Business Secretary Kwasi Kwarteng has today announced that Jan du Plessis is the UK Government’s preferred candidate to become the new Chair of the Financial Reporting Council (FRC).
Du Plessis has led a number of FTSE 100 companies, most recently he served as chair of BT Group. Prior to that role, he was chair of Rio Tinto, the international mining group, and of SABMiller, the multinational drinks company.
As chair of the FRC, he will play a crucial role ensuring high standards of governance and transparency among the UK’s largest and most important businesses. He will be charged with driving forward the ongoing transformation of the FRC into a new, stronger regulator with more powers to hold companies to account – the Audit, Reporting and Governance Authority.
Du Plessis’s nomination follows an open competition for the post. The Secretary of State has invited the Commons Business, Energy and Industrial Strategy Committee to hold a pre-appointment scrutiny hearing and to report on Du Plessis’s suitability for the post.
This is in line with the Government’s commitment to strengthen the role of Parliament in scrutinising major public appointments. If formally appointed, Du Plessis will serve a 4-year term in the role.