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Governance watchdog faces embarrassment over chairman delay
Oct 1, 2020
The UK's corporate governance watchdog is facing fresh embarrassment over its own leadership amid a failure in Whitehall to rubber-stamp the appointment of its next chairman.
Sky News has learnt that a plan to name Keith Skeoch as interim chair of the Financial Reporting Council (FRC) has been delayed despite having been signed off by Alok Sharma, the business secretary.
Government sources said the appointment of Mr Skeoch, who had served as a non-executive director of the FRC for more than eight years, was supposed to have been announced in August.
Mr Skeoch, who recently stepped down as chief executive of the asset management group Standard Life Aberdeen, has now been forced to leave the FRC's board altogether until the impasse is resolved.
His biography has been removed from the regulator's website - albeit on a temporary basis.
One Whitehall source said Mr Skeoch's appointment as the FRC's interim chair was now awaiting sign-off from the Treasury.
The former fund management boss is seen in the City as a sound choice to take the role temporarily, although the fact that he had been an FRC director for such a long period already raises its own questions around the regulator's stewardship.
Mr Skeoch had sat on its board since March 2012, meaning that when he was removed from its website in the last few weeks, he was within months of reaching the nine-year point at which directors of listed companies are no longer deemed to be independent under the FRC's corporate governance code.
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