The Chairman of the Governance Review, Masamichi Kono delivered an update on the governance review. A few written comments had been submitted and the Board had held roundtable meetings in Brussels, Kuala Lumpur, Tokyo and San Francisco. From these sources it was apparent that there was strong support for the three-tier governance structure, but that the roles of each of the tiers had to be clarified.
Kono-san noted that the general consensus among constituents was that the intervention of the Monitoring Board in the IASB's agenda-setting was unnecessary. Accountability, through the Trustees' Due Process Oversight Committee was important; but independence must also be respected and maintained.
As to the involvement of the Monitoring Board in the appointment of the IASB Chair, opinion was divided.
Overall, there was a high level of consensus on other aspects of the Report.
The Working Group wishes to coordinate the next steps of the Monitoring Board's activities with those of the Trustees. Kono-san reminded the meeting that the Monitoring Board would issue a Feedback Statement and an Action Plan for the implementation of its proposals.