BARONESS HOGG is to step down as chairman of the Financial Reporting Council once a successor has been found.
Hogg’s three year term as chairman of the UK reporting watchdog formally ended in April, but she has remained on while the Department for Business Innovation and Skills finds a replacement.
During her tenure, Hogg steered the FRC through the most radical structural overhaul in its history, which saw it slash its seven operating arms down to just two. The process of reform, which turned the FRC into a fully integrated body with greater powers to act when risks arise, was completed in July 2012.
Baroness Hogg said “I am immeasurably proud of what the FRC has achieved through what has been a hugely challenging period in its history.
“The FRC is in good shape to continue to protect and promote the strengths of the UK governance and reporting system, in order to maintain investor confidence in the UK capital markets.”
Before her term as chairman Hogg spent three years as deputy chairman, having been a member of the FRC for almost nine years. She was head of prime minister John Major’s policy unit from 1990 to 1995 and was a close adviser on the creation of the World Trade Organisation. She was created a life peer in 1995.
Hogg is senior independent director of BG Group, lead independent director of HM Treasury, a director of the John Lewis Partnership and was chairman of 3i Group from 2002 to 2010.
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