The chairman of the Financial Services and Markets Authority (FSMA), Jean-Paul Servais, has been re-elected as chair of the IFRS (International Financial Reporting Standards) Foundation Monitoring Board for a new mandate of two years.
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 an independent, private-sector international body, sets international standards for reporting in annual reports and financial statements (IFRSs).
The Monitoring Board is made up of representatives of various prominent market regulators. At the moment, the Monitoring Board consists of representatives of securities regulators from the United States, Brazil, Japan and South Korea and representatives of the European Commission, the Chinese Ministry of Finance, and IOSCO. The Basel Committee on Banking Supervision, the Financial Sector Conduct Authority of South Africa, in representation of the IOSCO Africa and Middle-East Regional Committee, and the Comisión Nacional de Valores of Argentina in representation of the IOSCO Inter-American Regional Committee are observers. The Monitoring Board consults regularly with the Trustees and the chairman of the IASB with a view to reviewing the quality and nature of the governance framework of the IFRS Foundation and hence to supervising the development of high-quality IFRS standards that are currently used in 87% of jurisdictions worldwide and by more than 6000 listed companies within the European Union.
The Monitoring Board re-elected Jean-Paul Servais as chair for another two-year term, starting on 1 March 2019. 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-chairman since 2016.
Jean-Paul Servais: 'The FSMA is delighted by the decision to renew my mandate for a second term. It attests to the trust placed in us by the various members of the Monitoring Board and recognizes the work achieved in the past two years. We will continue to strive, with the same commitment and determination, for high quality accounting standards.'
IOSCO has also published a press release to announce this re-election.