines Monitoring Committee...

 and Sir John Sunderland

John Sunderland (businessman)

Sir John Michael Sunderland is a British businessman who was President of the Confederation of British Industry from 2004 to 2006, where his priority was restoring confidence in business after a series of corporate scandals....

.

The FRC's Chief Executive since November 2009 is Stephen Haddrill

Stephen Haddrill

Stephen Haddrill is Chief Executive Officer of the Financial Reporting Council in the United Kingdom.-Biography:Educated at Trinity School of John Whitgift from 1967 to 1974, Hadrill then studied history and economics at New College, Oxford...

.

Financial Reporting Review Panel

The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

's Financial Reporting Council

Financial Reporting Council

The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.-Structure:...

. The FRRP seeks to ensure that the provision of financial information by public and large private companies complies with relevant accounting requirements such as the Companies Act 1985

Companies Act 1985

The Companies Act 1985 is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.The Act was a consolidation of...

.