Sir Winfried Bischoff appointed as FRC Chair

Sir Winfried Bischoff has been appointed as the new Chair of the Financial Reporting Council (FRC). He will replace the outgoing Chair, Baroness Hogg. on 1 May 2014, leaving his post as Chair at Lloyds Banking Group, and will bring considerable corporate experience from serving on the boards of several UK and overseas companies. He will replace the outgoing Chair, Baroness Hogg. The post of Chair is for an average of 2 days a week and will receive remuneration of £120,000 per annum. The appointment is for 3 years, renewable for a further 3 years.

It has also been announced that Gay Huey Evans, a current Board Member, has been appointed as Deputy Chair. She will replace Glen Moreno, who has been in the position since November 2010, and will also start her term on 1 May 2014. The post of Deputy Chair is for up to 1 day a week and will receive remuneration of £35,000 per annum. The appointment is for 3 years, renewable for a further 3 years.

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. The FRC and its operating bodies have various responsibilities for setting, monitoring and/or enforcing accounting, auditing and actuarial standards, overseeing the self-regulatory accountancy and actuarial professional bodies and operating independent disciplinary arrangements for public interest cases involving accountants and actuaries.

Sir Winfried Bischoff

Sir Winfried has substantial experience of leading complex international boards in the UK, Asia and the US. His background spans a range of sectors, including banking and capital markets, finance and government regulation and public policy.

Sir Winfried is a Non-Executive Director of Eli Lilly and Company and The McGraw Hill Companies Inc. He is Chairman of the Advisory Council of TheCityUK and a member of the Akbank International Advisory Board.

Sir Winfried was appointed Chairman of Citigroup Europe in 2000. He became the acting Chief Executive Officer of Citigroup Inc. in 2007 and was subsequently appointed as Chairman in the same year until his retirement in February 2009. Prior to this, he was the Group Chief Executive and then Chairman of Schroders.

He was appointed Chairman of Lloyds Banking Group in 2009 and will leave the role at the end of March this year.

Gay Huey Evans

Gay Huey Evans was appointed to the Board of Aviva plc in October 2011. She is currently a Director of Conoco Phillips, a Non-Executive Director of Itau BBA International plc and a trustee of Wellbeing of Women.

Formerly Vice Chair, Investment Banking & Investment Management at Barclays Capital, she was formerly Head of Governance, Citi Alternative Investments (EMEA) and Director of the Markets Division at the Financial Services Authority.

She has also held various senior management positions with Bankers Trust Company in New York and London, and was a Non-Executive Director of The London Stock Exchange Group plc.

Gay is a member of the management board and of the panel of finance experts of the Panel of Recognised International Market Experts in Finance. She is a also a member of the Council on Foreign Relations.