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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 North America
  • 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
Abdulrahman Al-Humaid
Chairman of the Committee for Adopting International Accounting Standards of the Saudi Organization of Certified Public Accountants (SOCPA)
Saudi Arabia 31 December 2018
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 March 2019
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
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
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
Wiseman Nkuhlu
Former Economic Adviser to former South African President Thabo Mbeki; the first Chairman of the Steering Committee and Chief Executive of the Secretariat of the New Partnership for Africa’s Development (NEPAD); former President of the South African Institute of Chartered Accountants; former Chairman of the South African Council of Higher Education; former President of the International Organization of Employers. Chancellor of the University of Pretoria.
South Africa 31 December 2018
Joji Okada
Chief Financial Officer, Senior Executive Managing Officer and Representative Director of Mitsui & Company Limited; Japan
Japan 31 December 2018
Vinod Rai
Former comptroller and auditor general of India; former chairman of the UN Panel of External Auditors
India 31 December 2020
Maria Helena Santana
Chair and President of the Comissao de Valores Mobiliarios (CVM)
Brazil 31 December 2019
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
Kurt Schacht
Managing Director, CFA Institute; Chairman, US Securities and Exchange Commission’s Investor Advisory Committee
United States 31 December 2020
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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.