The new EFRAG governance structure will become effective from 31 October 2014.  In the new structure, and with the objective of Europe speaking with one voice, a new EFRAG Board will be established and will be responsible for all EFRAG positions, after having considered the technical advice provided by the EFRAG Technical Expert Group (EFRAG TEG).  The Board must also ensure that the EFRAG has an open and transparent due process including a public consultation process with European constituents on draft EFRAG positions such as discussion papers, draft comment letters, draft consultation documents and draft endorsement advices.

European stakeholder organisations and National Standard Setters are invited to nominate EFRAG Board members taking into account the profile and criteria for EFRAG Board members.  The seats are allocated as follows:

European Stakeholder Organisations: eight members:

Industrial and trading companies: two members proposed by BUSINESSEUROPE;

Banks: two members proposed by the European Banking Federation, the European Association of Cooperative Banks, the European Savings and Retail Banking Group and the European Association of Public Banks;

Insurance companies: one member proposed by Insurance Europe;

Accountancy profession: two members proposed by the FEE ("Federation of European Accountants") and the EFAA ("European Federation of Accountants and Auditors");

Users: one member proposed by the associations representing private investors (“end users”) and financial analysts;

National Standards Setters (NSS): eight members of which the NSS of France, Germany, Italy and the UK will each nominate one member.

Nominations are requested by 5 September 2014.

Click for:

• Press release (link to EFRAG website).
• EFRAG call for candidates (link to EFRAG website).
• Our UK Accounting Plus news item on the new EFRAG governance structure.