The government has launched its recruitment drive for a new chair and non-executive directors for the Financial Reporting Council, after its governance was criticised.
Although the watchdog has started the search for a permanent chair and six new non-executive directors, it will still be without a chair when Skeoch steps down in October.
Just two weeks ago, the interim head of the Financial Reporting Council, Keith Skeoch, warned of a “grave risk” that the slow pace of appointing board members could result in delays to the watchdog’s reformation plans, in its annual report.
The Financial Reporting Council (FRC), which oversees the governance of the UK’s biggest listed companies, has been without a permanent chair since May last year when Simon Dingemans quit after just eight months to move to private equity group Carlyle.
The new chair of the FRC will be paid an annual salary fo £125,000 for two-and-a-half-days’ work per week – less than Dingemans, who earned £150,000 annually for three days’ a week – according to an advert published by the Cabinet Office.
The recruitment timeline shows that a new chair is likely to be announced in December at the earliest, with a pre-appointment scrutiny hearing before MPs scheduled for late November.
At the time of writing two applicants had put themselves forward for the role according to the LinkedIn job advert.
The reduced hours for the new chair was decided following a consultation with Skeoch, a person briefed on the matter told the Financial Times.
They added that the new chair appointee would not automatically become the chair of Arga, the new governance body which will replace the FRC.
The government also launched a recruitment drive to fill six non-executive roles, who will each be paid £17,500 annually for 25 days of work – a drop from £25,000 previously. While final interviews will take place in October, the government did not mention when the appointments would be announced formally.
Recruiters from Korn Ferry have been called in to run the process, according to reports.