Sir David Tweedie, Chairman

Sir David Tweedie became Chairman of the International Accounting Standards Board as of 1 January 2001. Sir David was educated at Edinburgh University (BCom 1966, PhD 1969) and qualified as a Scottish Chartered Accountant in 1972. He was Technical Director of the Institute of Chartered Accountants of Scotland 1978-1981) and National Research Partner of KMG Thomson McLintock 1982 - 1987 and National Technical Partner of KPMG Peat Marwick McLintock (1987-1990). In 1990 he was appointed the first full-time Chairman of the (then) newly created Accounting Standards Board, a position he held until 2000. He was also Chairman of the Urgent Issues Task Force. He has received a number of honorary degrees and professional awards, including the Institute of Chartered Accountants in England and Wales's Founding Societies Award (1997), and the Chartered Institute of Management Accounting's CIMA Award (1998). He has been a visiting professor at the University of Lancaster International Centre for Research in Accounting (ICRA), the University of Bristol, and the University of Edinburgh. He was knighted in 1994 for his services to the Accounting Profession. His term expires 30 June 2011.

Stephen Cooper

Stephen Cooper was appointed as a part-time Board member in August 2007, while concurrently serving as Managing Director and head of valuation and accounting research at UBS Investment Bank. In January 2009, his appointment was changed from part-time to full-time. Mr Cooper brings practical experience as an active analyst on accounting and valuation matters and will play an important role in engaging the investment community in the standard-setting process. He has been recognised as a leader in his field and voted top European Valuation and Accounting analyst by Extel and Institutional Investor magazine in each of the last 10 surveys. In his capacity at UBS, Mr Cooper advises UBS's equity research analysts and institutional clients on valuation and accounting issues. As a member of the Corporate Reporting User Forum and a member of the IASB's Analyst Representative Group and Financial Statement Presentation working group, Mr Cooper has been actively involved in the IASB's work. His term expires 30 June 2012.

Philippe Danjou

Philippe Danjou, director of the accounting division of the Autorite des Marches Financiers (AMF), the French securities regulator, joined the IASB in November 2006. Mr Danjou graduated from HEC, then qualified as a Chartered Accountant and Registered Statutory Auditor, and rose to be an audit partner with Arthur Andersen & Co. (Paris). He was also Executive Director of the French Ordre des Experts Comptables (OEC) from 1982 until 1986. Mr Danjou was a member of the International Auditing Practices Committee and a technical advisor to the French delegate to the former International Accounting Standards Committee, the predecessor to the IASB. While at the AMF, he has served on the IASB's Standards Advisory Council, as an observer at the Committee on Auditing of the European Commission, as a member of IOSCO's Standing Committee 1 on Multinational Accounting and Disclosure, and the Financial Reporting Committee of the Committee of European Securities Regulators (CESRFin). His term expires 30 June 2011.

Jan Engstrom

Jan Engstrom was appointed to the IASB in May 2004 and was reappointed to a second five-year term effective May 2009. Before joining the IASB, he served with the Volvo Group for more than thirty years in various senior positions, both in his native Sweden and in Latin America. A member of the Volvo Group Management Board for ten years, he served as Chief Financial Officer (1993-1998) and Chief Executive Officer of Volvo Bus Corporation (1998-2003). Previously he was the CFO, Volvo do Brasil (1981-1985), and CFO, Volvo Truck Corporation (1985-1993). His term expires 30 June 2014.

Patrick Finnegan

Patrick Finnegan was appointed to the IASB as of 1 July 2009. Prior to joining the Board, he was Director of the Financial Reporting Policy Group, CFA Institute Centre for Financial Market Integrity. In that capacity he led a team at CFA Institute responsible for providing user input into the standard-setting activities of the IASB, FASB, and key regulatory bodies. CFA Institute is a global, not-for-profit association for investment professionals and has nearly 100,000 members. He has also co-ordinated the work of the CFA Institute's Corporate Disclosure Policy Council, which reviews and comments on financial reporting policy initiatives around the world. Before joining the CFA Institute in 2008, Mr Finnegan worked at Moody's Investors Service, where he served as a managing director in Moody's Corporate Finance Group and as a senior analyst in Moody's Financial Institutions Group. His term expires 30 June 2014.

