IFRS Foundation Trustees
Overview
Number of trustees
There are currently 22 Trustees. Initially, the Foundation Board of Trustees had 19 Trustees.
Geographical balance of trustees
The IFRS Foundation Constitution requires the following geographic balance for Trustees:
- Six from the Americas
- Six from Europe
- Six from the Asia/Oceania region
- One from Africa
- Three from any area, subject to establishing overall geographical balance.
Backgrounds of trustees
The constitution requires an appropriate balance of professional backgrounds, including auditors, preparers, users, academics, and other officials serving the public interest. Two will normally be senior partners of prominent international accounting firms.
Selection of trustees
Trustees are appointed by the Board of Trustees itself (self-perpetuating board). Trustees adopt their own procedures for appointing trustees. Those procedures must include consultation with national and international organisations of auditors (including IFAC), preparers, users, and academics and public solicitation of nominees including self-nominations. To achieve this objective, the trustees have established a Trustee Appointments Advisory Group. The trustees will consult that body before making decisions on trustee appointments.
Current IFRS Foundation Trustees
| Trustee | From | Term Expires |
|---|---|---|
| Erkki Liikanen, Chairman of the Trustees Mr Liikanen has worked in various leadership positions which included serving as Governor of the Bank of Finland, Governor of the International Monetary Fund, and member of the Governing Council of the European Central Bank. |
Finland | October 2021 |
| Takafumi Sato, Vice-Chair President of Japan Exchange Regulation. Formerly a Commissioner of the Financial Services Agency and a founding member of the IFRS Foundation Monitoring Board |
Japan | 31 December 2020 |
| Sheila Fraser, Vice-Chair Member of the International Public Sector Accounting Standards Board (IPSASB); former Auditor General of Canada; former Chair of the Canadian Public Sector Accounting Board |
Canada | 31 December 2019 |
| Guillermo Babatz Managing Partner at Atik Capital, S.C.; former Executive Chairman of Comisión Nacional Bancaria y de Valores (CNBV); former Chief Executive Officer of Sociedad Hipotecaria Federal (SHF) |
Mexico | 31 December 2021 |
| Alan Beller Partner at Cleary Gottlieb Steen & Hamilton LLP; member of the Board of Directors of The Travelers Companies; former Director of the Division of Corporation Finance of the US Securities and Exchange Commission (SEC) and Senior Counsellor to the SEC |
United States | 31 December 2020 |
| Else Bos Chief Executive Officer of PGGM in the Netherlands; member of the Dutch Monitoring Committee for Corporate Governance |
The Netherlands | 31 December 2019 |
| Dame Colette Bowe Chairman of the UK Banking Standards Board; board member of the UK Statistics Authority; trustee and chairman of the audit committee of the Nuffield Foundation |
United Kingdom | 31 December 2020 |
| Werner Brandt Chairman of the Board of the German Financial Reporting Enforcement Panel (FREP); member of the Supervisory Board of several prominent German companies; former member of the Board of the Accounting Standards Committee of Germany (DRSC) |
Germany | 31 December 2020 |
| Suresh P. Kana Chairman of the South-African standard-setter, the Financial Reporting Standards Council; also chairs the King Committee on Corporate Governance in South Africa and the Audit Committee of the United Nations World Food Programme) |
South Africa | 31 December 2021 |
| Teresa Ko China chairman and partner of Freshfields Bruckhaus Deringer; non-executive director of the Securities and Futures Commission of Hong Kong |
Hong Kong | 31 December 2020 |
| Se-Keun Kwak Professor of Accounting at Seoul National University and member of the Korea Accounting Standards Board's Strategic Advisory Committee |
Republic of Korea | 31 December 2019 |
| Larry Leva Global vice-chairman for quality, risk and regulatory at KPMG International |
United States | 31 December 2020 |
| Michel Madelain Current vice chairman and former president of Moody’s Investors Service; former partner of EY in France |
France | 31 December 2020 |
| Kazuyuki Masu Executive Vice President and CFO of Mitsubishi Corporation; Director of the Japan Investor Relations Association and member of the Japan Business Federation’s committees on taxation and finance and accounting |
Japan | 31 December 2021 |
| Ross McInnes Chairman of the board of Safran; non-executive director and chair of the audit committee at Eutelsat; non-executive director at Lectra |
France | 31 December 2020 |
| Vinod Rai Former comptroller and auditor general of India; former chairman of the UN Panel of External Auditors |
India | 31 December 2020 |
| Lucrezia Reichlin Professor of economics at London Business School; former director general of research at the European Central Bank; non-executive director of several financial companies |
Italy | 31 December 2020 |
| Maria Helena Santana Chair and President of the Comissao de Valores Mobiliarios (CVM) |
Brazil | 31 December 2019 |
| Kurt Schacht Managing Director, CFA Institute; Chairman, US Securities and Exchange Commission’s Investor Advisory Committee |
United States | 31 December 2020 |
| Sarah J. Al Suhaimi Chair of the Board of Directors of Tadawul, the Saudi Stock Exchange, and CEO of NCB Capital, the investment banking arm of Saudi Arabia’s National Commercial Bank |
Saudi Arabia | 31 December 2021 |
| Lynn Wood Chairman of the Australian Financial Reporting Council (FRC); member of the New Zealand External Reporting Board (XRB) |
Australia | 31 December 2019 |
| Guangyao Zhu Vice Finance Minister at China's Ministry of Finance; Chairman of Accounting Society of China |
People's Republic of China | 31 December 2019 |
| Note: At their meeting in January 2010, the Trustees voted to rename the IASC Foundation to the IFRS Foundation. The name change was implemented as of 31 March 2010. | ||
