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IASCF proposals for a monitoring group, enlarged IASB

  • IASC Foundation (blue) Image

11 Feb 2008

In November 2007, the Trustees of the IASC Foundation (IASCF), under which the IASB operates, announced proposals to enhance the organisation's governance arrangements and reinforce the organisation's public accountability (see our News Story of 7 Nov 2007).

Those proposals included creation of a 'monitoring group' of representatives of official organisations, including securities regulators, that would approve Trustee appointments and review Trustee oversight activities, including the adequacy of the annual funding arrangements as well as the overall budget. The monitoring group proposal was jointly Endorsed by IOSCO, SEC, EC, and FSAJ. Subsequently, the trustees began a series of consultations with key stakeholders on those proposals in the build up to the Constitution Review, which is scheduled to start later this year. At their meeting on 29-30 January 2008, the Trustees reached the following further conclusions regarding the Constitution Review (click for Press Release (PDF 67k)):
  • An accelerated consideration of a monitoring group: The Trustees will accelerate consideration of their proposals on the size, composition, and mandate of a monitoring group with the goal of reaching conclusions in the second half of 2008. Initial proposals will be published for comment in the second quarter of 2008.
  • A proposal to expand the IASB to 16 members: At the same time, the Trustees will propose a gradual expansion of the IASB to 16 members. While maintaining the existing Constitutional criteria for selecting members of the IASB, the Trustees will consider whether the Constitution should also explicitly ensure a minimum geographical balance.
  • An extended consultation process on other Constitutional matters: The Trustees intend to publish in the first half of 2008 a discussion document inviting comments and suggestions on other elements of the Constitution. The Trustees will attempt to conclude the broader review of the Constitution by the end of 2009.

 

We have created a New Page for the 2008 Constitution Review. Until completion of the review we will have a link to this page under 'IASB Structure' in the right column of this home page.

 

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