Review of the role of the Advisory Council

Date recorded:

Anne Molyneux introduced the session, explaining why are this was being done and why now.  She noted that the last self-assessment was about three years ago and thus it was about the right time to re-assess.  Given the high turnover in membership in the near future (20 members in 2013), the survey was an efficient way to gather evidence from Council members.  She noted that surveys were sent to the Council and, separately, IASB and IFRSF Trustees.

She reviewed the results of the survey responses received to date:

  • In general, Council thinks that its objectives are appropriate and that the objectives were being met.  There was a strong emphasis on strategic issues and focus on long-term issues
  • Membership: There was a general sense that the Council has a sufficiently broad range of collective expertise, experience and geographical representation to ensure its effective and efficient operation.  In addition, most thought the size was appropriate.
  • Operating procedures were deemed appropriate and operating efficiently, with a couple of minor exceptions
  • Interaction with the Trustees and IASB was thought appropriate and at the right level
  • Overall, it was thought that the Council was meeting its objective and stated purpose.  However, assessment of the IASB and IFRSF Trustees still needs to be received.

A Council vice-chair asked the Council to re-consider meeting elsewhere, perhaps in conjunction with other meetings (e.g., Trustees, ASAF or WSS).  Tokyo was mentioned, in support for the IFRS Foundation office there.

The Chairman thanked Ms Molyneux for her work.  He also undertook to work with the senior staff to assess the possibility of coordinating meetings.  If possible, the Council expressed willingness to meet outside London.

Ms Molyneux continued:

  • Interactions with the IASB and Trustees are improving.  David Loweth is opening up new channels of potential interaction with the Trustees.  The IASB’s bases for conclusions and feedback statements make explicit reference to the views of Council.

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