Business Secretary Kwasi Kwarteng yesterday (Tuesday 21 December) announced that Jan du Plessis is the government's preferred candidate to become the new Chair of the Financial Reporting Council (FRC), which promotes transparency and integrity in business.
Mr Du Plessis, who has a distinguished track record leading FTSE 100 companies, most recently served as Chair of BT Group. Prior to that role, he served as Chair of Rio Tinto, the international mining group, and of SABMiller, the multinational drinks company.
As Chair of the FRC, he will play a crucial role ensuring high standards of governance and transparency among the UK's largest and most important businesses. He will be charged with driving forward the ongoing transformation of the FRC into a new, stronger regulator with more powers to hold companies to account - the Audit, Reporting and Governance Authority.
Business Secretary Kwasi Kwarteng said:
With direct experience leading some of the UK's most prominent companies, Jan is perfectly placed to ensure strong oversight of UK plc.
Restoring public confidence in audit and corporate governance will be crucial to our recovery from the pandemic, and I hope to work with Jan towards this goal.
Mr Du Plessis's nomination follows an open competition. The Secretary of State has invited the Commons Business, Energy and Industrial Strategy Committee to hold a pre-appointment scrutiny hearing and to report on Mr Du Plessis's suitability for the post.
This is in line with the government's commitment to strengthen the role of Parliament in scrutinising major public appointments. If formally appointed, Mr Du Plessis will serve a 4-year term in the role.
