BusinessCompany NewsWyman appointed deputy chairman at FRC

Wyman appointed deputy chairman at FRC

Peter Wyman, the president of the ICAEW, has been appointed to the position of deputy chairman of companies watchdog, the Financial Reporting Council.

The appointments of Wyman and Sir John Egan, former president of the Confederation of British Industry, as deputy chairmen, were made by Melanie Johnson, trade minister.

Wyman replaces former ICAEW president Michael Groom, while Sir Iain Vallance, ex-chairman of BT, steps down for Egan.

Wyman will serve a one-year term from July 2002 until 30 June 2003, while Egan’s appointment will run for two years from July 2002 to 30 June 2004.

The Financial Reporting Council with its subsidiaries, the Accounting Standards Board and the Financial Reporting Review Panel is tasked with promoting and securing good financial reporting.

The ASB makes, amends and withdraws accounting standards, while the FRRP examines apparent departures from the accounting requirements of the Companies Act 1985, including applicable accounting standards, and if necessary seeks an order from the court to remedy them.

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