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July 2, 2015

News briefs: UK FRC, ICAEW and Robert Eccles

UK FRC appoints board membersThe UK accounting regulator, the Financial Reporting Council (FRC), has appointed Ray King and John Coomber to its board, effective 23 July 2015.

Both will become members of the FRC’s codes and standards committee, and King will also become chair of the audit and assurance council.

FRC member board John Stewart, appointed in March 2014, stepped down with effect from 1 July.

King qualified as a chartered accountant with Big Four firm PwC and is a non-executive director at different UK companies.

Coomber is a non-executive director at Pension Insurance Corporation, of which was CEO from 2009 until June 2015. In 2003 he became the first non-Swiss CEO of reinsurance company Swiss Re, where he started as an actuary trainee, according to Investopedia.

ICAEW reinforces public sector team The Institute of Chartered Accountants in England and Wales (ICAEW) has appointed Ross Campbell director of the global professional body’s public sector strategy.

Campbell, who is a chartered accountant, joins ICAEW from the UK Treasury.

As former deputy director for government financial reporting he was also responsible for setting the accounting framework for central government in the UK.

Previous roles within the UK public sector include group chief accountant at the Ministry of Defence and director at the National Audit Office.

ICAEW also announced that Henning Diederichs, group accountant at the UK Treasury, will join as technical manager of public sector financial reporting.

Sustainability advocate Robert Eccles, founding chairman of the Sustainability Accounting Standards Board (SASB) and a steering member of the International Integrated Reporting Council (IIRC), has been appointed first chairman of Arabesque Partners.

The London and Frankfurt-based asset management firm was set up in June 2013 by former bankers at Barclays with a focus on socially responsible investments.

The Anglo-German firm said the appointment of Eccles, who is also a professor of management practice at Harvard Business School, underlines its focus on research and sustainability as key drivers to generate value for investors, shareholders and capital markets.

"The investment world is now recognizing that superior returns can be earned by investing in companies that are performing well on material sustainability factors. Likewise, the corporate community is increasingly asking for investors that recognize and reward superior ESG performance," Eccles said.

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