UKEB Annual Board Effectiveness Review 2026
1. Introduction
The UK Accounting Standards Endorsement Board (‘UKEB’) was established to perform certain functions relating to the adoption of International Financial Reporting Standards as developed by the International Accounting Standards Board, for use in the UK, and to contribute, on behalf of the UK, to the development of a single set of international accounting standards.
The UKEB’s mission is to serve the UK long-term public good by leading the development and synthesis of UK views on financial reporting and representing them in the international arena, ensuring that the UK’s voice is influential in the development of high-quality international accounting standards that are suitable for adoption in the UK. The UKEB is committed to performing its functions, and acting at all times, in accordance with its four guiding principles and the seven principles of public life. These core values are intrinsic to all of the UKEB’s activities.
The UKEB Board completed its first Board Effectiveness Review in 2022, at the end of its first year of operation, and committed to completing a review annually thereafter. The 2025 Board Effectiveness Review highlighted four key areas of focus for further action: Board succession planning; strategy development; stakeholder engagement and influencing; and resource management and prioritisation. Appropriate actions were taken across all four actions to further enhance the Board’s effectiveness.
The positive findings coming out of this year’s review reflect the seriousness with which the Board takes its responsibilities and the effectiveness with which the previous years’ action plans have been delivered. The outcome of this 2026 review sends a strong message that the Board has, in this past year, under its new Chair, continued to focus successfully on achieving its strategic objectives, while further developing and streamlining its work, underpinned by its continuous improvement ethos and focus on ensuring resources are deployed to maximum effect.
The Action Plan focuses on two key categories: stakeholder engagement and influencing, and working practices. The Board is committed to ensuring effective and timely delivery of the plan.
2. Review Process
The objective of the review was to allow the Board an opportunity to consider, and obtain feedback on, what is working well and which areas require further focus and development. The Board is committed to ensuring that it achieves its strategic objectives with a clear focus on its core values, best practice and continuous improvement.
The review began in March 20261 and the final report was submitted for approval at the June 2026 Board meeting. The principal output is an Action Plan, approved by the Board, and an agreed process for tracking and execution to ensure timely completion.
The review focused on the four core areas of: Board governance and accountability; culture and composition; Secretariat support; and leadership. Feedback was received from Board members, Secretariat and Official Observers via a questionnaire which incorporated a combination of open and closed questions. Each of the members also attended two 1-1 meetings: one with the Chair, for a broad discussion across all areas except Board leadership, and another with a member to whom the Chair had delegated responsibility for leading the review of Board leadership. The UKEB Technical Director also attended a 1-1 meeting with that member.
In addition to the Board members, both the Secretariat and Official Observers were key participants in the review. The Secretariat provides the day-to-day technical and operational support required by the Board as it works to achieve its objectives. The Official Observers attend UKEB’s public Board meetings where they have speaking rights and may offer technical and policy insight on the implications of new or amended IFRS accounting standards relevant to their areas of expertise. Official Observers come from five relevant public sector organisations: The Department for Business and Trade; Bank of England; Financial Conduct Authority; Financial Reporting Council; and HM Revenue and Customs.
3. Summary of Findings
The Board’s continued focus on robust governance and due process and successful delivery of its statutory remit, aligned to the UKEB’s four guiding principles and the seven principles of public life, has culminated in the positive findings that have come out of this 2026 Board Effectiveness Review. The detailed analysis of questionnaire feedback is positive across each of the four areas: Board governance and accountability, culture and composition, Secretariat support, and leadership.
Further detail obtained from the questionnaires’ open-ended questions and 1-1 discussions supports this positive position whilst also highlighting a desire to use the experiences and lessons learnt from the past five years to identify opportunities for further development and process streamlining.
3.1 Board Governance and Accountability
The quality of Board diversity, technical challenge and debate and the level of focus on ensuring robust governance and due process were highlighted as particular Board strengths. The Board welcomes its imminent review of the Due Process Handbook as an opportunity to streamline its processes while still achieving its guiding principles.
The Board has submitted its annual report to the Financial Reporting Council, for the year to 31 March 2026, confirming that it has fulfilled its governance and due process responsibilities in all respects. The feedback from this Board Effectiveness Review supports the positive outcomes articulated in that annual report.
3.2 Board Culture and Composition
The ongoing strong Board culture of collegiate and collaborative engagement was noted. All Board meeting attendees (Board members, Secretariat and Official Observers) are afforded the opportunity to speak and are actively listened to. These are both recurring themes that have been highlighted in previous reviews. There was also a sense that, whilst Board meeting agendas continue to be full, Board time was being managed effectively by the Chair.
3.3 Board Secretariat Support
As in previous years, the Board’s feedback in respect of the support it receives from the Secretariat, both during and outside of Board meetings, was overwhelmingly positive.
3.4 Board Leadership
Feedback on the performance of the Chair was positive across all participants. It was acknowledged that the Chair does an excellent job of managing detailed technical discussions in a cohesive and inclusive manner ensuring that all members, plus Official Observers and Secretariat, are able to engage in the discussion and provide input.
The importance of establishing good working relationships with incoming DBT officials and the IASB Chair Designate were highlighted as priorities for the Chair for the coming year.
4. Key Areas of Focus and Action
The review findings identified areas for additional focus across two categories: stakeholder engagement and influencing, and working practices.
An Action Plan, summarising the deliverables to address the areas identified for additional focus, has been developed. The Action Plan will incorporate action owners and delivery timelines and will be monitored by the Board through to completion.