Richard Fleck CBE

Richard Fleck, CBE, is a consultant with the UK law firm, Herbert Smith. As a partner of Herbert Smith from 1980 until 2009, he had a wide-ranging practice embracing international corporate transactions, dispute resolution, and competition and regulation, including:

• transactions for NYSE (Euronext), Time Warner (AOL), Fortune Brands (Pernod Ricard/Allied Domecq), Grand Metropolitan (now Diageo), BAT, De Beers, Virgin and Fosters Brewing Group;
• international commercial disputes such as the collapse of Enron, the DeLorean Motor Car Group, Johnson Matthey Bankers, the Reksten Shipping Group bankruptcy and resulting investigation, the disputes involving Lonrho/House of Fraser, and Nissan UK/Nissan Motor Company Limited, and the settlement of the Lloyd’s of London insurance market dispute.

In surveys of the General Counsel of Fortune 1000 companies undertaken by Fortune magazine to identify those lawyers who provide outstanding client service, he was one of only 3 lawyers to be nominated in four successive years – in 2005, 2006, 2007 and 2008.

His external activities include:

• appointment by The Bank of England as an inspector under the Banking Act 1986
• preparing the report on “The responsibilities of Senior Management” published by The Securities and Investments Board; participation in the Company Law Reform review and a member of two consultative groups set up by The Financial Services Authority in the context of its review of the Listing Rules
• participant in the Co-ordinating Group on Audit and Accounting Issues established by the Treasury and the Department of Trade and Industry following the Enron and WorldCom failures (2002 – 2003)
• Chairman of the Auditing Practices Board (2003 to date, having been a member of the Board and its predecessor bodies since 1986)

  Whilst he has been Chairman, the APB has issued:

  • a comprehensive suite of auditing standards (ISAs - UK & Ireland), based on the standards issued by the International Audit and Assurance Standards Board, supplemented where necessary to reflect the particular requirements of UK law and regulations,
  • the first UK standards to address the integrity, objectivity and independence of auditors (Ethical Standards for Auditors 1 to 5, and the associated standard, Provisions Available of Small Entities),
  • four standards setting out the approach to be taken by accountants providing reports for inclusion in investment circulars (SIRs 1000 to 4000), and
  • ethical standards for reporting accountants based on the Ethical Standards for Auditors (ESRA).
• Director of The Financial Reporting Council (2007 to date, having been a member of its predecessor body since 2003):
  • member of the FRC group chaired by Sir Robert Smith that prepared guidance for audit committees in 2003;
  • Chair of the FRC group that developed the FRC 2006 publication, 'Promoting Audit Quality;
  • Member of the FRC group that produced the consultation paper on 'Limitation of Liability Agreements'.
• Chairman of the Consultancy and Advisory Group to the International Ethical Standards Board for Accountants (2006 to date)
• Non-executive Director of the National Audit Office (2009 to date)