14 December 2017

IFRS Foundation appoints seven new Trustees

The IFRS Foundation has appointed seven new Trustees. The current Chair of the Trustees Michel Prada will continue in his post until a successor is in place, with Sheila Fraser and Takafumi Sato as vice-chairs.

The IFRS Foundation Trustees are responsible for the governance and oversight of the International Accounting Standards Board, which sets IFRS Standards.

The new Trustees, appointed for a three-year term starting 1 January 2018, are:

Name  Background 
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
Larry Leva Global vice-chairman for quality, risk and regulatory at KPMG International
Michel Madelain
Current vice chairman and former president of Moody’s Investors Service; former partner of EY in France
Ross McInnes
Chairman of the board of Safran; non-executive director and chair of the audit committee at Eutelsat; non-executive director at Lectra 
Vinod Rai
Former comptroller and auditor general of India; former chairman of the UN Panel of External Auditors
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
Teresa Ko
China chairman and partner of Freshfields Bruckhaus Deringer; non-executive director of the Securities and Futures Commission of Hong Kong

Mr Prada has been the Chair of the Trustees since 1 January 2012 and was due to retire from the Trustees at the end of 2017. The identification of his successor has taken longer than anticipated and therefore Mr Prada has agreed to remain in place until the appointment process is completed.  

At the Trustee meeting held in Brazil 7-9 November 2017, the Trustees unanimously agreed to an extension of Mr Prada’s term, pending the appointment of his successor.

Sheila Fraser’s term as vice-chair has been extended until December 2019, and Takafumi Sato replaces Ronald Arculli as the second vice-chair from 1 January 2018, following Mr Arculli’s retirement as a Trustee at the end of 2017.

The Monitoring Board, which provides the formal link between the Trustees and public authorities and to which the Trustees are accountable, support the Trustees’ decision to extend Mr Prada’s term. The Monitoring Board has also approved the Trustee appointments.

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