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Tuesday 11 August 2020

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Constitution Review

 2008 - 2010 Constitution Review part two

The Trustees initiated part two of their review of the IFRS Foundation’s Constitution at their meeting in October 2008 in Beijing. Building on measures already taken by the Trustees, part two sought views on enhancing the organisation’s governance.

In December 2008 the Trustees published a discussion document, Review of the Constitution—Identifying Issues for Part 2 of the Review, which posed various questions and invited general comments and proposals for change. The proposed changes focused on enhanced accountability and due process. They also included proposals to clarify the objectives of the IFRS Foundation and the IASB, as well as proposals for a change of name of the organisation.

The Trustees received 68 comment letters from respondents. The responses were considered by the Trustees at their meeting in Amsterdam in July 2009.

Where are we in part two of the Constitution Review?

The Trustees published in September 2009 a second discussion document - Proposals for enhanced public accountability. This document reflected the comments that the Trustees received on the first discussion document and contained the revised proposals. The Trustees asked for comments by 30 November 2009. To broaden their outreach and to ensure that any proposed amendment to the Constitution will reflect the interests of the majority of stakeholders around the globe, the Trustees hosted a series of round-table meetings in September and October 2009 in London, New York and Tokyo.

At their meeting in Brazil in January 2010 the Trustees discussed the comments received and the submissions made at their round-table meetings. They considered staff proposals based on the analysis of the feedback received and approved the proposed changes to the Constitution. The changes to the Constitution came into effect on 1 March 2010. The changes to the Constitution can be found by clicking here.

The Trustees issued a report of their findings in April 2010. This report explains their conclusions and provides feedback to the interested parties and stakeholders that took part in the consultation. Please click here to download the report.