The Trustees’ responsibilities include, but are not limited to:
- appointing members of the IASB, the IFRS Interpretations Committee and the IFRS Advisory Council;
- establishing and amending the operating procedures, consultative arrangements and due process for the IASB, the Interpretations Committee and the Advisory Council;
- reviewing annually the strategy of the IASB and assessing its effectiveness; and
- ensure the financing of the IFRS Foundation and approve annually its budget.
In exercising their governance responsibilities, the Trustees may reconsider or amend the IASB’s due process or recommend, for example, improvements to the IASB’s outreach activities. In addition, the Constitution requires the Trustees to undertake a formal, public review of the structure of the IFRS Foundation, its governance arrangements and its effectiveness in fulfilling the organisation’s objectives every five years.
The Trustees’ effectiveness in exercising their functions is assessed by the Trustees’ Due Process Oversight Committee, which sets yearly objectives for the Trustees and makes regular progress reports. The Trustees are accountable to a Monitoring Board of public authorities.