News Article - 30 March 2007
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The UK's independent regulator of corporate governance and reporting has published proposals for the improvement of its governance structure.

Britons may wish to comment on the plans outlined by the Financial Reporting Council (FRC), which are available to view on the organisation's website until June 1st.

The proposals were made after consultation between the FRC's stockbrokers and have received the backing of the government.

Among the main features outlined is the merger of the FRC's board and council into one body.

The chairs of the FRC's operating bodies will sit on the new board, which will be made up in the majority of non-executive members.

In addition, the only board members to be selected by ministers will be the chairman and his deputy.

The FRC states that members who have been asked to sit on the board should bring plenty of experience of their relevant areas of reporting or governance.

Various reasons were given for changing the structure of the council, including its unwieldiness, uncertainty about its impact and whether it could be made more compliant with certain principles.

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