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IFRS Foundation Trustees

Overview

Number of trustees

There are currently 22 Trustees. Initially, the Foundation Board of Trustees had 19 Trustees.

Geographical balance of trustees

The IFRS Foundation Constitution requires the following geographic balance for Trustees:

  • Six from North America
  • Six from Europe
  • Six from the Asia/Oceania region
  • Four from any area, subject to establishing overall geographical balance.

Backgrounds of trustees

The constitution requires an appropriate balance of professional backgrounds, including auditors, preparers, users, academics, and other officials serving the public interest. Two will normally be senior partners of prominent international accounting firms.

Selection of trustees

Trustees are appointed by the Board of Trustees itself (self-perpetuating board). Trustees adopt their own procedures for appointing trustees. Those procedures must include consultation with national and international organisations of auditors (including IFAC), preparers, users, and academics and public solicitation of nominees including self-nominations. To achieve this objective, the trustees have established a Trustee Appointments Advisory Group. The trustees will consult that body before making decisions on trustee appointments.

Current IFRS Foundation Trustees

Trustee FromTerm Expires
Michel Prada Chairman of the IFRS Foundation Trustees
Chairman of the International Valuation Standards Council, co-Chairman of the Council on Global Financial Regulation and is a non-executive Director of the International Centre for Financial Regulation.		 France 31 December 2014
Tsuguoki (Aki) Fujinuma
Vice-Chairman of the IFRS Foundation Trustees
Immediate Past Chairman and President, Japanese Institute of Certified Public Accountants, Japan		 Japan 31 December 2013
Robert Glauber
Vice-Chairman of the IFRS Foundation Trustees
Retired chairman and chief executive officer, NASD (the private sector regulator of the US securities market), and former Under Secretary of the Treasury for Finance, United States		 United States 31 December 2014
Abdulrahman Al-Humaid
Chairman of the Committee for Adopting International Accounting Standards of the Saudi Organization of Certified Public Accountants (SOCPA)		 Saudi Arabia 31 December 2015
Ronald Arculli
Chairman of Hong Kong Exchanges and Clearing Limited; Member of the Hong Kong government executive council
 Hong Kong 31 December 2014
C.B. Bhave
Former Chairman of the Securities and Exchange Board of India (SEBI)		 India 31 December 2014
Clemens Börsig
Former Chairman of the Supervisory Board, Deutsche Bank AG		 Germany 31 December 2014
Duck-Koo Chung
Former Minister of Commerce, Industry and Energy for the Republic of Korea		 Republic of Korea 31 December 2013
Scott Evans
Former Executive Vice President - Asset Management, and Chief Executive Officer of TIAA-CREF Investment Management LLC		 United States 31 December 2014
Sheila Fraser
Member of the International Public Sector Accounting Standards Board (IPSASB); former Auditor General of Canada; former Chair of the Canadian Public Sector Accounting Board		 Canada 31 December 2015
Harvey Goldschmid
Dwight Professor of Law, Columbia University, and former Commissioner of the US Securities and Exchange Commission		 United States 31 December 2015
Yong Li
President, Chinese Institute of Certified Public Accountants; Vice Minister to the Ministry of Finance of the People’s Republic of China
 People's Republic of China 31 December 2014
Jeffrey Lucy
Former Chairman of the Australian Securities and Investments Commission and current Chairman of the Australian Financial Reporting Council		 Australia 31 December 2013
Pedro Malan
Former Finance Minister and former president of the Central Bank of Brazil, and currently chairman of the board of Unibanco		 Brazil 31 December 2013
Sir Callum McCarthy
Non-executive Director of Industrial and Commercial Bank of China, IntercontinentalExchange and the UK HM Treasury		 United Kingdom 31 December 2014
Heidi Miller
Former President of International Operations and Strategy at JPMorgan Chase & Company; former Chief Executive Officer of the Treasury and Securities Services Unit of JPMorgan; former Chief Financial Officer for several financial institutions, including Bank One, Citigroup and Travellers Group		 United States 31 December 2015
Wiseman Nkuhlu
Former Economic Adviser to former South African President Thabo Mbeki; the first Chairman of the Steering Committee and Chief Executive of the Secretariat of the New Partnership for Africa’s Development (NEPAD); former President of the South African Institute of Chartered Accountants; former Chairman of the South African Council of Higher Education; former President of the International Organization of Employers. Chancellor of the University of Pretoria.		 South Africa 31 December 2015
Marco Onado
Chairman, Pioneer Global Asset Management, and Senior Professor of Financial Institutions at the Bocconi University in Milan, Italy
 Italy 31 December 2014
James Quigley
Senior Partner, and former Global Chief Executive Officer of Deloitte Touche Tohmatsu Limited
 United States 31 December 2014
Noriaki Shimazaki
Executive Vice President, Sumitomo Corporation		 Japan 31 December 2013
Dick Sluimers
Chief Executive Officer of APG Group		 Netherlands 31 December 2013
Antonio Zoido
Chairman of Bolsas y Mercados Españoles (BME)		 Spain 31 December 2013

Note: At their meeting in January 2010, the Trustees voted to rename the IASC Foundation to the IFRS Foundation. The name change was implemented as of 31 March 2010.

Related news

  • April 2013 IFRS Foundation Trustees and Monitoring Board meetings notes

  • Apr 11, 2013

  • Deloitte observer notes are now available for the IFRS Foundation Trustees and the Monitoring Board meetings held in London on 11 April 2013. The Monitoring Board meeting, held jointly with the Trustees, featured a review of the Monitoring Board, updates on recent developments within the IASB, ASAF, financials and funding, DPOC activities, profile projects and transparency. Afterwards, the IFRS Foundation Trustees held its meeting which consisted of reports from IFRS Foundation, IASB, and the DPOC.

