The SAC meets three times a year to advise the IASB on issues including the IASB’s agenda and work programme. The first meeting of the new SAC will be on 23 and 24 February in London.

In appointing the reconstituted SAC, the Trustees have restructured the membership so that the SAC is constituted of individuals from representative organisations that have an interest in standard setting and represent relevant constituencies. The Trustees believe that this adaptation of the SAC will enable the IASB to receive views reflecting a wider range of interested parties and give greater authority to views received.

The Trustees also announced two vice-chairmen to serve alongside Paul Cherry, the recently appointed SAC chairman. The two vice-chairmen are Charles Macek, non-executive Director of Telstra and Wesfarmers and a former Chairman of the Australian Financial Reporting Council, and Patrice Marteau, Chairman of ACTEO and Chairman of the Accounting Committee of Business Europe. Mr Macek, an experienced investment professional and company director, and Mr Marteau, a former financial executive of a public company, will bring broad experience in international capital markets to the SAC leadership and will enhance liaison among SAC members internationally.

Commenting on the appointments, Gerrit Zalm, Chairman of the Trustees of the IASC Foundation, said:

The SAC is the primary advisory body for the IASB and therefore fulfils an important role in guiding the Board in its development of IFRSs. The Trustees believe that the composition of the new SAC, bringing together individuals from a broad range of organisations with an interest in standard-setting will strengthen the relationship between the IASB and its stakeholders.

Sir David Tweedie,Chairman of the IASB, said:

The new SAC, under the leadership of Paul, Charles and Patrice, will provide an important sounding board for the IASB. Input from the various bodies represented on the SAC will be of great assistance to the Board throughout the standard-setting process.

Paul Cherry, Chairman of the SAC, said:

The Trustees have assembled an impressive membership for the new SAC and I look forward to working with the group. I thank Charles and Patrice for agreeing to serve as vice-chairmen, and the other members of the new SAC for contributing their time and expertise to this important advisory body.