Dingemans to replace Bischoff as FRC chair
11 Jul 2019
Simon Dingemans, former chief financial officer at GlaxoSmithKline (GSK), is set to replace Sir Win Bischoff as chair of the Financial Reporting Council (FRC) to lead the audit regulator's overhaul and transition into the Audit, Reporting and Governance Authority (ARGA)
11 Jul 2019
His appointment has to be approved by the Business, Energy and Industrial Strategy (BEIS) Select Committee, which will hold a pre-appointment hearing to report on Dingemans’ suitability for the post, in line with the government’s commitment to strengthen the role of parliament in scrutinising major public appointments.
Dingemans will take over from Sir Win Bischoff, who has previously stated he will hand over his responsibilities as soon as the appointment of the next chair becomes effective, following the outcome of the Kingman review which called for abolition of the FRC in its current form. The current CEO, Stephen Haddrill, is also stepping down from the organisation as soon as a replacement is named.
Incoming chair Dingemans will join the FRC at a crucial point in the regulator’s history. At the end of last year Sir John Kingman’s independent review made 83 recommendations for overhauling the regulation of audit, replacing the FRC and launching ARGA as its replacement, with a new, wider mandate and stronger powers set down in law.
The post of chair was advertised earlier this year, with salary and remuneration package of £150,000 per annum based on three days per week.
Dingemans retired from GSK, where he was on the main board, in May 2019 after eight years with the company. He joined in 2011 from Goldman Sachs International where he was a managing director and partner, having joined the firm in 1995 as head of UK investments. Previously he was a director at London-based investment bank, SG Warburg & Co.
During his time at GSK, Dingemans provided operational and financial leadership through a period of significant business transformation including extensive restructuring and the strategic re-shaping of the group and its three global businesses: pharmaceuticals, vaccines and consumer healthcare, which together employ nearly 100,000 people.
Dingemans has been a trustee of the Donmar Theatre since 2018 and was chairman of the influental 100 Group of Finance Directors between 2014 and 2016, which represents the largest listed companies in the UK.
By Pat Sweet, Sara White