The chairman of the Financial Services and Markets Authority (FSMA), Jean-Paul Servais, has been re-elected as chair of the IFRS Foundation Monitoring Board for a mandate of two years.
The Monitoring Board ensures the proper functioning of the International Financial Reporting Standards Foundation (the IFRS Foundation). The IFRS Foundation is the non-for-profit organization that is responsible for supervising the International Accounting Standards Board (IASB). The IASB sets the IFRS standards. These are international accounting rules governing the preparation of annual reports and financial statements. The Trustees of the IFRS Foundation determine its strategy and governance and exercise oversight over the work performed by the IASB. The Trustees are accountable to the Monitoring Board.
The Monitoring Board consists of representatives of various prominent market regulators and authorities. The financial market supervisors of the United States, Brazil, Japan and South Korea, the European Commission, the Chinese Ministry of Finance and IOSCO currently sit on the Monitoring Board.
The Monitoring Board regularly consults with the Trustees and the chairman of the IASB to review the quality and effectiveness of the IFRS Foundation’s governance structure and hence to supervise the development of high-quality IFRS standards in the interest of the general good. 87% of jurisdictions worldwide and more than 6,000 companies within the European Union use IFRS standards.
The Monitoring Board has re-elected Jean-Paul Servais as chair for another two-year term until April 2023. The FSMA chairman became a member of the Monitoring Board as a representative of the International Organization of Securities Commissions (IOSCO), of which he has been vice-chair since 2016.
Jean-Paul Servais: “We are delighted by this decision that recognizes the work achieved in the past four years and attests to the trust placed in us by the various members of the Monitoring Board. We will continue to strive, with the same commitment and determination, for high-quality accounting standards that contribute to the transparency of the financial markets. The Monitoring Board will also make its voice heard regarding the development of the governance for setting global sustainability reporting standards by the IFRS Foundation. I also encourage the IFRS Foundation to continue its engagement with key jurisdictions and stakeholders with the view to ensure a globally consistent and comparable sustainability reporting baseline.”