Jean-Paul Servais, the chairman of the Financial Services and Markets Authority (FSMA) and the International Organisation of Securities Commissions (IOSCO), is passing on the torch after six years of chairing the IFRS Monitoring Board. At a meeting in Tokyo, the Monitoring Board elected Takashi Nagaoka of the Japanese Financial Services Agency as its new chairman.
Jean-Paul Servais joined the Monitoring Board as vice-chairman of IOSCO. He was first elected chairman of the Monitoring Board in 2017 and was subsequently re-elected twice, each time for a two-year term.
'It was an honour to chair the Monitoring Board for six years. Very important work has been done during that period, including the establishment of the International Sustainability Standards Board, ISSB. As new IOSCO chair it is one of my priorities to interact with the IFRS Foundation, in particular in view of a possible IOSCO endorsement of the first sustainability related corporate disclosure standards,' Jean-Paul Servais said.
The Monitoring Board oversees the proper functioning of the International Financial Reporting Standards (IFRS) Foundation. This non-profit organisation oversees the International Accounting Standards Board (IASB), which drafts global IFRS accounting standards, and the International Sustainability Standards Board (ISSB), which develops global standards for reporting on climate or other sustainability issues.
Read the Monitoring Board's press release here.