Background Information about the Standards Advisory Council At their meeting in January 2010, the IASCF Trustees voted to rename the Standards Advisory Council to the IFRS Advisory Council. The Trustees announced that the name change will be implemented as soon as practicable. IAS Plus will continue to use the old name until the change is formally implemented. Role of the Standards Advisory Council The SAC provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work, with the objective of: advising the Board on agenda decisions and priorities in the Board's work, informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects, and giving other advice to the Board or to the Trustees. SAC Meeting Dates The SAC normally meets three times a year for two days each meeting – in conjunction with the February, June, and November IASB Board meetings. Click here for SAC Meeting Dates SAC Minutes Click here for SAC Minutes on the IASB Website. SAC Operating Procedures and Terms of Reference In October 2004, the Trustees of the IASC Foundation approved, in principle, the terms of reference and operating procedures for SAC that SAC itself had proposed earlier that year. Click to download the SAC Terms of Reference and Operating Procedures (PDF 36k). Membership of the SAC Number and appointment of members. Under the IASC Foundation Constitution, SAC has '30 or more' members. The number is currently around 40. Members are appointed by the Trustees for a renewable term of three years. They have diverse geographic and functional backgrounds. Criteria. Under the IASC Foundation Constitution, key criteria for selecting SAC members are geographic diversity and diversity of professional backgrounds. From 2009, the IASC Foundation Trustees have decided that nominations to the membership of the SAC will be primarily on the basis of representation of organisations that are relevant to standard setting of accounting principles. The Trustees have not specified any organisations. Remuneration. Standards Advisory Council members are not paid, and they will normally be expected to be associated with organisations that will meet the costs of their participation in meetings although exceptions may be made for certain individuals. Initial SAC Members, 2001. On 25 June 2001, the IASC Trustees announced the appointment of 49 persons to the SAC. The 49 members include chief financial and accounting officers from some of the world's largest corporations and international organizations, leading financial analysts and academics, regulators, accounting standard setters, and partners from leading accounting firms. They come from six continents, 29 countries, and five international organizations. Additionally, the European Commission, the U.S. Securities and Exchange Commission, and the Financial Services Agency of Japan will participate as observers. Since the original appointments, several SAC membership changes have occurred. Current SAC members. The current list of members is presented Below on this web page. IASC Foundation Constitution Review 2003-2005 During 2003-2005 the Trustees of the IASC Foundation undertook a review of various aspects of the IASCF Constitution, including a number of issues relating to the Standards Advisory Council. The SAC itself conducted a review of its own operations and presented recommendations to the IASCF. In March 2005, the Trustees reached several decisions regarding changes to the SAC structure, as follows: The SAC will be reduced to something between 35 and 40 members. Membership will be refocused to allow SAC to concentrate on strategic, rather then technical issues (most likely fewer technicians and more analysts and preparers). Chairman (not a member of the IASB, Trustee, or staff) will be appointed by the Trustees. July 2005: Appointment of Independent SAC Chairman In July 2005, Professor Nelson Carvalho of Brazil was appointed the first independent Chairman of SAC. Click for Press Release announcing appointment (PDF 28k). December 2008: Appointment of Paul Cherry as SAC Chairman In December 2008, the IASCF Trustees appointed Paul Cherry as Chairman of the SAC for three years beginning on 1 January 2009. Mr Cherry is the Chairman of the Canadian Accounting Standards Board (AcSB), from which he will step down at the end of March 2009. Click for Press Release (PDF 45k). February 2009: Appointment of Two SAC Vice-Chairmen In February 2009, the IASCF Trustees announced the appointment of the following two Vice-Chairmen of the SAC to work alongside Paul Cherry, recently appointed as SAC Chairman (see story directly above): Charles Macek, non-executive Director of Telstra and Wesfarmers and a former Chairman of the Australian Financial Reporting Council, and Patrice Marteau, Chairman of ACTEO and Chairman of the Accounting Committee of Business Europe February 2009: Restructuring of the SAC On 19 February 2009, the Trustees of the IASC Foundation announced the membership of the reconstituted Standards Advisory Council (SAC) for the three years ending on 31 December 2011. A significant change from the previous SAC structure is that members represent organisations rather than serving as individuals. Click for Press Release (PDF 190k). Members of the Standards Advisory Council (through 31 December 2011) Organisation Individual Title SAC Chairman: Paul Cherry, Chairman, Canadian Accounting Standards Board (retiring March 2009) SAC Vice-Chairmen: Charles Macek Non-Executive Director, Telstra and Wesfarmers, Former Chairman, Australian Financial Reporting Council Patrice Marteau Chairman, ACTEO; Chairman, Accounting Committee, Business Europe Brazilian Association of Listed Companies (ABRASCA) Geraldo Toffanello Accounting Director, GERDAU Group Associated Chambers of Commerce of India/The Stock Exchange, Mumbai (BSE) Narendra Sarda Chairman, Deloitte Haskins & Sells Association of British Insurers/Investment Management Association (IMA) Liz Murrall Director of Corporate Governance and Reporting, IMA Basel Committee on Banking Supervision Sylvie Matherat Director, Financial Stability Directorate, Banque de France BDO International Andrew Buchanan IFRS Technical Partner CFA Institute Dane Mott Executive Director, JP Morgan Securities Inc Committee of European Securities Regulators Richard Thorpe Head of Capital Adequacy Policy Department and Accounting and Auditing Sector, UK Financial Services Authority Corporate Reporting Users' Forum (International) Norbert Barth Head of European Chemical Sector Research, WestLB Council of Institutional Investors (USA) Gail Hanson Deputy Executive Director, State of Wisconsin Investment Board Deloitte Joel Osnoss Partner-in-Charge of Global IFRS and Offerings Services Ernst & Young Leo van der Tas Global Technical Director, IFRS European Central Bank Mauro Grande Director, Financial Stability and Supervision, European Central Bank European Financial Reporting Advisory Group (EFRAG) Stig Enevoldsen Chairman, Technical Expert Group, EFRAG European Insurance and Reinsurance Federation (CEA) Jacques Le Douit Accounting Research and Development Director AXA European Issuers/European Round Table of Industrialists Christoph Hutten Chief Accounting Officer, SVP SAP AG Federation Internationale des Experts-Comptables Francophone Benoit Atangana Onana Senior Partner and General Manager, African Consulting Enterprise Financial Executives International (Canada) Karyn Brooks SVP and Controller, Bell Canada Enterprises Financial Executives International (US) Jamie Miller Vice President and Controller General Electric Company Grant Thornton April Mackenzie Global Head of Public Policy Group of 100 (Australia) Judith Downes Chief Financial Officer, Alumina Limited Group of European national standard-setters (France, Germany, Italy, and UK) Piero di Salvo, Italy (for 2009) Rotating annually among the standard-setters of France, Germany, Italy, UK Group of North American Insurance Enterprises Jerry de St. Paer Executive Chairman GNAIE – Group of North American Insurance Enterprises Hong Kong Institute of Certified Public Accountants P M Kam Group Financial Controller, Jardine Matheson Ltd Institute of International Finance Will Widdowson Head of Group Accounting Policy and Group SOX Officer, UBS AG International Association for Accounting Education & Research Hollis Ashbaugh Skaife Associate Professor of Accounting Wisconsin School of Business International Actuarial Association Francis Ruygt Deputy Chief Insurance Risk Officer and Group Actuary, ING Group International Association of Insurance Supervisors Henning Goebel Economic Advisor, Federal Financial Supervisory Authority International Corporate Governance Network Gerben Everts Compliance Officer, APG Investments International Federation of Accountants James Sylph Executive Director, Professional Standards International Monetary Fund Kenneth Sullivan Senior Financial Sector Expert International Organization of Securities Commissions (IOSCO) One member each from a developed and emerging economy: Developed economy: Rotating between Sophie Baranger, Director of Accounting and Finance Division, AMF, France; Christoph Ernst, Head of Accounting and Auditing Law Division, Federal Ministry of Justice, Germany Emerging economy: To be confirmed Investment Company Institute (USA) Donald J. Boteler Vice President, Operations Investors' Technical Advisory Committee (USA) Neri Bukspan Chief Quality Officer and Chief Accountant, Standard & Poor's Korea Accounting Standards Board Chanhong Kim Vice Chairman KPMG Mark Vaessen Head of IFRS, KPMG Europe LLP Ministry of Finance, People's Republic of China, China Accounting Standards Committee Liu Yuting Director-General, CASC Nippon Keidanren (Japan) Shozo Yoneya Corporate Auditor, Itochu Corporation PricewaterhouseCoopers Richard Keys Leader – Global Accounting Consulting Services Securities Analysts Association of Japan Sei-Ichi Kaneko Executive Vice President and Member of the Board South Africa Accounting Practices Board Moses Kgosana Chairman World Bank Charles McDonough Deputy Controller and Director of Accounting Observer organisations: European Commission Japan Financial Services Agency US Securities and Exchange Commission Click for: IASC Trustees' News Release announcing original SAC members on 25 June 2001 (PDF 24k). IASC Trustees' News Release announcing appointment of members of the restructured SAC 17 October 2005 (PDF 61k). IASC Trustees' News Release announcing appointment of members of the restructured SAC 19 February 2009 (PDF 190k).