IASCF announcement on constitution review proposals

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18 Jul 2008

The Trustees of the IASC Foundation have announced the conclusions reached at their meeting in Washington, DC on 8 and 9 July.

The main conclusions include:
  • Constitution Review Part 1. The Trustees decided to publish for public comment proposals on the first part of their review of the IASC Foundation's Constitution. The proposals would:
    • Monitoring group. Establish a link between the organisation and a Monitoring Group comprising representatives of public authorities and international organisations that have requirements for accountability to public authorities
    • IASB size and composition. Expand the IASB from 14 to 16 members and adopt new guidelines regarding the geographical diversity of the members of the IASB.
    The proposals will be released shortly and have a 20 September 2008 comment deadline. The Trustees expect to reach final decisions on this part of the Constitution Review at their meeting in Beijing on 9-10 October 2008. The changes would take effect from 1 January 2009.
  • Credit crunch. The Trustees supported the IASB's efforts to respond expeditiously to the report of the Financial Stability Forum relating to the current Credit Crunch.
  • Advisory Council. The membership structure of the Standards Advisory Council will be changed so that members would serve primarily as representatives of organisations. To accomplish this, the terms of all SAC will expire at the end of 2008. The Trustees will invite interested organisations to put forward candidates for membership. They will also seek qualified candidates to serve as chairman of the SAC (the current chairman's three-year term ends at the end of this year).
  • Review of working groups. The Trustees' Due Process Oversight Committee and the IASB have agreed to launch a review of the effectiveness of existing IASB working groups. The review will survey working group members.
  • Trustee appointments. Nine Trustees have terms expiring on 31 December 2008. Six will be reappointed for a second term – Marvin Cheung, Sam DiPiazza, Robert Glauber, Liu Zhongli, Sir Bryan Nicholson, and Mohandas Pai. Max Dietrich Kley, David Shedlarz, and Junichi Ujiie are not seeking a second term or have served a second term already. Therefore, the Trustees will advertise for one Trustee each from Asia-Oceania, Europe and North America.
Click for IASCF Press Release (PDF 56k). The Deloitte observers' report on the public part of the meeting is Here (Part 1) and Here (Part 2).

 

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