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May 22, 2012

FRC plans to increase its international influence

The UK Financial Reporting Council’s (FRC) main priorities in the coming year will be to influence international developments and ensure standards remain fit for purpose.

The priorities are part of its plan and budget for 2012-2013. Areas of focus will be:

  • Monitoring the health of corporate governance and reporting in the UK making sure its codes and standards remain fit for purpose and changes are introduced at the right time;
  • Making sure the UK’s approach to corporate governance and reporting is properly understood and appreciated in the EU and internationally.
  • Working with the Department for Business to press for the policies of the EU on governance and audit to serve the interests of investors;
  • Focusing on the effectiveness of its monitoring, oversight and disciplinary work, ensuring that the FRC is responsive to emerging risks, joined up, transparent and proportionate. The FRC will review further the scope of its conduct work and sanctions; and,
  • Following Government approval and subject to Parliamentary debate, the FRC will ensure that the final decisions on the reform of the FRC are introduced effectively.

The FRC said its overall budget for 2012/13 will be £22.4m, and the budget for core operating costs will be £14.6m, down 2% compared to 2011/12. It also said there will be no increase in the average levy charged to publicly traded companies, insurance companies and pension schemes.

 

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