UK: FCA quarterly consultation - EU statutory audit framework - proposed DTR changes in respect of audit committees

At the end of last month, the Department for Business, Innovation and Skills published an update in respect of the UK's implementation of the new EU statutory audit framework: see here. This update noted the work being done by the Financial Reporting Council, Prudential Regulation Authority and Financial Conduct Authority. In this regard, the Financial Conduct Authority has today published one of its quarterly consultation papers and this contains, amongst other things, proposed changes to the Disclosure Rules and Transparency Rules (DTR) in respect of the composition of audit committees. The paper also explains that the FCA does not intend to adopt an option requiring annual election by the shareholders of the audit committee chairman. A copy of the paper is available here (pdf).