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Hogg to step down as UK FRC chairman

Baroness Sarah Hogg will step down from her position as chairman of the UK Financial Reporting Council (FRC) as soon as her successor is found.

Hogg, who has been chairman of the FRC for three years, deputy chairman for another three and a member of the FRC for about nine years, has requested the Department for Business Innovation and Skills (BIS) begin searching for her successor.

No date has been set for Hogg's departure, despite her term as chairman formally ending in April this year, and she has confirmed she will not step down until her successor is found.

During her term as chairman, Hogg has helped the regulator through a period of change as in 2012 the body's organisational structure was reformed into a fully integrated body with greater powers to act when risks arise.

Hogg said she was "immeasurably proud" of what the FRC has achieved through what she called 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," she added.

FRC chief executive Stephen Haddrill said it was Hogg's "motivated leadership" that has taken the regulator forward as a "more efficient, streamlined organisation".

"Under her guidance, the FRC has become the world's leading audit regulator and a global champion of excellence in corporate governance and financial reporting," he noted.

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