The IFRS Foundation Monitoring Board, chaired by Mr Jean-Paul Servais, Chairman of the FSMA, approved its work plan for the next two years during a meeting held in Brussels on 20 February 2020.
The Monitoring Board was created in 2009 with the aim of overseeing the IFRS Foundation, whose Trustees in turn exercise oversight over the IASB (International Accounting Standards Board). The IASB, as the international accounting standards-setting body, draws up the international accounting standards that must be applied, for example, by more than 7000 listed companies in Europe.
Jean-Paul Servais, Chairman of the FSMA, has chaired the Monitoring Board since 1 March 2017. The Chairman of the FSMA became a member of the Monitoring Board as a representative of the International Organization of Securities Commissions (IOSCO), of which he has been vice-chairman since 2016.
During a meeting held in Brussels at the premises of the FSMA on 20 February 2020, the Monitoring Board defined its principal areas of activity for the next two years. The Monitoring Board also held a joint meeting with all the Trustees and their chair, Erkki Liikanen, and with the chairman of the IASB, Hans Hoogervorst. The Monitoring Board consults regularly with the Trustees and the IASB chairman, with a view to reviewing the quality and effectiveness of the governance framework of the IFRS Foundation and hence to supervising the process by which the IFRSs are developed.
Jean-Paul Servais: “The 2020-2021 action plan seeks to extend the remarkable work done in the past two years to promote high-quality financial information. Such information is nothing short of the cornerstone of investor confidence and of the transparency of the financial markets."
The Monitoring Board published a press release on this subject. It contains a link to the 2020-2021 work plan that has been approved by the Monitoring Board.
The Monitoring Board is made up of representatives of various prominent market regulators. At the moment, the Board consists of representatives of the European Commission and of the securities regulators of the United States (SEC), Brazil, Japan and South Korea, the Chinese Ministry of Finance and IOSCO. The Basel Committee on Banking Supervision takes part in the Monitoring Board meetings as an observer, as does the Financial Sector Conduct Authority of South Africa, representing the IOSCO Africa and Middle East Committee, and the Comisión Nacional de Valores of Argentina, representing the IOSCO Inter-American Regional Committee.