Amaro Luiz de Oliveira Gomes

Amaro Gomes was appointed to a five-year term as a full-time member of the IASB as of 1 July 2009. Before joining the IASB, Mr Gomes was Head of Financial System Regulation Department of the Central Bank of Brazil. In that capacity, he played a leading role in the adoption of International Financial Reporting Standards in Brazil. (All listed companies and all banks are required to prepare and publish consolidated financial statements in full compliance with IFRSs starting in 2010.) At the Central Bank of Brazil, Mr Gomes was responsible for drafting regulatory proposals on such matters as Basel II implementation, money laundering, accounting and auditing, microfinance, and prudential requirements. From 2004 to 2009, he served on the Accounting Task Force of the Basel Committee on Banking Supervision. Before joining the Central Bank, Mr Gomes was an auditor with one of the international audit firms. He is co-author of a book Accounting for Financial Institutions. His term expires 30 June 2014.

Prabhakar Kalavacherla

Prabhakar Kalavacherla ('PK') was appointed to the as a full time member as of 1 January 2009 for the period ending on 30 June 2013. Mr. Kalavacherla, born in India, was a partner at KPMG LLP serving both as reviewing partner for IFRS financial statements and filings with the US Securities and Exchange Commission. He has worked extensively in India and in Europe and has specialised in technology and biotechnology. Mr Kalavacherla is a member of both the Institute of Chartered Accountants of India and the American Institute of CPAs. Mr Kalavacherla holds a masters degree in accountancy with distinction from California State University-Chico. His term expires 30 June 2013.

Elke Koenig

Dr Elke Koenig is a former member of the executive board and chief financial officer (CFO) of Hannover Re Group (Germany). She begins her first term on the IASB on 1 July 2010. Dr Koenig has served as a senior financial executive in the insurance industry. From 2002 to 2009 she served as CFO of Hannover Re Group, a leading international reinsurance group. Previously she spent twelve years as a member of the senior management of Munich Re, with specific responsibility for the group's accounting and controlling activities. She is currently serving in non-executive capacities as chairperson of Hannover Finanz GmbH and as a member of the supervisory board of Deutsche Hypothekenbank Actiengesellschaft. Dr Koenig has been a member of the CFO Forum of European insurers, where she has been actively engaged in the IASB's project on insurance contracts. Her term expires 30 June 2014.

Patricia McConnell

Patricia McConnell joined the IASB as of 1 July 2009. She is former Senior Managing Director, Equity Research, Accounting and Tax Policy Analyst, Bear Stearns & Co. In a 32-year career in Bear Stearns' Equity Research group, Ms McConnell established herself as one of the leading analysts in the United States on issues related to accounting. Institutional Investor magazine ranked her the leading analyst in the United States on accounting and tax matters for 16 consecutive years from 1991 to 2006. Throughout her career, she has been an active participant in accounting standard-setting activities as a member of the IASB's Standards Advisory Council, the International Accounting Standards Committee (the IASB's predecessor body), the CFA Institute's Corporate Disclosure Policy Council, and the New York Society of Security Analysts. Her term expires 30 June 2014.

Warren McGregor

Warren McGregor was appointed to the International Accounting Standards Board in January 2001. Before joining the Board, he was a founding Director of Stevenson McGregor, a boutique accounting practice specialising in financial reporting and accounting standards. Prior to that, he was for 10 years the Executive Director of the Australian Accounting Research Foundation (AARF), the body that until 30 June 2000 was responsible for providing technical support to the Australian Accounting Standards Board (AASB) in the development of Australian Accounting Standards. From 1983 to 1999, he attended meetings of the IASC as Technical Adviser to the Australian delegation. He was Chairman of the IASC's Insurance Steering Committee. Warren was a founding member of the G4+1 Group of national accounting standard setters. His term expires 30 June 2011.

