It is important that the governance structure fosters high quality by achieving a proper balance between accountability, effective oversight and legitimacy of the IASB on one hand and its technical independence on the other. In our letter of 25 March 2011 to the IFRS Foundation Monitoring Board, we expressed support for the three tiers of governance, under which:

• the Monitoring Board provides political legitimacy and accountability by acting as the link, via competent market authorities and/ or regulators, to national governments in jurisdictions using or committed to using IFRSs and provides oversight of and pro-active advice to the IFRS Foundation;
• the IFRS Foundation Trustees oversee the day-to-day activities of the IASB and related standard-setting activities and promote the transparency of the organisation; and
• the IASB acts as an independent standard-setter, operating within a clearly defined and documented system of due process.