FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd FSA Annual Report 2006/07 - Better Regulation Ltd
Section five – Report of the Directors FSA Annual Report 2006/07 59 The Staff Consultative Committee provides channels of communication and consultation between the FSA and employees. The Committee gives employees the opportunity to contribute to and influence the development of the FSA, and to have their views heard at the highest levels in the organisation over matters affecting staff in general. The FSA recognises the importance and value of ensuring this process is effective. The Committee is also the forum through which the FSA complies with the EU Information and Consultation Directive 2004. Supplier payment policy The FSA’s policy is to aim to pay 90% of invoices within 30 days of receipt of invoice. The average time taken to pay suppliers from receipt of invoice was 28.58 days. Auditor In the case of each of the persons who are Directors of the company at the date when this report was approved: • so far as each of the Directors is aware, there is no relevant audit information (as defined in the Companies Act 1985) of which the company’s auditor is unaware; and • each of the Directors has taken all the steps that he or she ought to have taken as a Director to make him or herself aware of any relevant audit information (as defined) and to establish that the company’s auditor is aware of that information. A resolution to re-appoint RSM Robson Rhodes as auditor will be put to members at the Annual General Meeting. By Order of the Board K Iain Brown Secretary May 2007
60 Section five – Corporate governance statement and remuneration report FSA Annual Report 2006/07 Corporate governance statement and remuneration report Corporate governance statement for the year ended 31 March 2007 Table 5.4 shows website references referred to in this statement, including the functions and terms of reference of the various Committees. As a company limited by guarantee, without shareholders, the FSA is not subject to the requirements of the Combined Code on Corporate Governance (the Code). However, the FSA is committed to meeting high standards of corporate governance; therefore, the company chooses to comply with the Code, as far as practicable, according to the nature of its business. Given the FSA’s position, the Board does not report on areas of noncompliance by exception. It does aim, through this report, to show the areas in which it does meet the requirements of the Code. Members of the Board, of which the majority are Non-executives, come from a variety of backgrounds with a wide range of skills and experience. Non-executives are independent of the FSA, although, on occasion, conflicts of interest may arise where a position is held within a firm regulated by the FSA. In these cases there are stringent procedures in place to ensure that any such conflicts will not interfere with the FSA’s activities or fulfilment of its statutory objectives. As it is the FSA’s opinion that all Non-executive Directors are independent of management, the Board has concluded that it is neither necessary nor appropriate to appoint a senior independent director. In addition, FSMA established the Nonexecutive Directors’ Committee (NedCo), its only members being the Non-executive Directors, to keep under review the Authority’s discharge of certain of its functions. More information on the role of NedCo is on page 62. The Board met 11 times last year. Further details of individual Directors’ attendance can be found on page 56. Meeting agendas are set by a rolling schedule and supplemented with items which arise according to current business needs. The Company Secretary ensures sufficient preparatory information is provided in good time for Directors to review before the meeting and he, or his Deputy, records decisions made and discussions leading to them, at the meetings. The roles of the Chief Executive and the Chairman are clearly split. The Chairman heads the Board, whose role is to lead and control the affairs of the FSA. There is a schedule of matters reserved to the Board which includes but is not limited to: • making strategic decisions; • ensuring the organisation has sound financial controls in place; • developing and maintaining good relationships with other organisations, including the Government; • overseeing the day-to-day business of the executive officers; • succession planning; and • providing a means of accountability. New Directors undergo a comprehensive induction procedure which includes opportunities to meet key employees throughout the business. Directors have access to the Company Secretary who maintains an ongoing training programme and provides regular opportunities for them to update their skills and knowledge. The Company Secretary will also arrange for Directors to take independent professional advice, if necessary. The FSA operates independently of Government but is accountable to Parliament, through Treasury Ministers. In accordance with FSMA, the FSA is also required to maintain effective arrangements for consulting practitioners and consumers, which it has done through the establishment of the Consumer, Practitioner and Smaller Businesses Practitioner Panels. All Panels are independent and are free to publish their views on the FSA’s work.
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Section five – <strong>Report</strong> of the Directors<br />
<strong>FSA</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>07</strong><br />
59<br />
The Staff Consultative Committee<br />
provides channels of communication<br />
and consultation between the <strong>FSA</strong><br />
and employees. The Committee<br />
gives employees the opportunity to<br />
contribute to and influence the<br />
development of the <strong>FSA</strong>, and to<br />
have their views heard at the highest<br />
levels in the organisation over<br />
matters affecting staff in general.<br />
The <strong>FSA</strong> recognises the importance<br />
and value of ensuring this process is<br />
effective. The Committee is also the<br />
forum through which the <strong>FSA</strong><br />
complies with the EU Information<br />
and Consultation Directive 2004.<br />
Supplier payment policy<br />
The <strong>FSA</strong>’s policy is to aim to pay<br />
90% of invoices within 30 days of<br />
receipt of invoice. The average time<br />
taken to pay suppliers from receipt<br />
of invoice was 28.58 days.<br />
Auditor<br />
In the case of each of the persons<br />
who are Directors of the company at<br />
the date when this report was<br />
approved:<br />
• so far as each of the Directors is<br />
aware, there is no relevant audit<br />
information (as defined in the<br />
Companies Act 1985) of which<br />
the company’s auditor is<br />
unaware; and<br />
• each of the Directors has taken<br />
all the steps that he or she ought<br />
to have taken as a Director to<br />
make him or herself aware of any<br />
relevant audit information (as<br />
defined) and to establish that the<br />
company’s auditor is aware of<br />
that information.<br />
A resolution to re-appoint RSM<br />
Robson Rhodes as auditor will be<br />
put to members at the <strong>Annual</strong><br />
General Meeting.<br />
By Order of the Board<br />
K Iain Brown<br />
Secretary<br />
May 20<strong>07</strong>
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