IFRS Foundation Appoints New Members

Jack Humphrey, Regulatory journalist
January 03, 2012 /

The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), appointed Yong Li and Marco Onado as Trustees.

The appointments, approved by the IFRS Foundation Monitoring Board, begin immediately and will expire on 31 December 2014. The terms are renewable once.

Yong Li is President of the Chinese Institute of Certified Public Accountants and a Vice Minister to the Ministry of Finance of the People’s Republic of China.

He is responsible for leading the Ministry’s involvement in international matters including regional and bilateral economic issues, as well as co-ordination with the G20 and financial sector supervision in China.

President Li is a former Executive Director of the World Bank and a former First Secretary of the Chinese delegation to the United Nations.

Before his current posts, he had held a range of other important positions at the Ministry of Finance, including Assistant Minister from 2000 to 2003, Deputy Director-General and then Director-General of the International Department from 1992 to 1996, and Director of the World Bank Department from 1989 to 1990.

Yong Li is a member of the Financial Stability Board. He served as Secretary-General of the CICPA from 1992 to 2002 and as Executive Director for the PRC in the World Bank from 1996-1998, before which President Li spent four years as Second Secretary and then First Secretary of the PRC’s United Nations mission in New York.

On the other hand, Marco Onado is a Senior Professor of Financial Institutions at the Bocconi University in Milan, Italy. He is also Chairman of Pioneer Global Asset Management, a global investment manager with a presence in 27 countries and more than €165bn of assets under management. Professor Onado is a former Commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian securities and markets regulator.

Professor Onado serves on the scientific committees of the Confindustria, Rome and the Prometeia, Associazione per le Ricerche Econometriche, Bologna. He writes for several leading economic journals including Banca Impresa Società, L’Industria and Mercato Concorrenza Regole. He is also a regular columnist for ‘Il Fatto Quotidiano’ and ‘Il Sole–24 Ore’.

Professor Onado previously served as a Commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian securities and markets regulator (1993-1998). He is a former Member of the Commission (Commissione Draghi) for the reform of the Italian Securities Act (1997 1998) and a former Member of Consiglio Nazionale dell’Economia e del Lavoro, (CNEL, 2000-2005).

Commenting on the appointments, Robert Glauber, Chairman of the Trustees’ Nominating Committee said: “President Li and Professor Onado are highly respected authorities on international financial matters as well as prolific writers and commentators. They are outstanding appointments to the Trustees.”


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