By Louis Goss
Accountancy sector veteran Pauline Wallace has been named as the first permanent chair of the UK Endorsement Board (UKEB).
The former PwC partner will start her three-year term as head of the body set up to ensure the UK complies with international accounting standards on 11 September 2022.
Following Brexit, the UKEB was set up to endorse and adopt international accounting standards, after responsibility for doing so was handed over to Britain from the EU.
Wallace was named interim chair of the UKEB in September 2020, and has subsequently led the establishment of the accountancy standards body.
Prior to taking on her role at the 11-member accounting board, Wallace previously spent 30 years working in the accountancy sector, in the UK and Hong Kong.
After retiring from her position as PwC’s head of public policy and regulatory affairs in 2013, Wallace took up positions on various bodies including the Pensions Regulator and the Financial Conduct Authority (FCA).
In a statement, Wallace set out her intentions to “maintain the UK’s position as a thought leader and key influencer of international finance reporting”.
Lord Callanan, Minister for Corporate Responsibility, said: “Pauline has demonstrated strong leadership during her interim appointment, including overseeing the UKEB’s endorsement and adoption of IFRS 17 Insurance Contracts, a transformative standard for the insurance industry.
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