The Financial Services Authority (FSA) of UK has appointed five new senior advisors who will assist the FSA in its work on governance issues. These advisors will provide input into developing the FSA’s regulatory framework for ensuring effective governance in financial institutions and will also contribute to the panel interview process for individuals wishing to take up major board positions in the UK’s largest financial institutions.
The new advisors are Dominic Cadbury, Baroness Hogg, Lord Marshall, Brian Pitman and David Scholey. Their primary focus is on governance and competency and will work with the existing senior advisors who provide specialist input on specific technical areas. They will work with Graeme Ashley-Fenn, FSA director of permissions, decisions and reporting.
FSA said that in future, for key roles in the largest firms, the FSA panel will be joined by one of the new appointees, who will act in an advisory capacity. This is likely to apply to candidates for chair, chief executive, senior independent director and the chair of audit, remuneration and risk committees, particularly in the banking and insurance sector.
Hector Sants, chief executive of FSA, said: “These new advisors have extensive experience acting on the boards of major companies and in senior policy positions and will bring valuable insight to the work the FSA is pursuing on governance. In adding this board expertise to our SIF interview panel, we can continue to ensure those taking up top jobs are the right calibre to lead and challenge the management of the UK’s top firms.”
These appointments will take place with effect from January 2010.