Paul Pacter

Mr Pacter brings significant experience as a standard-setter, both at the IASB and at the US Financial Accounting Standards Board (FASB). He previously served as Deputy Director of Research at the FASB and as Executive Director of its parent foundation, was Vice Chairman of the Advisory Council to the US Government Accounting Standards Board (GASB), and more recently led the development of the International Financial Reporting Standard for SMEs (IFRS for SMEs), as well as numerous other projects on behalf of the IASB. Mr Pacter has extensive experience in global financial reporting, particularly in Asia and the United States. Since 2000, in addition to his IASB responsibilities Mr Pacter was a part-time Director in Deloitte's Global IFRS Office and a specialist in Chinese accounting standards, and has developed and managed the popular IAS Plus financial reporting website. Upon joining the IASB, Mr Pacter will resign from his role at Deloitte. Mr Pacter graduated magna cum laude from Syracuse University and received his PhD from Michigan State University in 1967. He is a Certified Public Accountant (inactive). He won the Distinguished Graduate Teaching Award at the University of Connecticut. His term expires 30 June 2012.

John T. Smith

John T. Smith was appointed to the IASB in September 2002 as a part-time Board member. He became a full-time member on 1 July 2007. Mr Smith was a partner in Deloitte & Touche (USA), serving as national director of accounting policies and standards. Mr. Smith represented Deloitte & Touche on the Emerging Issues Task Force of the US Financial Accounting Standards Board (FASB). He was a member of the FASB's Derivatives Implementation Group (DIG) and Financial Instruments Task Force. He also served on the former International Accounting Standards Committee (IASC), International Financial Reporting Interpretations Committee (IFRIC), Standing Interpretations Committee (SIC), and as chairman of IASC's IAS 39 Implementation Guidance Committee. He regularly makes presentations on accounting matters, particularly financial instruments and hedging activities. His term expires 30 June 2012.

Tatsumi Yamada

Tatsumi Yamada was appointed to the International Accounting Standards Board in January 2001. Until his appointment, he was a Partner of the Japanese affiliated firm of PricewaterhouseCoopers. He was also a member of the Business Accounting Deliberation Council and the Financial System Council on Insurance subcommittee. In addition he was a member of the Executive Committee of the IASC and a member of the Japanese delegation at the Board of IASC. Mr Yamada represented Japan on the Financial Instruments Joint Working Group of Standard Setters and was a member of the former IAS 39 Implementation Guidance Committee. In 1990-3, he was seconded to Corporation Finance Research Institute (COFRI), as manager in charge of Research and Development of Financial Accounting Standards, which involved a working knowledge of International Accounting Standards, US GAAP and UK Financial Reporting Standards. Previously he had worked for the Sumitomo Corporation in Japan and the UK. Mr Yamada was visiting lecturer on International Accounting Standards at Seijyo University in 1997-98. He has published several books on accounting issues, including tax-effect accounting, accounting for financial instruments and accounting for pensions. His term expires 30 June 2011.

Wei-Guo Zhang

Wei-Guo Zhang began a five-year term as a member of the IASB on 1 July 2007. Prior to then, he was Chief Accountant and Director General of the Department of International Affairs of the China Securities Regulatory Commission (CSRC). He joined the CSRC as its Chief Accountant in 1997. While at the CSRC, Dr Zhang has had experience in a number of national and international standard-setting, and regulatory activities. Since 2002, Dr Zhang has been a member of Standing Committee No.1 on Accounting, Auditing and Disclosure of the Technical Committee of the International Organization of Securities Commissions (IOSCO). He has also been a member of the China Accounting Standards Committee since 1998 and the China Auditing Standards Committee since 2004. Before joining the CSRC, Dr Zhang was Head of the Department of Accounting at Shanghai University of Finance and Economics (SUFE), where he also received his PhD in economics. His term expires 30 June 2012.

One vacancy*

*In February 2010, the IASCF Trustees announced the appointment of Darrel Scott to a five-year term as full-time member of the IASB starting October 2010.

