The Trustees of the IASC Foundation decided in July 2008 to reconstitute the membership of the SAC as a group of representatives of stakeholder organisations around the world; the change was made when the appointments of the previous SAC members expired at the end of 2008. The composition of the new SAC, including the reappointment of some former SAC members, reflects the Trustees’ conscious effort to reach out more widely to analyst and investor groups. This change of emphasis was underlined by the appointment as vice-chairmen of Charles Macek, non-executive director of Telstra and Wesfarmers and a former chairman of the Australian Financial Reporting Council. as a vice-chairman of the council. In this position he was joined by Patrice Marteau, chairman of ACTEO and chairman of the Accounting Committee of Business Europe. Paul Cherry thinks that the appointment of these two vice-chairman will greatly benefit the SAC’s outreach potential. He is also convinced that the changed composition of the SAC will make a difference: ‘Having representatives of so many important stakeholder groups coming together and meeting the IASB three times a year will help to create a stronger link between the IASB and those organisations.’

However, this first meeting, attended by 42 members, was not only concerned with introducing the members to their role. The SAC also discussed technical issues such as the IASB’s work plan and response to the financial crisis. Paul Cherry commented: ‘There seemed to be general support for the IASB’s response to the current financial crisis. As you would expect, there is a range of views about the major projects and priorities.’ For him, this is part of the SAC’s mandate, he said: ‘The SAC welcomes the opportunity to provide the IASB with feedback from our constituencies and advice on technical and strategic issues.’ According to Paul Cherry members seem to have one priority: ‘Members want to feel that there is a dialogue between the IASB and the SAC and I am sure that will happen.’