Global Standards for the world economy

Tuesday 19 November 2019

Banner graphic

Trustees of the IFRS Foundation

Process for Trustee Appointments


Trustee Appointments are made with the approval of the Monitoring Board (MB). 
 
Proposed process for appointments

  • Each year the appointments process is approved by the Trustees and sent to the MB for their approval.
  • The Trustees advertise the vacant Trustee position(s) on the IFRS Foundation website, with the Economist on-line and digital, in order to invite nominations. The Nomination process is open for a period of at least four weeks.
  • The Chair of the Trustees’ Nominating Committee writes to relevant stakeholder groups, including the Monitoring Board, to seek nominations.
  • The Nominating Committee reviews the candidate names and, taking into account the Conflict of Interest Policy, agrees a short list which is subsequently agreed by the full Trustee group before any appropriate follow up actions are taken.
  • The Nominating Committee Chair, and one other Nominating Committee Member meet with the short listed candidates. 
  • Following the candidate meeting, the Nominating Committee will discuss and agree a recommendation to the full Trustee group to proceed with suitable candidates.
  • Assuming candidates are interested, they are sent a consent form and asked to complete and sign a register of interest prior to extensive due diligence checks that are undertaken by a specialist third party organization
  • Once the checks have been completed they are reviewed by the Chair of the Nominating Committee, one other Trustee and IFRS Foundation Executives. Subsequently, the material is then reviewed by the rest of the Nominating Committee and sent to the full Trustee group.
  • Assuming these checks do not highlight matters that would prevent an appointment, approval to proceed will be sought from the Nominating Committee and then all Trustees.
  • The candidate recommendation, their biographical notes and the Nominating Committee assessment of the due diligence material is then sent to the Monitoring Board.
  • The Monitoring Board will follow their own appointment process.

For reappointments the following adjustments are made:

  • The individual Trustee confirms whether they wish to be considered for reappointment.
  • If they confirm they will re-stand due diligence procedures are followed as set out above although these are limited to the period of their first term ie the last three years.
  • If they do not wish to re-stand the role is advertised and the process above is followed.
  • Once due diligence checks are completed satisfactorily the Trustees will send the Monitoring Board a summary of the findings and a recommendation to consider reappointment. The Monitoring Board then complete their own approval process.

Further information

When considering potential candidates for At Large vacancies  the criteria, published in the Structure and Effectiveness Review, November 2016, are followed. For ease of reference please see below:

  • Individuals with global experience who do not fit easily into any one geographical category;
  • Individuals from emerging economies;
  • Individuals from countries that do not fit easily into any one geographical category; or
  • Individuals from one of the specific geographical regions referred to in the Constitution , but who, in the opinion of the Trustees, are assessed as having exceptional skills and experience that would be of benefit to the Trustees as a whole

Related information