FRC announces first seven members of new board

The Financial Reporting Council has announced the members of its new board, which is to include among others, former ICAEW chief executive, Eric Anstee and former KPMG chairman, Sir Michael Rake.

The seven senior finance figures have agreed to take on the non-executive director positions as of November 1, and were chosen by a Temporary Nominations Committee established for the purpose.

The board will be led by current chairman, Sir Christopher Hogg and CE Paul Boyle. Baroness Sarah Hogg will serve as deputy chair, following her appointment by the Department for Business, Enterprise and Regulatory Reform today.

According to the FRC, the new board will be enlarged to sixteen members by the addition of the chairs of the FRC’s Operating Bodies in the coming months. The new members will, as an agreed part of the FRC’s transition process, then submit their offices for re-election. The new Board will comply with the relevant principles and provisions of the Combined Code.

Sir Christopher Hogg said the FRC is 'transforming itself, on process and on time'.

'I want to thank and to pay warm tribute to all my colleagues on the present Board and Council for their many and substantial contributions to the FRC in the past few years,' he said. 'I am particularly grateful to them for supporting the transition and making it possible. I also wish to thank the members of the Temporary Nominations Committee for their commitment in taking us through this vital process.'

The board comprises:

Eric Anstee: until end 2006, chief executive of the Institute of Chartered Accountants in England and Wales. Has been CFO of three FTSE 100 companies and is currently a non-executive director of Insight Investments.

Peter Chambers: chief executive officer, Legal & General Investment Management.

Rudy Markham: chief financial officer, Unilever, and a non-executive director of Standard Chartered and Legal & General.

Sir Michael Rake: chairman of BT and the UK Commission for Employment and Skills. Immediate past chairman of KPMG International.

Sir Steve Robson: until 2001 second permanent Secretary at HM Treasury. Currently a non-executive director of Xstrata, Royal Bank of Scotland, JP Morgan Cazenove and Partnerships UK.

Sir John Sunderland: chairman, Cadbury Schweppes, and a non-executive director of Barclays. Immediate past President of the CBI.

Lindsay Tomlinson: vice-Chairman, Barclays Global Investors. Past Chairman of the Investment Management Association and of the Professional Affairs Board of the Institute of Actuaries.