3i’s Baroness hogg to chair UK quango
Published Wednesday, 16 December 2009 in People.
3i chairman Baroness Hogg is to chair the Financial Reporting Council, the quango that sets corporate governance and financial reporting standards, from next May.
Hogg has been appointed to the post by business secretary Lord Mandelson, and will be paid £120,000 (¤133,000) per year for working two days a week.
Hogg announced her resignation as chairman of 3i at the firm’s July annual meeting, though 3i has declined to comment on the reasons for her planned departure next year. The search for her replacement has yet to commence.
Hogg has been deputy chairman of the FRC, which sets non-enforceable standards for corporate governance and financial reporting, since 2007. “I am delighted that Baroness Hogg is taking on the role of chair of the FRC. She has extensive experience in business, coupled with a strong understanding of the regulatory environment in which the FRC operates, both in the UK and internationally,” said Lord Mandelson.
Baroness Hogg is also senior independent director of BG Group, a non-executive director of British confectionery manufacturer Cadbury and chairman of Frontier Economics. She joined 3i in 1997 and took the chair in 2002. She has also worked as the economics editor of the Independent and headed John Major’s Downing Street policy unit from 1990 to 1995.
