The Monitoring Board was created in January 2009 with the aim of 'providing a formal link between the Trustees and public authorities' in order to enhance the public accountability of the IFRS Foundation.
The Monitoring Board's main responsibilities are to ensure that the Trustees continue to discharge their duties as defined by the IFRS Foundation Constitution, as well as approving the appointment or reappointment of Trustees. The Monitoring Board meets the Trustees at least once a year, or more often if appropriate
The Monitoring Board consists of capital markets authorities responsible for setting the form and content of financial reporting. Through the Monitoring Board, securities regulators that allow or require the use of IFRS in their jurisdictions will be able to more effectively carry out their mandates regarding investor protection, market integrity, and capital formation.
The Monitoring Board carried out an independent review of the governance framework of the Monitoring Board and the IFRS Foundation in 2010-2011. The governance review allowed the Monitoring Board to review, inter alia, its own structure, whether it provides appropriate representation for relevant authorities and whether the Foundation’s current governance structure functions effectively.
The Monitoring Board published the results of its Governance review in February 2012, and identified a number of enhancements to the governance framework and included an action plan for their implementation. The Monitoring Board decided to expand its membership to include additional authorities, primarily from major emerging markets (a maximum of four) and also to establish a mechanism to allocate two rotating seats in consultation with IOSCO. The Monitoring Board also introduced a periodic evaluation and assessments process for existing members every three years, beginning in 2013, against specified criteria for membership.
The Monitoring Board developed the IFRS Foundation Monitoring Board work plan and intends to update the plan periodically.