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Outgoing Clifford Chance managing partner David Childs is to chair the Financial Reporting Council’s (FRC’s) Conduct Committee when he retires from the firm next year.
Childs will take up the position on 1 May 2014 as the current chair Richard Fleck’s ten year term comes to an end. The managing partner has been at the helm for eight years, having been re-elected at the end of 2009 (3 December 2009), but will stand down next year to give way to a new generation.
The Conduct Committee is the accountancy regulator’s disciplinary arm, taking the place of a number of different misconduct and supervision bodies following a revamp of the FRC’s structure in July 2012.
FRC chairman Baroness Hogg said in a statement: “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.”
Childs added: “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 behavior are maintained.”
Fleck, who was a partner at legacy Herbert Smith from 1980 to 2009 and continues to serve as a consultant for the firm, was appointed a non-executive member of the National Audit Office board in 2009. He formerly chaired the Auditing Practices Board, and will remain in his role as chair of the FRC’s Financial Reporting Review Panel.
Hogg is also set to step down from her chairman role at the FRC in due course, as her three-year term officially ended in April 2013. She will remain at the watchdog until the government decides upon a new chairman.
Clifford Chance partners elected global corporate head Matthew Layton to step into the managing partner role last month (27 November 2013). Layton will take the reins at the magic circle firm for a four-year term from the beginning of 2014.