He has been chairman of the FRC since 1994. He is deputy chairman of the National Westminster Bank and a non-executive director of Carlton Communications plc and Centrica plc.
The appointment was announced by trade secretary Byers and Eddie George, governer of the Bank of England.
His appointment will run from 1 January to 31 December 2000.
The FRC promotes good financial reporting, and oversees the Financial Reporting Review Panel and the Accounting Standards Board.
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