The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards—IFRS Standards—and to promote and facilitate their adoption. IFRS Standards are developed by two standard-setting boards, the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The IASB is responsible for the development of IFRS Accounting Standards and the ISSB is responsible for the development of IFRS Sustainability Disclosure Standards. The work of the standard-setting boards is overseen by the 22 Trustees of the IFRS Foundation who themselves are publicly accountable to a Monitoring Board of capital market authorities.
The IFRS Advisory Council is the formal strategic advisory body to the Trustees, the IASB and the ISSB. It consists of 56 representatives, comprising organisations and individuals with an interest in international corporate reporting from diverse functional and geographical backgrounds. Members include investors and other users of corporate reports, preparers, academics, auditors, regulators, professional accounting bodies, standard-setters and multilateral organisations.
The Trustees are seeking seven new Advisory Council members to succeed members whose terms end on 31 December 2023. Appointments are for a three-year term and may be renewed once, for a further term of three years.
The Trustees are seeking nominations from organisations with knowledge and interest in international corporate reporting to support the IFRS Foundation’s work. These may include representatives from global, regional or local organisations and from developed and emerging and developing economies. Whilst all types of organisations will be considered, the Trustees are particularly seeking interest from organisations involved in sustainability-related disclosures and wider corporate reporting, investors and other users of corporate reports, corporate governance organisations, technology firms and organisations representing small and medium-sized enterprises (SMEs).
It is expected that nominated individuals will be highly experienced persons in their organisation, and be competent in advising on strategy and able to help shape the future of corporate reporting. While financial reporting knowledge is needed, the Trustees are not necessarily seeking candidates who are accountants or familiar with the detailed requirements of IFRS Standards. The Trustees will also consider applications from individuals on their own behalf.
In addition to the seven new appointments, eight members of the Advisory Council are eligible to be considered for reappointment. Reappointments are not guaranteed, and given the broadened remit of the Advisory Council following the commencement of the ISSB in 2022, member organisations whose individual representative is eligible to serve a second term will be considered alongside any new applications and/or nominations received.
The Trustees aspire to have a pool of applicants that have a balanced gender mix and have the relevant skill set, background and experience as indicated in the criteria for membership. Accordingly, organisations nominating representatives to the Advisory Council are expected to put forward for the Trustees’ consideration a diverse set of qualified candidates.
The Advisory Council normally meets twice a year for a period of two days in London. Meetings are open to the public. Individuals appointed to the Advisory Council will be expected to participate actively in all meetings. Members of the Advisory Council serve on a voluntary, unpaid basis and are required to pay their own expenses.
Please indicate interest by sending a covering letter, letter of support from the organisation that is to be represented and curriculum vitae by 29 September 2023* to Michel Madelain, Chair of the Nominating Committee, by email to email@example.com.
*Nominations received after 29 September 2023 cannot be guaranteed consideration by the Trustees.