To ask Her Majesty's Government, further to the Written Answers by Lord Callanan on 28 October (HL3092, HL3093, HL3094 and HL3095) whether (1) the UK Endorsement Board Limited, and (2) the UK Endorsement Board, are public bodies and subject to all the requirements incumbent on public bodies; and if not, why not.
22 November 2021
The UK Endorsement Board Limited is a subsidiary of the Financial Reporting Council (FRC). As such, it is also subject to the requirements incumbent on central government bodies, such as Managing Public Money and Cabinet Office spending controls.
The UK Endorsement Board (UKEB) (“the Board”) is an unincorporated association. The Secretary of State has delegated the powers to adopt and endorse IFRS for use in the UK to the Board. While the Board is independent and has autonomy of decision-making in relation to the functions conferred upon it, this decision-making autonomy does not extend more widely to economic activities.