Baroness Hogg crowned FRC chair

Baroness Hogg will take over as chair of the accountancy profession's regulator next year, Lord Mandelson announced today.

Lady Hogg takes up the role at the Financial Reporting Council on 1 May 2010, replacing Sir Christopher Hogg.

The business secretary said: "I am delighted that Baroness Hogg is taking on the role of chair of the FRC.

"Baroness Hogg has extensive experience in business, coupled with a strong understanding of the regulatory environment, in which the FRC operates, both in the UK and internationally."

Lady Hogg has served as deputy chair of the FRC since 2007 and has considerable corporate experience from serving on the boards of several UK companies including private equity giant 3i.

"The long term strength of the UK’s economy relies on high standards of corporate governance and reporting by UK companies. The FRC has a vital role to play in maintaining confidence, following this challenging period for the global and national economy," Lord Mandelson added.

Baroness Hogg said: "I am honoured to have been asked to succeed Sir Christopher as chairman of the FRC, with whose important and varied activities I have been involved as deputy chairman over the past few years.

"I look forward to working with the FRC’s excellent board and in particular with Stephen Haddrill in his new role as chief executive."