The IFRS Foundation has today announced the appointments of five new Trustees and the re-appointment for a second term of Trustee Maria Theofilaktidis.
The newly appointed IFRS Foundation Trustees bring wide-ranging skills and expertise from Asia, Europe and South America. The appointments deliver on the Trustees’ 2021 commitment that when they broadened the Foundation’s remit to include sustainability standard-setting, they would also ensure that the backgrounds and experience of the Trustees continued to develop in line with that broadening remit.
The Trustees are responsible for the strategy, governance and oversight of the Foundation, including the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).
Koushik Chatterjee is the Executive Director, Chief Financial Officer, and board member of Tata Steel Limited. During his 27-year tenure with Tata Group, Mr Chatterjee has had responsibility for its global financial function. As Chief Financial Officer, he leads the financial stewardship of the company, which includes financial and corporate reporting, corporate governance, financial and mergers-and-acquisitions strategies, and sustainable finance. He is also a member of the Task Force on Climate related Financial Disclosures and the Task Force on Nature Related Financial Disclosures and has recently been appointed as a member of the Advisory Board of United Nations Global Compact CFO Coalition for Sustainable Development Goals, He has also been on the International Integrated Reporting Council and the board of the Value Reporting Foundation, before it was consolidated into the IFRS Foundation.
Sukjoon Lee has a wealth of governmental experience in South Korea, serving in director roles for 35 years for various financial departments and helping to improve financial transparency in the public sector. While he was Standing Commissioner for the Financial Services Commission, Mr Lee oversaw the initial application of IFRS Accounting Standards in Korea and played a pivotal role in laying the foundations for successful implementation. He also has in-depth, first-hand knowledge about sustainability-related disclosures because he was involved in initiating a Korean capital-market system for green management disclosure . After serving as the capital market regulator, he became Minister of the Office for Government Policy Coordination demonstrating his competency to engage with diverse stakeholders. Mr Lee is now a senior adviser to Shin & Kim LLC.
Steven Maijoor spent a decade as chair of the European Securities and Markets Authority (ESMA), where he was involved in the convergence and coordination of financial reporting supervision in the European Union (EU); and provided advice to the IASB and to EU bodies based on his experience of supervising the use of IFRS Accounting Standards. Before taking these roles, he was a director at the Dutch Authority for the Financial Markets and was responsible for the supervision of financial reporting and auditing. Mr Maijoor is currently member of the Executive Board of De Nederlandsche Bank.
Isabel Saint Malo is the former Vice President and Foreign Minister of Panama. She was the first woman in the country to hold these positions. In this role she chaired the Social Cabinet which convenes several government ministries focusing on advancing sustainable goals. Mrs. Saint Malo is now an advocate and adviser on the United Nations’ Sustainable Development Goals and an Advanced Leadership Initiative Fellow at Harvard University.
Wencai Zhang is currently the Vice President of the Export-Import Bank of China where he oversees several departments, including financial management and accounting. Mr Zhang has more than 30 years’ experience in international, economic and financial cooperation, including being involved in the formation of many international accounting rules and standards, and has a deep understanding of the international convergence of Chinese accounting standards. Mr. Zhang previously served as the Vice President of the Agricultural Development Bank of China, and has held various other director general, vice president and governor positions including at the Chinese Ministry of Finance, the Asian Development Bank, the International Fund for Agricultural Development and many others.
Erkki Liikanen, Chair of the Trustees, said:
It gives me great pleasure to welcome these new Trustees of the IFRS Foundation. They will bring a diverse range of skills that are essential for key decision-making in the accounting and sustainability arenas.
I would like to thank Else Bos, Alexsandro Broedel, Su-Keun Kwak, Joanna Perry, and Guangyao Zhu for the significant contribution these Trustees made in their terms, during a very transformative time at the IFRS Foundation.’
All six Trustees of the IFRS Foundation will begin their three-year terms on 1 January 2023.