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New IFAC appointments

  • IFAC (International Federation of Accountants) (lt gray) Image

20 Jun 2012

The International Federation of Accountants (IFAC) has announced that Fayezul (Fayez) Choudhury has been selected as the new CEO of IFAC, and that Jörgen Holmquist has been appointed as the first independent chair of the International Ethics Standards Board for Accountants (IESBA).

Mr Choudhury succeeds current CEO Ian Ball, whose contract is set to expire in February 2013.  He was previously with the World Bank, where his last two assignments were as Vice President, Corporate Finance and Risk Management; and Controller and Vice President, Strategic Planning and Resource Management.

Mr. Choudhury has also served on a number of high level representative bodies, including the Public Interest Oversight Board (PIOB), the Global Steering Committee of the International Forum for Accountancy Development, and was a member of the Standards Advisory Council of the International Accounting Standards Board.  He has an MA (Hons) in Engineering Science and Economics from the University of Oxford. He is also a Fellow of the Institute of Chartered Accountants of England and Wales.

IFAC as also announced that Jörgen Holmquist has been appointed as the first independent chair of the International Ethics Standards Board for Accountants (IESBA), beginning September 2012 for a three-year term. The appointment has been approved by the Public Interest Oversight Board and adopts a recommendation by the Monitoring Group in its “Review of the IFAC Reforms — Final Report,” which was issued in 2010.

Mr. Holmquist has been a public member of the IESBA since 2011. He served as Director General, DG Internal Market and Services, European Commission from 2007 to 2010,  and before joining the EC in 1997, had previously served in the Swedish Ministry of Finance for twenty years. Mr. Holmquist holds a degree in Economics and Mathematics from the University of Stockholm, Sweden and is a Fellow of the Weatherhead Center for International Affairs at Harvard University.

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