  • Agendas for upcoming IFRS Foundation meetings

  • Apr 02, 2013

  • Agendas have been released for the upcoming meeting of the IFRS Foundation Trustees and the meeting of the Monitoring Board with the IFRS Foundation Trustees, both of which are scheduled to be held in London on Thursday 11 April 2013.

  • IFRS Foundation Trustees publish revised IFRS Foundation Constitution

  • Feb 19, 2013

  • The Trustees of the IFRS Foundation have published a revised version of the IFRS Foundation Constitution. The document reflects changes to the Constitution regarding the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation.

  • Trustees publish revised IFRS Due Process Handbook

  • Feb 18, 2013

  • The Trustees of the IFRS Foundation have published a revised version of their IFRS Foundation Due Process Handbook. The Handbook describes the steps followed by the IASB and the Interpretations Committee in developing or revising International Financial Reporting Standards (IFRSs) and Interpretations.

  • Agenda for January 2013 IFRS Foundation Trustees meeting

  • Jan 15, 2013

  • The IFRS Foundation Trustees will meet in Hong Kong on Thursday 24 January 2013. The meeting will consist of reports from the IFRS Foundation Chair, the IASB Chair, and the Due Process Oversight Committee. There will also be sessions on IFRS adoption in Korea and recommendations on research capability.

  • ICAEW issues report on the future of IFRS

  • Dec 12, 2012

  • The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report 'The Future of IFRS' urging the IASB to end its convergence project with the United States' Financial Accounting Standards Board (FASB) and refocus its attention on the jurisdictions that have already adopted IFRS.

  • 29th annual ISAR meeting focuses on 'accounting infrastructure'

  • Nov 05, 2012

  • The twenty-ninth session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) was held in Geneva on 31 October-2 November 2012. The meeting focused on the institutional, regulatory and human resource requirements necessary for developing countries to fully converge with global accounting and reporting systems and saw the roll out of an 'accounting development toolkit' designed to strengthen accounting infrastructure for achieving high-quality corporate reporting. The meeting also acknowledged that accounting and reporting play an important role in addressing many environmental, social and corporate governance issues and examined current practices in sustainability reporting.

  • Trustees publish IFRS Foundation Staff Analysis of SEC Final Staff Report on IFRS

  • Oct 23, 2012

  • The Trustees of the IFRS Foundation today published a staff analysis of the United States (US) Securities and Exchange Commission (SEC) Final Staff Report on International Financial Reporting Standards (IFRSs). Shortly after the SEC Staff Report was published, the Trustees asked the IFRS Foundation staff to conduct an analysis of the SEC Staff Report for the benefit of both the IASB and the international community.

  • EU perspective on global accounting standards

  • Oct 16, 2012

  • At a recent joint conference held by the EFRAG and the Trustees of the IFRS Foundation, prominent European speakers held a roundtable discussion on the European Union’s perspective on the move towards global accounting standards.

  • Notes from the October IFRS Foundation Trustees meeting

  • Oct 15, 2012

  • Deloitte observer notes are now available from the IFRS Foundation Trustees meeting held in Brussels on 12 October 2012. The meeting consisted of a reports from Mr Hoogervorst (IASB Chair), the Due Process Oversight Committee, the Education and Content Services Committee, and the IFRS Advisory Council chair. Mr Prada also provided a précis of the important issues discussed by the Trustees in non-public sessions of the meeting.

  • Agenda for the October 2012 IFRS Foundation Trustees meeting

  • Oct 03, 2012

  • The IFRS Foundation Trustees will meet in Brussels on 12 October 2012. The meeting will consist of reports from the IASB Chair, the Due Process Oversight Committee, the Education and Content Services Committee, and the IFRS Advisory Council chair.

  • IFRS Foundation Trustees respond to SEC staff IFRS report

  • Jul 15, 2012

  • The Trustees of the IFRS Foundation have issued a statement on the publication of a staff report representing the final element of the Work Plan developed by the staff of the US Securities and Exchange Commission (SEC). The statement notes 'regret' that the report is not accompanied by a recommended action plan for the SEC.

  • Notes from the July IFRS Foundation Trustees meeting

  • Jul 13, 2012

  • Deloitte observer notes are now available from the IFRS Foundation Trustees meeting held in Washington D.C. on 12 July 2012. The meeting consisted of a report from Mr Hoogervorst that reviewed the past quarter's major projects, a report on the results of the June IFRS Advisory Council meeting from Mr Cherry, a report from Mr Sidwell of the Due Process Oversight Committee on his Committee activities over the last quarter, and a report from Dr Pacter on IFRS for SME over the past years. In the afternoon there was a joint Monitoring Board and Trustees meeting.

  • Agenda for July 2012 IFRS Foundation Trustees meeting

  • Jul 03, 2012

  • The IFRS Foundation Trustees will meet in Washington DC on 12 July 2012. The meeting will consist of reports from the IASB Chair, the IFRS Advisory Council Chair, and the Due Process Oversight Committee. There will also be an update on IFRS for SMEs and a joint meeting of the monitoring board and the IFRS Foundation Trustees.

  • IFRS Foundation Annual Report 2011

  • Jun 12, 2012

  • The IFRS Foundation under which the IASB operates has published its Annual Report for 2011. Next to the section on 'Financials' the report also contains sections on the 'Trustees of the IFRS Foundation' and the 'Standard-setting activities'.

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