Wood, who has been with the institute for 11 years, has in recent months been acting executive director.

As executive director of technical policy, Wood will have overall responsibility for the accounting and auditing, tax and research functions.

He will also be a member of the management board, which comprises five executive directors and is chaired by the chief executive, Des Hudson, who himself takes on his position full-time at the beginning of January.

The management board structure was introduced last year as the institute moved from 12 departments to five divisions.