UK Endorsement Board names line-up for standard setting board

The UK Endorsement Board (UKEB) has appointed 10 board members to the new body, set up to endorse and adopt new or amended international accounting standards in the UK after Brexit

The UKEB will be responsible for influencing the development of and adopting international accounting standards for use by UK companies, and the new board composition reflects the diversity of the UK’s financial reporting community.

The chair, Pauline Wallace, will be joined by 10 members to form the inaugural board of the UK Endorsement Board (UKEB).

The board will conduct research to ensure that the UK is at the forefront of developing opinions in accounting. It will also actively contribute to influencing the development of financial reporting internationally, helping to ensure that UK views are effectively represented in this important area.

Financial Reporting Council (FRC) CEO, Sir Jon Thompson said: ‘I welcome the appointment of UKEB board members who will play a key role in influencing the development of IFRS and endorsing them for use in the UK.

‘Board members bring a wealth of expertise and experience that will be invaluable to the smooth running of the UKEB and ensuring the UK capital market retains its status as a transparent global hub for business, inward capital and investment.’

The UK is committed to upholding the highest international accounting standards that provide effective and comparable financial reporting; helping to preserve the UK as a leading financial centre.

Minister for corporate responsibility Lord Callanan said: ‘It’s great to see the UK Endorsement Board has such a talented and diverse membership to help it drive how international standards apply in the UK, and take a leading role in the development of standards globally.

‘This will ensure the UK retains its reputation as a world leader in corporate reporting and as a trusted, transparent and respected market for global investment.’

UKEB chair, Pauline Wallace said: ‘Following an open call for nominations and a rigorous recruitment process, we have selected a group of individuals who bring both diversity and a wealth of experience, knowledge and expertise that will ensure that the UK’s contributions to developments in international accounting standards are world leading.

‘I am confident that the UK Endorsement Board will be instrumental in helping develop and adopt international standards that serve the UK’s long term public good.

Board member biographies

Corporates

Michael Ashley is a non-executive director and chair of the Audit Committee of Barclays PLC. He is also a non-executive director for the Cabinet Office and has held a number of public sector roles and was previously a member of the UK Accounting Standards Board and the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG).

Philip Aspin has over 25 years’ experience working for United Utilities Group, currently as chief financial officer. He was also previously a member of the EFRAG Technical Expert Group.

 

Investors / users

Paul Lee is an independent investment professional, and was most recently head of corporate governance - stewardship at Aberdeen Asset Management. He is a senior adviser to the Investor Forum and a member of the Professionalism Steering Committee at the CFA Society of the UK.

Liz Murrall was director of stewardship and reporting at the Investment Association, which represents UK institutional investors in companies, until her retirement at the end of 2020. She was also chair of the Financial Reporting Council’s Corporate Reporting Council until the recent governance reforms took effect, having been a member since 2013.

Accounting firms

Giles Mullins is the UK head of financial reporting advisory group & special projects, Grant Thornton UK LLP.

Sandra Thompson recently retired from her role as Partner, Global Accounting Consulting services at PwC. She has held roles at the International Accounting Standards Board (IASB) and the UK Accounting Standards Board.

Academics

Amir Amel-Zadeh is an associate professor at Saïd Business School, University of Oxford. His research examining the role of information disclosure in capital markets has been published in leading academic and practitioner journals.

Michael Wells CA(SA) is professor of practice at Imperial College Business School and a World Bank consultant. He led the IASB’s IFRS Education Initiative for over a decade.

Others

Kathryn Cearns has been appointed to various public sector roles and has extensive senior level experience in both the public and private sectors. She was chair of the Financial Reporting Advisory Board to the Treasury from 2010 to 2016 and chair of the ICAEW Financial Reporting Committee for 10 years up to the end of 2017.

Katherine Coates is a partner and head of the global insurance sector group at Clifford Chance LLP with over 30 years’ experience advising on a broad range of corporate, regulatory and commercial matters in the insurance and wider financial services sector.

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