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Board Effectiveness Review

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 1 release in its history.

Tender

28 Sep 2026 at 12:25

UK4 - Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) is seeking an independent external reviewer to assess the effectiveness of its Board, Board committees and wider governance arrangements. The review concerns the Board’s strategic leadership, oversight of resources and management performance, risk controls, values and culture, and responsibilities to stakeholders. The FRC regulates auditors, accountants and actuaries, sets the UK Corporate Governance and Stewardship Codes, and oversees audit standards and quality. This is a governance and management consultancy service, rather than an audit engagement. Delivery is in the United Kingdom, with locations identified in the West Midlands and London. The work supports the FRC’s public-interest role and its aim of upholding standards in corporate governance, corporate reporting, audit and actuarial work.

The FRC invited tenders through an open competition below the public procurement threshold. The process reached the tender stage, when the buyer invited offers. The single lot has an estimated value of £75,000 excluding VAT (£93,750 including VAT). Questions were due by 16 October 2026 at 12:00, and tender submissions by 23 October 2026 at 12:00; submissions were to be emailed. The contract period was set to run from 7 December 2026 to 21 May 2027, with a possible four-month renewal extending the period to 21 September 2027. The FRC also reserved the right to buy further services of the same or a related nature. Evaluation covers conflicts of interest, quality and price.

This opportunity is suited to an independent reviewer with substantial experience assessing board effectiveness, committee performance and governance arrangements. Suppliers should be able to examine the strategic leadership and oversight responsibilities of a central public-interest regulator, including its risk controls, organisational culture and accountability to stakeholders. Small and medium-sized enterprises are considered suitable. Independence and careful conflict management are commercially critical: the FRC regulates entities that may have an interest in the procurement, so bidders must assess actual, potential and perceived conflicts and, where relevant, explain the circumstances and proposed measures to manage, mitigate or remove them. The FRC will assess those conflicts and measures, and may exclude a bidder if it considers the conflict cannot be adequately addressed. Quality and price are also evaluation considerations.

How relevant is this notice?

Notice Information

Notice Title

Board Effectiveness Review

Notice Description

BACKGROUND The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC's core objectives are to promote high-quality corporate governance and reporting, support effective audit and actuarial work, hold relevant parties to account through proportionate supervision and enforcement, and contribute to well-functioning UK capital markets in the public interest. PROJECT REQUIREMENTS 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 Chair, are appointed by the Secretary of State for Business, Innovation, Science 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. For further information see FRC Board The UK Corporate Governance Code requires that companies which follow the Code should consider undertaking an externally facilitated Board effectiveness review every three years. THIS TENDER The FRC is seeking an experienced, independent external reviewer to undertake a Board Effectiveness Review covering the Board, its Committees and wider governance arrangements. PLEASE REFER TO THE INVITATION TO TENDER (ITT) FOR FULL DETAILS INCLUDING HOW TO SUBMIT YOUR TENDER IMPORTANT: * Please register your interest (and raise any tender queries) by emailing the FRC's procurement team - procurement@frc.org.uk * The FRC will share all tender queries and answers with those that have registered. * Your tender submission must be submitted within the deadline by email to procurement@frc.org.uk

Lot Information

Lot 1

Options: The FRC reserves the right to procure further Services of the same / related nature.

Renewal: Further four (4) months.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-077b73
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/091391-2026
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
UK4 - Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Below threshold - open competition
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

72 - IT services: consulting, software development, Internet and support

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

CPV Codes

72221000 - Business analysis consultancy services

79313000 - Performance review services

79400000 - Business and management consultancy and related services

Notice Value(s)

Tender Value
£75,000 Under £100K
Lots Value
£75,000 Under £100K
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
28 Sep 20261 weeks ago
Submission Deadline
23 Oct 20263 weeks to go
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
7 Dec 2026 - 21 May 2027 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Active
Awards Status
Not Specified
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
E14 9GE
Postcode Area
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
TLG31 Birmingham, TLI London
Local Authority
Tower Hamlets
Electoral Ward
Blackwall & Cubitt Town
Westminster Constituency
Poplar and Limehouse

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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