Three IFRS Trustees Reappointed

Jack Humphrey, Regulatory journalist
November 09, 2011 /

The Monitoring Board of the IFRS Foundation has approved the reappointment of three IFRS Foundation Trustees.

Clemens Börsig (Europe), Robert Glauber (Vice-Chairman and acting Co-Chairman of the Trustees, North America) and Noriaki Shimazaki (Asia-Oceania) will each serve another three-year term after their current terms expire.

The Trustees promote the work of the International Accounting Standards Board (IASB) and the rigorous application of IFRSs but are not involved in any technical matters relating to the standards. This responsibility rests solely with the IASB.

Trustees are appointed for a renewable term of three years. Each Trustee is expected to have an understanding of, and be sensitive to, international issues relevant to the success of an international organisation responsible for the development of high quality global accounting standards for use in the world’s capital markets and by other users.

Six of the Trustees must be selected from the Asia/Oceania region, six from Europe, six from North America, one from Africa, one from South America and two from the rest of the world.

Clemens Börsig is the Chairman of the Supervisory Board, Deutsche Bank AG (Germany), whose term will expire on December 2014. Noriaki Shimazaki is the Special Adviser, former CFO and Member of the Board, Sumitomo Corporation (Japan). His term will expire on December 2014.

Robert Glauber, Vice-Chair, is a retired Chairman and CEO of NASD (the private sector regulator of the US securities market); and former Under Secretary of the Treasury for Finance (United States). His term will expire on December 2014.

 

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