Business secretary Kwasi Kwarteng has announced that Jan du Plessis is the government’s preferred candidate to become the new chair of the Financial Reporting Council (FRC).
Plessis’s nomination follows an open competition. 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 Mr Du Plessis’s suitability for the post.
Following the hearing, Plessis will serve a four-year term in the role.
Plessis has led multiple FTSE 100 companies, having most recently served as chair of the BT Group. Prior to that role, he served as chair of Rio Tinto, the international mining group, and of SABMiller, the multinational drinks company.
In his new role as chair of the FRC, Plessis will be charged with driving forward the ongoing transformation of the FRC into the Audit, Reporting and Governance Authority, with more powers to hold companies to account.
Additionally, he will be responsible for ensuring “high standards” of governance and transparency among the UK’s largest and “most important” businesses.
Kwasi Kwarteng, business secretary, said: “With direct experience leading some of the UK’s most prominent companies, Jan is perfectly placed to ensure strong oversight of UK plc.
“Restoring public confidence in audit and corporate governance will be crucial to our recovery from the pandemic, and I hope to work with Jan towards this goal.”
Sir Jon Thomspon, FRC CEO, added: “I am very pleased that the business secretary has announced Jan du Plessis as the preferred candidate to be the chair of the FRC, subject to all parliamentary approvals being completed.
“I am looking forward to working closely with Jan as the FRC transitions to becoming ARGA and continues with its important reform agenda.”