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FRC record of Annual Open Meeting

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26 Sep 2017

The Financial Reporting Council (FRC) has published the transcript of speeches and slides from its Annual Open Meeting held on 21 September 2017.

Sir Win Bischoff, Chairman of the FRC, provided an overview of the events of the past year including the vote to leave the European Union, the government’s call on the FRC to reform corporate governance, the “progress” that has been made in improving the quality of audit work including against the FRC target of 90% FTSE 350 audits requiring no more than limited improvements, the FRC enforcement activity and diversity initiatives. 

Sir Win Bischoff also indicated that in 2018/19 the FRC will aim to “build on recent developments” and will aim for further improvements in governance, reporting, auditing and actuarial work. 

Stephen Haddrill, Chief Executive Officer, then spoke about the FRC’s new Mission Statement.  He spoke about corporate governance indicating that the FRC will issue a consultation on the UK Corporate Governance Code in November taking into account the government’s recent proposals for reform of the governance framework.  Stephen Haddrill then spoke about culture which he called as a “key ingredient in delivering long-term sustainable performance”.

He also covered the FRC’s oversight responsibilities, particularly in relation to audit.  Stephen Haddrill highlighted that “the audit quality of FTSE 350 firms is improving” but indicated that “more progress is needed” to meet the 90% target mentioned by Sir Win Bischoff.  He mentioned FRC enforcement and also spoke about what the FRC is doing about Brexit.

Attendants were then given the opportunity to put questions to the FRC. 

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