Award

Board Performance Review

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

11 Nov 2023 at 08:30

Award Notice
Tender

25 Sep 2023 at 09:50

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited has awarded a contract for a Board Performance Review. The review will focus on assessing the effectiveness of the Board in various areas such as composition, decision-making processes, and roles of individual directors. The contract was awarded to Independent Audit Limited, with a total value of £64,000. The contract period is from 10th November 2023 to 1st June 2024.

This public procurement opportunity presents a chance for businesses specialised in performance review services, business consultancy, and related services to compete. The Financial Reporting Council seeks an independent external provider to conduct the review. Small and Medium Enterprises (SMEs) and Voluntary, Community, and Social Enterprise (VCSE) organisations are eligible to participate in this open procedure tender. Interested businesses need to observe the deadlines and tender process specified by the FRC procurement team.

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Notice Information

Notice Title

Board Performance Review

Notice Description

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality. Role of the Board The Board of the Financial Reporting Council (FRC) is made up of non-executive and executive directors and is collectively responsible for the long-term success of the FRC. All Board Members, including the CEO and Chairman, are appointed by the Secretary of State for Business and Trade. The Board's role is to provide strategic leadership of the FRC within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the FRC's strategic aims, ensures that the necessary financial and human resources are in place for the FRC to meet its objectives and reviews management performance. The Board also sets the FRC's values and culture and ensures that its obligations to its stakeholders and others are understood and met. All directors must act in what they consider to be the best interests of the FRC, consistent with their statutory duties. The Board delegates some of its responsibilities to its five Committees to carry out on its behalf. Further information about the FRC Board role and structure can be found on our website https://www.frc.org.uk/about-the-frc/structure-of-the-frc/frc-board The FRC is seeking an independent external Board effectiveness review provider to objectively assess the effectiveness of the Board. The review to focus on: * The composition and structure of the Board and its Committees. * The effectiveness of the Board and its Committees at agenda setting and forward planning to ensure efficient and effective meetings. * How the board and its committees support the Accounting Officer in meeting the requirements set out within Managing Public Money. * The decision-making processes of the Board and its Committees. * The quality and timeliness of the information and materials provided to the Board and its Committees. * The Board's role in strategy development. * The roles, responsibilities, and performance of each Committee and how they contribute to and support the Board. The interaction and collaboration between the Committees and the Board. This includes the dynamics and effectiveness of Board and Committee discussions, decision-making, and conflict resolution. * How the board's practices, relationships and culture compare with other Arm's Length Public Bodies. * The performance of individual directors, including the quality of their contribution and engagement. ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-089c74b4-76b2-43bc-bde7-f4c2546fa942
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/604dee6a-621f-492a-b83a-81be18ecea54
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79313000 - Performance review services

79400000 - Business and management consultancy and related services

Notice Value(s)

Tender Value
£65,000 Under £100K
Lots Value
Not specified
Awards Value
£64,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
11 Nov 20232 years ago
Submission Deadline
16 Oct 2023Expired
Future Notice Date
Not specified
Award Date
6 Nov 20232 years ago
Contract Period
10 Nov 2023 - 1 Jun 2024 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

INDEPENDENT AUDIT

Further Information

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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