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| Financial Reporting Council Publish Annual Report |
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May 27, 2009 |
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The Financial Reporting Council (FRC) today publishes its Annual Report for 2008/09 and invites those with an interest in its work to attend its Annual Open Meeting on Thursday 16 July 2009.
Annual Report for 2008/09 The Annual Report describes the ways in which the FRC and its Operating Bodies and committees, working closely with its stakeholders, have contributed to promoting confidence in corporate reporting and governance during 2008/09.
The Annual Report 2008/09 is available on the FRC website here.
The Annual Report 2008/09 is structured around the FRC’s Strategic Framework, which defines the outcomes the FRC believes that it and its stakeholders should be working towards to promote confidence in corporate reporting and governance in the UK.
Sir Christopher Hogg, Chair of the FRC, said:“We believe our revised governance arrangements, especially the creation of a single governing body to replace the former Board and Council, have contributed to our effectiveness and accountability. The global liquidity squeeze and the ensuing recession have, however, increased the challenges and workload in all parts of the FRC’s remit. We are considering carefully any developments which may have an impact on the applicability of our standards. And we will continue to broaden and deepen our engagement with our stakeholders.”
Paul Boyle, Chief Executive of the FRC, said:“We recognise that this was a tough year for all those responsible for corporate reporting and governance in the UK. We took a number of actions during the year to assist market participants in considering the heightened risks to confidence reporting and governance. We either completed or made significant progress on the major projects and activities that were in our 2008/09 Plan.We have set ourselves a number of significant goals for 2009/10, including a review of the effectiveness of the Combined Code. We will continue to highlight the risks associated with the tougher economic conditions. We will monitor developments, and take enforcement action where appropriate. We believe that we can make a further cost-effective contribution to promoting confidence in corporate reporting and governance in the UK.”
Annual Open Meeting
The FRC’s Annual Open Meeting will be held 2.30pm on Thursday 16 July 2009 in the Council Chamber of the Institution of Engineering and Technology (IET), 2 Savoy Place, London WC2R 0BL. There will be an introduction by the Chair, a report by the Chief Executive and the opportunity to ask questions.
Anyone with an interest in the FRC’s work on corporate governance, corporate reporting, auditing, actuarial practice and the integrity, competence and transparency of the accountancy and actuarial professions is welcome to attend. If you wish to attend, please follow the instructions to fill in a response form on the homepage of our website at www.frc.org.uk.
In order to make the discussion part of the meeting more effective, we invite stakeholders to submit questions or topics in advance, preferably with some detail of the particular issue(s) of concern to you. Submissions are welcome, regardless of whether or not you intend to attend the AOM. Submissions should be made, either by email at aom@frc.org.uk or by post to David Andrews, Policy and Planning Manager, FRC. Please disclose your name, address and affiliation, if any.
Sir Christopher Hogg said: “Holding an Annual Open Meeting is an important part of the FRC’s commitment to be a transparent and accountable regulator. It will be an opportunity to discuss our work during 2008/09 and hear views on our priorities for 2009/10. If you have issues you would like to raise, but cannot attend, please send us a note.”
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