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Summary of the EFRAG Supervisory Board meeting details timing of new EFRAG structure

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

28 May 2014

The summary of the European Financial Reporting Advisory Group (EFRAG) Supervisory Board meeting held on 22 May 2014 has been published on the EFRAG website. One of the points discussed was the effective date of the new EFRAG structure that results from considerations after the publication of the Maystadt report.

During its meeting, the EFRAG Supervisory Board finalised the revised EFRAG Statutes and EFRAG Internal Rules. After a final fatal flaw review by existing and future members these will be submitted to the EFRAG General Assembly for approval on 16 June 2014.

The effective Date of the new documents and thus of the new governance structure is linked to the appointment of the president of the new EFRAG Board. The meeting summary states that the European Commission will only be able to nominate the President of the EFRAG Board after having heard the European Parliament and the Council of Ministers. Given the recent European Parliament elections, the effective date will therefore be at earliest a date in September 2014. In the interim period between 16 June and the effective date the members of the new EFRAG Board will be nominated.

Until the effective date the existing governance structure remains operational under the existing EFRAG Statutes and EFRAG Internal Rules.

Please click for access to the full meeting summary on the EFRAG website.

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