19 June 2018

IFRS Foundation consults on narrow-scope changes to its Constitution

The Trustees of the IFRS Foundation, responsible for the oversight and governance of the International Accounting Standards Board, have proposed narrow-scope changes to the IFRS Foundation's Constitution to increase the maximum tenure of the Trustee Chair and Vice-Chairs.

The proposed amendments are to increase the maximum tenure of the Trustee Chair from six to nine years―three three-year terms―including any previous period that they may have served as a Trustee. There is also an amendment to provide the option to appoint the Chair either from among the Trustees, or externally.

The proposals also make it clear that the Vice-Chairs will be appointed from among the Trustees, and may serve a maximum period of nine years, which includes time served as a Trustee.

The changes would provide flexibility in safeguarding the Foundation's stability through the continuity of its leadership, whilst ensuring there is appropriate diversity and independence among the Trustees. The changes would also clarify the requirements for Trustee reappointments.

The proposed amendments are set out in the Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice Chairs and published for public consultation. Comments can be submitted and the deadline is 17 September 2018.

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