Trustee Appointments are made with the approval of the Monitoring Board (MB).
Proposed process for appointments
- Each year the appointments process is approved by the Trustees and sent to the MB for their approval.
- The Trustees advertise the Trustee position(s) becoming available on the IFRS Foundation website and the Economist, in order to invite nominations. The nomination process is open for a period of at least four weeks.
- The Chair of the Trustees' Nominating Committee writes to relevant stakeholder groups, including the Monitoring Board, current and former Trustees to seek nominations.
- The Nominating Committee reviews the candidate names and, taking into account the Conflict of Interest Policy, agrees a shortlist which is subsequently agreed by the full Trustee group before any appropriate follow-up actions are taken.
- The Nominating Committee Chair and at least two Nominating Committee Members meet with the shortlisted candidates.
- Following the candidate meeting, the Nominating Committee will discuss and agree a recommendation to the full Trustee group to proceed with suitable candidates.
- Assuming candidates are interested, they are sent a consent form and asked to complete and sign a register of interest prior to extensive due diligence checks that are undertaken by a specialist third-party organisation.
- Once the checks have been completed they are reviewed by the Chair of the Nominating Committee, one other Trustee and IFRS Foundation Executives. Subsequently, the material is then reviewed by the rest of the Nominating Committee and sent to the full Trustee group.
- Assuming these checks do not highlight matters that would prevent an appointment, approval to proceed will be sought from the Nominating Committee and then all Trustees.
- The candidate recommendation, their biographical notes and the Nominating Committee assessment of the due diligence material is then sent to the Monitoring Board.
- The Monitoring Board will follow its own appointment process.
For reappointments the following adjustments are made:
- Trustees eligible to serve a second term are asked whether they wish to be considered for reappointment.
- If a Trustee confirms their interest in serving a second term, their application is considered by the Nominating Committee alongside the Committee's consideration of other candidates as set out above.
- Due diligence procedures are followed as set out above although these are limited to the period of their first term, ie the last three years.
- Once due diligence checks are completed satisfactorily the Trustees will send the Monitoring Board a summary of the findings and a recommendation to consider reappointment. The Monitoring Board then completes its own approval process.
Further information
When considering potential candidates for At Large vacancies, the criteria, published in the Structure and Effectiveness Review, November 2016, are followed:
- Individuals with global experience who do not fit easily into any one geographical category;
- Individuals from emerging economies;
- Individuals from countries that do not fit easily into any one geographical category; or
- Individuals from one of the specific geographical regions referred to in the Constitution, but who, in the opinion of the Trustees, are assessed as having exceptional skills and experience that would be of benefit to the Trustees as a whole
