Elevating Corporate Governance: FRC’s Role in the UK Economy

In a missive dispatched by the Secretary of State for Business and Trade to the Chief Executive Officer of the Financial Reporting Council (FRC), an account of the FRC’s remit was provided. This remit letter serves as a continuation of the missive issued in 2019, underscoring the pivotal role of the FRC in nurturing the competitiveness and expansion of the UK economy. The missive emphasises the significance of integrating the growth obligation throughout the FRC’s activities, alongside its fundamental mission of reinforcing public trust and assurance in corporate governance.

The FRC is tasked with overseeing auditors, accountants, and actuaries, as well as establishing the Corporate Governance and Stewardship Codes of the UK. Moreover, the FRC is committed to fostering transparency and ethical conduct in business. Its initiatives are geared towards investors and other stakeholders who depend on company reports, audits, and robust risk management.