The Financial Reporting Council clarifies what it does by revamping its mission statement

Oliver Gill
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The Financial Reporting Council is helping to produce the UK's new corporate governance code (Source: Getty)

Ever wondered what the Financial Reporting Council (FRC) actually does? Well, today the UK's beancounting watchdog has changed its mission statement and launched a shiny new website to make things clearer.

The FRC's mission statement aims to "promote transparency and integrity in business", it said.

The FRC’s mission recognises that investor confidence flows from trust in business. Successful and sustainable businesses support society by providing jobs, contributing to economic growth and helping to create prosperity in the UK.

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Meanwhile, the regulator's website has been overhauled to make it easier to access reports and information.

FRC chief exec Stephen Haddrill said the refreshed mission "is a concise articulation of what we strive for as an organisation".

"[It] recognises how our work on corporate governance and reporting combines to meet the needs of users, preparers and the wider community within which business operates."

The FRC is also a key player in the development of Britain's corporate governance framework.

Yesterday, executive director Paul George defended government plans to not enforce a worker representative on company boards.

However, he told the BBC: "Boards of companies need to better understand and better represent stakeholders over and beyond just the shareholder."

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