Darrel Scott

Mr Scott is CFO of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He begins his first term on the IASB on 1 October 2010. At FirstRand, he has responsibility for both statutory and regulatory financial reporting under the Basel II Accords. He serves on various governance, risk, operations and strategic committees of the Group. Mr Scott is also a member of the IASB's International Financial Reporting Interpretations Committee (IFRIC), a position from which he will resign to become an IASB member, and was formerly a member of the IASC Foundation's Standards Advisory Council (SAC). His term expires 30 June 2014.

• 25 The main qualifications for membership of the IASB shall be professional competence and practical experience. The Trustees shall select members of the IASB, consistently with the Criteria for IASB Members set out in the Annex to the Constitution, so that it will comprise a group of people representing, within that group, the best available combination of technical expertise and diversity of international business and market experience in order to contribute to the development of high quality, global accounting standards. The members of the IASB shall be required to commit themselves formally to acting in the public interest in all matters. No individual shall be both a Trustee and an IASB member at the same time.

• 26 In a manner consistent with the Criteria for IASB Members as set out in the Annex to the Constitution and in order to ensure a broad international basis, there shall normally be, by 1 July 2012:
  • (a) four members from the Asia/Oceania region;
  • (b) four members from Europe;
  • (c) four members from North America;
  • (d) one member from Africa;
  • (e) one member from South America; and
  • (f) two members appointed from any area, subject to maintaining overall geographical balance.
  The work of the IASB shall not be invalidated by its failure at any time to have a full complement of members according to the above geographical allocation, although the Trustees shall use their best endeavours to achieve the geographical allocation.

• 27 The Trustees shall select IASB members so that the IASB as a group provides an appropriate mix of recent practical experience among auditors, preparers, users and academics.

Criteria for IASB Members: Annex to the IASC Foundation Constitution as of 1 February 2009

The following would represent criteria for IASB membership:

1. Demonstrated Technical Competency and Knowledge of Financial Accounting and Reporting. All members of the IASB, regardless of whether they are from the accounting profession, preparers, users, or academics, should have demonstrated a high level of knowledge and technical competency in financial accounting and reporting. The credibility of the IASB and its individual members and the effectiveness and efficiency of the organisation will be enhanced with members who have such knowledge and skills.

2. Ability to Analyse. IASB members should have demonstrated the ability to analyse issues and consider the implications of that analysis for the decision-making process.

3. Communication Skills. Effective oral and written communication skills are necessary. These skills include the ability to communicate effectively in private meetings with IASB members, in public meetings, and in written materials such as accounting standards, speeches, articles, memos and correspondence with constituents. Communication skills also include the ability to listen to and consider the views of others. While a working knowledge of English is necessary, there should not be discrimination in selection against those for whom English is not their first language.

4. Judicious Decision-making. IASB members should be capable of considering varied viewpoints, weighing the evidence presented in an impartial fashion, and reaching well-reasoned and supportable decisions in a timely fashion.

5. Awareness of the Financial Reporting Environment. High quality financial reporting will be affected by the financial, business and economic environment. IASB members should have an understanding of the global economic environment in which the IASB operates. This global awareness should include awareness of business and financial reporting issues that are relevant to, and affect the quality of, transparent financial reporting and disclosure in the various capital markets worldwide, including those using International Financial Reporting Standards.

6. Ability to Work in a Collegial Atmosphere. Members should be able to show respect, tact and consideration for one another's and constituents' views. Members must be able to work with one another in reaching consensus views based on the IASB's objective of developing high quality and transparent financial reporting. Members must be able to put the objective of the IASB above individual philosophies and interests.

7. Integrity, Objectivity and Discipline. The credibility of members should be demonstrated through their integrity and objectivity. This includes intellectual integrity as well as integrity in dealing with fellow IASB members and constituents. Members should demonstrate an ability to be objective in reaching decisions. Members also should demonstrate an ability to show rigorous discipline and carry a demanding workload.

8. Commitment to the IASC Foundation's Mission and Public Interest. Members should be committed to achieving the objective of the IASC Foundation of establishing international accounting and financial reporting standards that are of high quality, comparable, and transparent. A candidate for the IASB also should be committed to serving the public interest through a private standard-setting process.