The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, today announced that Paul Boyle has decided to stand down as chief executive.
Boyle, who has been CEO of the FRC since its responsibilities were substantially increased in the spring of 2004, will remain in post until his successor has been appointed. It is expected that he will leave the FRC in the summer. The FRC is now putting in train the process for appointing his successor.
Sir Christopher Hogg, chairman of the FRC, said: “I and the Board greatly appreciate the strong leadership Paul has given to the FRC over the past five years, during which time the FRC has established its credibility and influence in the UK and internationally. I am sorry that he will be leaving but I have long been aware that it was likely that he would want to move on after a five year tenure and that remains the position.”
Paul Boyle said: “It has been a privilege to have been CEO of the FRC. The scope of the FRC’s responsibilities is unusually wide among its international peers but I believe that we have been able to demonstrate the merits of bringing together the regulatory responsibilities for corporate governance, accounting, auditing and actuarial practice. The FRC is now well-established with a clear strategy and strong team and I expect that it will continue to play a leading role in promoting confidence in corporate reporting and governance in the UK.”
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