Business Secretary Jonathan Reynolds has today [15 April] appointed Paul Lee as the new Chair of the UK Endorsement Board (UKEB), replacing current Chair Pauline Wallace at the end of her term in September 2025.
The UKEB is the UK’s national standard setter for international accounting standards. It influences the development, and considers the adoption, of new or amended standards issued by the International Accounting Standards Board, part of the International Financial Reporting Standards (IFRS) Foundation.
Companies report using these standards to provide robust and comparable financial information.
The UKEB is committed to ensuring that the interests of the UK corporate reporters are effectively represented to ensure standards meet the needs of UK companies and investors.
Paul Lee brings extensive corporate reporting experience from his roles as Head of Stewardship and Sustainable Investment Strategy at Redington and Member of the Committee of Reference for the Premier Miton Ethical Fund. Paul is also currently a Non-Executive Member and one of the founding members of UKEB, bringing four years of UKEB experience to the Chair role.
Business Secretary Jonathan Reynolds said:
UKEB provide an invaluable service in scrutinising and adopting international accounting standards and representing our largest companies on an international stage.
Paul will bring strong leadership to UKEB as Chair and his extensive knowledge of corporate reporting standards as one of the Board’s founding members will be vital in driving growth in the sector and economy as part of our Plan for Change.
I would like to thank Pauline for her work over the past five years and look forward to continuing work with Paul.
Incoming Chair of the UK Endorsement Board, Paul Lee, said:
As an investor I understand the importance of international accounting standards and the role they play in supporting UK economic growth and inward investment. I also recognise the unnecessary burden that might be placed on companies if standards don’t achieve the right balance.
I was pleased to join the UKEB Board four years ago because I firmly believed that the organisation’s remit, to act as the voice of UK stakeholders in the development of comparable and proportionate standards that add value to the UK long-term public good, forms part of the core foundation of a strong and growing UK economy. I still believe that.
The UKEB has been robustly effective under Pauline’s thoughtful leadership, and I feel privileged to have been given the opportunity to lead the Board. I’m looking forward to getting started and deepening my work with our excellent Board and Secretariat.
There are economic challenges ahead, both in the UK and globally, and my focus, and that of the Board, will be on understanding, supporting and balancing the needs of all UK stakeholders as we navigate those challenges.
