THE PROFESSION’S WATCHDOG hires new chair for its disciplinary body.
The Financial Reporting Council has recruited David Childs (pictured) as chair of the conduct committee. He is due to take up the role in May 2014.
Childs was most recently managing partner of Clifford Chance, an international law firm. Before this he specialised in corporate finance, specifically mergers and acquisitions.
Chairman of the FRC, Baroness Hogg said “his experience of the legal issues facing corporate Britain” and said that he “will be invaluable to the vital work of the FRC”.
The responsibilities Childs will have on the board include; audit quality and corporate reporting reviews, monitoring of recognised supervisory and recognised qualifying bodies, and professional discipline.
Childs said he looked forward “to supporting the FRC in its vital role ensuring high standards of professional behaviour” and that a “strong but fair regulatory approach is critical to fostering investment in the UK’s corporate sector”.
He will have his hands full with upcoming tribunals including an appeal from Deloitte over its fine for work with MG Rover’s owners; as well as other ongoing cases such as PwC’s audit work of RSM Tenon.
Childs succeeds Richard Fleck who will step down having served for ten years on the board. Fleck concurrently worked as chairman of the FRC’s reporting review panel and will continue in that role until the end of 2014.
Chairman of the FRC, Baroness Hogg, thanked Fleck for “his work over a number of years on the board” and said that she was “pleased that he will continue to chair the FRRP”.
Following a restructure in 2012, the conduct committee replaced several different misconduct and supervision bodies. It became responsible for the FRC’s work in promoting high standards of corporate reporting.
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