The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of two leading financial executives to the International Accounting Standards Board (IASB):
- Dr Elke König, former member of the executive board and chief financial officer (CFO) of Hannover Re Group (Germany)
- Darrel Scott, CFO of the FirstRand Banking Group (South Africa).
Dr König and Mr Scott will begin their five-year terms as full-time members of the IASB in July and October 2010 respectively.
Dr König has served as a senior financial executive in the insurance industry. From 2002 to 2009 she served as CFO of Hannover Re Group, a leading international reinsurance group. Previously she spent twelve years as a member of the senior management of Munich Re, with specific responsibility for the group’s accounting and controlling activities. She is currently serving in non-executive capacities as chairperson of Hannover Finanz GmbH and as a member of the supervisory board of Deutsche Hypothekenbank Aktiengesellschaft. Dr König has been a member of the CFO Forum of European insurers, where she has been actively engaged in the IASB’s project on insurance contracts.
Mr Scott is CFO of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He has responsibility for both statutory and regulatory financial reporting under the Basel II Accords. He serves on various Governance, Risk, Operation and Strategic Committees of the Group. Mr Scott is also a member of the IASB’s International Financial Reporting Interpretations Committee (IFRIC), a position from which he will resign to become an IASB member, and was formerly a member of the IASC Foundation’s Standards Advisory Council (SAC).
The appointments fill vacancies that will be created by the retirement of Robert Garnett and Gilbert Gélard at the end of June 2010. A search is ongoing for a replacement for Jim Leisenring, who also retires at the end of June 2010.
Commenting on the appointments, Gerrit Zalm, Chairman of the Trustees, said:
The Trustees are pleased to have secured the services of two such highly regarded financial executives to serve as members of the IASB. Their appointments further extend the practical experience of Board members in the use and preparation of financial statements, as well as that of standard-setting.
I would also like to express my thanks to Bob and Gilbert, who will be retiring at the end of June 2010. Both are founding members of the IASB and should feel proud of the contributions they have made to the development of IFRSs.
Sir David Tweedie, Chairman of the IASB, said:
I am delighted that Elke and Darrel will be joining the Board. I know Darrel well from his time on our advisory and interpretations bodies whilst Elke’s knowledge of the insurance sector will be of great benefit as we finalise the accounting for insurance contracts.
For press enquiries, please contact:
- Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472