Financial Crisis Advisory Group (FCAG)

FCAG (Financial Crisis Advisory Group) (mid blue)


On 30 December 2008, the IASB and the FASB announced the membership of the Financial Crisis Advisory Group (FCAG).

The FCAG is a high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis.

Initial membership

Prior to the announcement of the final composition of the FCAG, the boards had previously announced that the group will be jointly chaired by Harvey Goldschmid, former US SEC Commissioner, and Hans Hoogervorst, Chairman, AFM (the Netherlands Authority for the Financial Markets).

Initial membership of the FCAG was as follows:

  • John Bogle, Founder, Vanguard, United States
  • Jerry Corrigan, Goldman Sachs and former President of the New York Federal Reserve Bank, United States
  • Fermin del Valle, former President, IFAC, Argentina
  • Jane Diplock, Chairman, IOSCO Executive Committee, New Zealand
  • Raudline Etienne, Chief Investment Officer, New York State Common Retirement Fund
  • Stephen Haddrill, Director General, Association of British Insurers, UK
  • Toru Hashimoto, former Chairman, Deutsche Securities Limited, Japan
  • Nobuo Inaba, former Executive Director, Bank of Japan, Japan
  • Gene Ludwig, former Controller of the Currency, United States
  • Yezdi Malegam, Board Member, National Reserve Bank of India, India
  • Klaus-Peter Muller, Chairman of the Supervisory Board, Commerzbank, Germany
  • Don Nicolaisen, former Chief Accountant, US Securities and Exchange Commission, United States
  • Wiseman Nkuhlu, Chairman of the Audit Committee, AngloGold Ashanti; former Economic Advisor to the President of the Republic of South Africa
  • Tommaso Padoa-Schioppa, former Finance Minister, Italy
  • Lucas Papademos, Vice-President, European Central Bank
  • Michel Prada, former Chairman, Autorite des marches financiers, France

There are also observers from the Basel Committee, CESR, IAIS, Japan Financial Services Agency, US SEC, and the advisory councils of IASB and FASB. The FCAG held its first meeting in London on 20 January 2009.

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