New EFRAG governance structure becomes effective, EFRAG Board members announced

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

31 Oct, 2014

The EFRAG General Assembly convened today, first in its old composition, then in its new composition thus rendering the new EFRAG structure effective. Part of the meeting of the new General Assembly was devoted to the appointment of EFRAG Board members (including an acting President).

In June 2014, the EFRAG General Assembly approved the new EFRAG Statutes and EFRAG Internal Rules with an effective date of 31 October and established a temporary Nominating Committee to select and recommend candidates for the new EFRAG Board.

According to the revised EFRAG Internal Rules, the EFRAG Board would be responsible for all technical positions of EFRAG, after having considered the technical advice provided by EFRAG TEG and reflecting the results of EFRAG's due process and must ensure that EFRAG follows open and transparent processes. The EFRAG Board is composed of members belonging to two pillars - eight members each from European Stakeholder Organisations and National Standard Setters.

The Nominating Committee submitted a report to the General Assembly with a proposed composition of the Board. The General Assembly accepted the proposed composition and appointed the following Board members:

  • European Stakeholder Organisations:
    • Patrice Marteau, Industrial and trading companies
    • Claes Norberg, Industrial and trading companies
    • Jorge Gil Lozano, Banks
    • Gerard Gil, Banks
    • Benoît Jaspar, Insurance companies
    • Laurence Rivat, Accountancy profession
    • Mark Vaessen, Accountancy profession
    • Hans Buysse, User
  • National Standards Setters:
    • Chairman ANC (until the appointment: Michel Barbet-Massin) (France)
    • Liesel Knorr, Chairman ASCG (Germany)
    • Angelo Caso, Chairman OIC (Italy)
    • Roger Marshall, Chairman FRC AC (UK)
    • Stig Enevoldsen, Member DASC (Denmark)
    • Peter Sampers, Incoming Chairman DASB (Netherlands)
    • Erlend Kvaal, Chairman NASB (Norway)
    • Anders Ullberg, Chairman SFRB (Sweden)

The Maystadt report had also recommended including the European Supervisory Authorities and the ECB as members, however, these have declined full membership and will be observers on the new Board.

The General Assembly also appointed Roger Marshall as acting President of the Board until a President is a elected.

Deloitte is pleased that Laurence Rivat has been appointed to the Board. Laurence is Head of the Paris IFRS Centre of Excellence of Deloitte and member of Deloitte's Global IFRS Leadership Team (GILT). She is also a member of the IFRS Interpretations Committee. Deloitte also notes with pleasure, that Stig Enevoldsen, former Deloitte partner, will represent the Danish standard-setter on the new EFRAG Board.

Please click for the press release announcing the appointments on the EFRAG website. The IASB has issued a press release welcoming the appointments.

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