Financial Reporting Council Chair Sir Jan du Plessis to retire in September

The Financial Reporting Council (FRC) has today announced that, having served as Chair of the FRC for the last four years, Sir Jan du Plessis has informed the Secretary of State for Business and Trade of his intention to step down from the role at the end of September 2026, when he will retire from corporate and public life.

Under his leadership, the FRC has overseen a period of significant reform and modernisation as the organisation has strengthened its role in advancing high standards of audit, corporate governance and corporate reporting that help to provide confidence in the UK economy and the right conditions to support growth.

During his tenure, the FRC has made substantial progress by:

• Reforming audit and corporate governance, supporting efforts to reinforce trust in UK corporate reporting and the effectiveness and resilience of the audit market.
• Elevating expectations for audit quality, including action to drive greater consistency, challenge and professional scepticism.
• Overseeing the largest ever consultation on the UK Corporate Governance Code to ensure it remained principles based, reduced unnecessary reporting burdens and continued to support UK corporate competitiveness.
• Strengthening the UK Stewardship Code which is adopted across the global investment chain, ensuring proportionate application drives better outcomes for investors, employees and the wider economy.
• Deepening engagement with stakeholders across corporate Britain to promote transparency, accountability and long‑term business sustainability.

Sir Jan, who has served as Chair since February 2022, has brought to the role nearly two decades of experience chairing major public companies, including BT Group, Rio Tinto, SABMiller, RHM and British American Tobacco. He has also held senior leadership and board roles at Richemont, Marks & Spencer and Lloyds Banking Group. This breadth of experience has given him a deep and practical understanding of corporate governance, investor expectations and the challenges facing the audit market — perspective that has been invaluable throughout his tenure.

Sir Jan will continue to lead the FRC Board until the end of September, ensuring continuity and stability while the process to appoint his successor is taken forward.

Richard Moriarty, CEO of the FRC, said:

“Sir Jan's leadership, clarity of purpose and commitment to the public interest have shaped the FRC during one of the most important periods in its history. His extensive experience chairing some of the UK's most significant public companies has brought real depth and insight to the organisation's important work. As CEO I have especially welcomed Jan's focus on common sense and proportionate regulation to ensure the FRC's work contributes to help corporate Britain thrive. On a personal note, I am deeply grateful for the support, wise counsel and trust he has shown me since I joined the organisation.” 

Sir Jan du Plessis, Chair of the FRC said: 

“After a long career in business, it has been a real privilege over the last four years to be of public service. I am immensely proud of what the FRC has achieved in recent years and of the professionalism, integrity and commitment that I have seen across the organisation.

My experience at the FRC has only enhanced my belief that the UK economy benefits from high standards in corporate governance and corporate reporting, underpinned by high auditing standards. However, these need to be applied in a proportionate and pragmatic manner to help businesses grow, whilst also meeting the expectations of wider society. To that end, I believe the FRC is a real force for good.”  

The Minister for Small Business and Economic Transformation, Blair McDougall MP, said:

“I'm very grateful for Sir Jan's exceptional contribution over the last four years.  

“He has shown strong leadership of the FRC through a period of transformation, leaving a legacy in his commitment to robust and proportionate regulation that promotes economic growth and I wish him all the best in his eventual retirement.” 

Recruitment for the next Chair of the FRC will be led by the Department for Business and Trade in line with public appointments procedures in consultation with the current FRC Board. Further details of this process will be announced in due course.
Notes to Editors:

Sir Jan du Plessis was appointed chair of the FRC on 3 February 2022. His career in business includes serving as Chair of various public companies over a period of 18 years, including:  BT Group plc (2017 to 2021); Rio Tinto plc (2009 to 2018); SABMiller plc (2014 to 2016); RHM plc (2005 to 2007); and British American Tobacco plc (2004 to 2009).  These roles provide him extensive experience in leadership and governance of some major public companies.  He has also had multiple interactions with the institutional investment community and gained meaningful insight into the challenges facing the audit services sector.

Sir Jan has also served as non-executive director of Marks and Spencer Group plc and Lloyds Banking Group plc.  From 1988 to 2004 he was CFO of Richemont.

The FRC is grateful to Sir Jan for serving beyond his requisite six months' notice period, to facilitate a smooth transition to his successor.

The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work

The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.