Following an open competition, Simon Dingemans has been named as the government’s preferred candidate to the post of Chair of the Financial Reporting Council (FRC).
The Secretary of State has invited the Commons Business, Energy and Industrial Strategy Committee to hold a pre-appointment hearing and to report on Mr Dingemans’ suitability for the post. This is in line with the government’s commitment to strengthen the role of Parliament in scrutinising major public appointments.
Pre-appointment hearings enable select committees to take evidence from preferred candidates for major public appointments before they are appointed. Hearings are in public and involve the select committee publishing a report setting out their views on the candidate’s suitability for the post. Pre-appointment hearings are non-binding but ministers will consider the committee’s views before deciding whether to proceed with an appointment.
Simon Dingemans will join at a crucial time for the audit regulator, which is going through a period of transformation to become the Audit, Reporting and Governance Authority. This new body will build on the UK’s status as a great place to do business and will form an important part of strengthened public trust in businesses and the regulations that govern them.
Mr Dingemans was until recently the Chief Financial Officer and a member of the main board of GlaxoSmithKline plc. He stepped down in May 2019 after over 8 years with the company. During his time with GSK, he provided operational and financial leadership through a period of significant business transformation including extensive restructuring and the strategic re-shaping of the group and its 3 global businesses: Pharmaceuticals, Vaccines and Consumer Healthcare, which together employ nearly 100,000 people.
Mr Dingemans joined GSK in 2011 from Goldman Sachs International where he was a Managing Director and Partner.
He has been a Trustee of the Donmar Theatre since 2018 and also served as Chairman of the 100 Group of Finance Directors between 2014 and 2016. He has a Masters Degree in Geography from Oxford.