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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

TrusteeFromTerm 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 2014
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 2016
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
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
Joji Okada
Chief Financial Officer, Senior Executive Managing Officer and Representative Director of Mitsui & Company Limited; Japan
Japan 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
Maria Helena Santana
Chair and President of the Comissao de Valores Mobiliarios (CVM)
Brazil 31 December 2016
Dick Sluimers
Chief Executive Officer of APG Group
Netherlands 31 December 2016
Lynn Wood
Chairman of the Australian Financial Reporting Council (FRC); member of the New Zealand External Reporting Board (XRB)
Australia 31 December 2016
Antonio Zoido
Chairman of Bolsas y Mercados Españoles (BME)
Spain 31 December 2016
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

  • IPSASB responds to Review Group consultation paper

  • Apr 23, 2014

  • The International Public Sector Accounting Standards Board (IPSASB) has responded to the IPSASB Governance Review Group consultation paper on its future governance. The IPSASB is unanimous in its support of the option of establishing separate oversight for its operations under the auspices of the International Federation of Accountants (IFAC), and further does not consider extending the scope of the IFRS Foundation Monitoring Board and Trustees activities to public sector accounting standard setting as feasible in the short or medium term.

  • Chairman Michel Prada discusses globalisation in keynote speech

  • Apr 16, 2014

  • The Chairman of the IFRS FoundationTrustees, Michel Prada, gave the keynote speech at a stakeholder event in Sydney, Australia in conjunction with CPA Australia and the Institute of Chartered Accountants Australia (ICAA) on 9 April 2014.

  • Meeting notes from IFRS Foundation Trustees meeting

  • Jan 28, 2014

  • The IFRS Foundation Trustees held an open meeting on 28 January 2014 in Milan. We have posted Deloitte observer notes from the meeting covering Mr Prada's summary of the joint IFRS Foundation Trustees / IFRSF Monitoring Board meeting held on 27 January 2014, and Mr Scott Evans report on an earlier meeting of the Due Process Oversight Committee.

  • Meeting notes from joint IFRS Foundation Trustees and Monitoring Board meeting

  • Jan 27, 2014

  • The IFRS Foundation Trustees held a joint meeting with the Monitoring Board on 27 January 2014 in Milan. The meeting received updates on the activities of the Monitoring Board, IFRS Foundation, International Accounting Standards Board and Due Process Oversight Committee, and received an update on the use of IFRS around the world. We have posted Deloitte observer notes from the meeting.

  • Consultation paper on IPSASB governance

  • Jan 24, 2014

  • The Review Group for the governance and oversight arrangements of the International Public Sector Accounting Standards Board (IPSASB) has issued a public consultation paper on the future governance and oversight of the IPSASB and IPSASs as earlier consultations found that concerns about the governance and oversight of the IPSASB are some of the reasons cited by national authorities for not adopting IPSASs. One of the possibilities mentioned is giving monitoring and oversight of the IPSASB to the IFRS Foundation's Monitoring Board and Trustees.

  • IFRS Foundation seeks to expand membership of the SMEIG

  • Jan 14, 2014

  • The IFRS Foundation Trustees are currently seeking nominations for membership of the SME Implementation Group (SMEIG), which supports the international adoption of the 'International Financial Reporting Standards for Small and Medium-sized Entities' (IFRS for SMEs) and monitors its implementation. The call for nominations is being conducted in conjunction with a restructuring of the SMEIG as it prepares to consider feedback on the IASB's proposed amendments to the 'IFRS for SMEs'.

  • IFRS Foundation appoints Trustees

  • Nov 26, 2013

  • The IFRS Foundation has announced the appointment of Maria Helena Santana and Lynn Wood as Trustees of the IFRS Foundation. Both replace retiring Trustees with similar background. The appointments will begin on 1 January 2014 and will expire on 31 December 2016.

  • Videos from the October 2013 Trustees meeting

  • Oct 28, 2013

  • The IFRS Foundation Trustees met in Frankfurt, Germany on Thursday 17 October 2013. A stakeholder event sponsored by the DRSC (the German standard-setter) and the IFRS Foundation on the evening before the meeting saw a speech by Chairman Michel Prada and a panel discussion on 'The Future of Global Financial Reporting'. Video recordings of the speech and the discussion have now been made available.

  • Notes from October IFRS Foundation Trustees meeting

  • Oct 18, 2013

  • We've published Deloitte observer notes from the IFRS Foundation Trustees meeting held in Frankfurt, Germany on Thursday 17 October 2013. During the public sessions, the Trustees reviewed the discussions that had taken place during their private sessions, and received reports from the IASB Chair, senior technical directors of the IASB, and Due Process Oversight Committee (DPOC).

  • Chairman Michel Prada discusses the path towards global accounting standards

  • Oct 16, 2013

  • At a stakeholder event sponsored by the DRSC (the German standard-setter) and the IFRS Foundation on the evening before the IFRS Foundation Trustees meeting in Frankfurt, Germany, Chairman Michel Prada gave a speech titled 'The bumpy path towards global accounting standards'. He noted that the IASB's work will always be controversial, but the gains of IFRS in Europe must be protected. He also emphasised the importance of collaboration for the IFRS Foundation and IASB.

  • IFRS Foundation Trustees appointed and reappointed

  • Jul 04, 2013

  • The Trustees of the IFRS Foundation have announced the appointment of one new Trustee representing the Asia-Oceania region and the reappoinment of three current Trustees of the IFRS Foundation.

  • IFRS Foundation Annual Report 2012

  • May 23, 2013

  • The IFRS Foundation (IFRSF) under which the IASB operates has published its Annual Report for 2012. The report is split into three sections: IFRS Foundation, Standard-setting activities, and Financials.

  • 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.