RegulationCorporate GovernanceFRC announces first seven members of new board

FRC announces first seven members of new board

New FRC board includes Sir Michael Rake and Eric Anstee

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.

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