Frasers Group has hired the city regulator’s former boss Sir Jon Thompson as a non-executive director.
The group, which owns brands including Sports Direct, Flannels and House of Fraser, said the appointment of the Financial Reporting Council’s ex-chief executive reaffirms its commitment to elevating its board.
It said Thompson’s expertise in corporate governance, reporting and audit will “strengthen the execution of Frasers’ long-term growth strategy and continue to position the group as a leading international business”.
His appointment comes as the group has faced steep criticism in the past over its corporate governance, including most recently rejecting the FRC’s request to publish key findings following “substantive inquiries” of its latest annual report for the second year in a row.
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During Thompson’s four-year tenure at the FRC, Sports Direct successfully blocked the regulator from accessing some documents in its investigation into Grant Thornton over its auditing of Sports Direct after the retailer argued the materials were legally privileged.
Prior to the regulator, he was the chief executive of HMRC and worked at the UK’s Ministry of Defence for seven years.
Frasers Group chief executive Michael Murray said: “I am pleased to welcome Sir Jon to the Board at a very exciting time for Frasers Group.
“His appointment reflects the progress we have made to date on Frasers’ transformation and elevation strategy, as well as our ambitions for the future.
“Sir Jon’s expertise in corporate governance and major project management will be invaluable as we enter the next phase of our strategy.”
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