Under the 10-year leadership of Sir David Tweedie, the IASB has succeeded in establishing International Financial Reporting Standards (IFRSs) as the accepted set of financial reporting standards in more than 100 countries. As the organisation’s second decade begins, the goal of a single, high-quality and globally accepted set of accounting standards is within reach. The new chairman brings a strong understanding of, and an ability to navigate through, the challenges facing the IASB on the path to global IFRS adoption.
Both Mr Hoogervorst and Mr Mackintosh, who will serve as vice-chairman, have demonstrated a firm commitment to protecting the independence of the standard-setting process and acting in the interest of investors and other stakeholders.
The appointments mark the end of a nearly year-long international search process. Trustees sought nominations from more than 500 stakeholder organisations, considered more than 300 candidates from 28 countries before compiling a reduced list of 45 individuals from 20 countries. The appointments were unanimously approved by Trustees during their October 12 and 13 meeting in Seoul, Republic of Korea.
Commenting on the appointments, Tommaso Padoa-Schioppa, chairman of the Trustees said:
"I am delighted that we have succeeded in identifying a strong team to lead the IASB in its second decade. Hans is a senior and well-respected securities regulator who has a strong record defending the principles of transparency and independence. Ian is an accomplished accounting expert and international standard-setter."
"In announcing the appointments, I would also like to express my deep thanks to Sir David Tweedie, who through a combination of personal determination and limitless energy has transformed the international financial reporting landscape."
"Finally, I want to thank Sir Bryan Nicholson, who as chairman of the Trustees’ nominating committee led the search process to a successful conclusion."
Sir David Tweedie, current chairman of the IASB said:
I am delighted that the Trustees have chosen Hans, supported by Ian, to lead the IASB. I got to know Hans when he co-led the Financial Crisis Advisory Group and I have worked with Ian for many years. Their skill sets are entirely complementary. This is an excellent outcome.
Hans Hoogervorst, chairman-elect of the IASB said:
"As a securities and market regulator I have investor protection in my DNA. I strongly believe that a global set of accounting standards, set for investors by an independent standard-setter, is an essential component for the world’s financial markets. These will remain my priorities. The IFRS story is a remarkable one. I relish the opportunity to build on the great work of Sir David Tweedie and to lead the organisation into a second decade of success."
Ian Mackintosh, vice-chairman-elect of the IASB said:
"I welcome the opportunity to serve as vice-chairman of the IASB, and to work with Hans and my new colleagues on the Board in developing the highest quality standards. As a national standard-setter and someone long involved in the standard-setting process I understand the challenges facing the organisation. I am strongly committed to the cause of global standards."
© IASB - International Accounting Standards Board
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