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August 13, 2014

JP Morgan Europe under “compatible” chairmanship of UK FRC head

By Vincent Huck

JP Morgan Chase has appointed Sir Win Bischoff as chairman of its European holding company, effective January 2015.

In May of this year, Bischoff was appointed chairman of the UK Financial Reporting Council (FRC), the accounting profession watchdog in the UK.

Asked if both function were compatible, a JP Morgan spokesperson said its board members can have commitments with other organisations as long as these organisations are not competitors.

"The FRC has a diverse board many of whom sit on boards of various companies," a UK FRC spokesperson told The Accountant. "The FRC believes it is important to have board members with a wide breadth of experience as the board oversees the FRC’s work towards promoting high quality reporting and governance to foster investment."

Bischoff appointment to JP Morgan is non-executive and is expected to be less than two days a week, while his time commitment at the UK FRC is around two to two and a half days a week, the UK FRC spokesperson continued.

"Regarding conflicts of interest: Sir Win is not on the FRC’s Conduct Committee which decides whether to commence an investigation and in any event, potential and actual conflicts are closely monitored," the spokesperson concluded. "If JP Morgan was to be investigated, Sir Win would remove himself from the process. This is a standard procedure we have with all members of the board who are also sitting on boards of other companies."

Related article:

Lloyds outgoing chairman to lead UK FRC board

Related link:

UK FRC

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