Clifford Chance (CC) outgoing managing partner David Childs has been appointed by the Financial Reporting Council (FRC) as chair of its conduct committee, taking over the role from Herbert Smith Freehills consultant Richard Fleck.
The FRC is the independent regulator for the accounting and actuarial profession and its conduct committee oversees the conduct division, responsible for the monitoring of recognised supervisory and qualifying bodies, audit quality reviews, corporate reporting reviews, and professional discipline.
Baroness Hogg, chairman of the FRC, said: ‘I am delighted that David Childs will become the new chair of the conduct committee. His experience of the legal issues facing corporate Britain will be invaluable to the vital work of the FRC as it continues to deploy the greater powers it has acquired since reform ever more effectively.’
Corporate lawyer Childs will officially stand down as CC’s managing partner in May, where he will be succeeded by incoming chief Matthew Layton for a four-year term.
On his upcoming role, Childs said: ‘A strong but fair regulatory approach is critical to fostering investment in the UK’s corporate sector. I look forward to supporting the FRC in its vital role ensuring high standards of professional behaviour are maintained.’
Announced in May, Baroness Hogg is herself due to step down as chairman of the FRC when a successor is appointed, having been in the role for three years. Her term formally ended in April however, she agreed to remain as chairman to allow the search for her successor to be properly conducted and the changeover ‘executed smoothly’, an FRC statement said.