The International Accounting Standards Board (IASB) announced three new trustees with immediate effect and for the period ending on 31 December 2007. The 19 Trustees provide the governance for the IASC Foundation, which oversees the International Accounting Standards Board (IASB) and has the mandate of creating a single set of high quality international accounting standards that could be used worldwide.
While the IASC Foundation's Constitution safeguards the independence of the IASB's decision making process, the Trustees have the responsibility of appointing members of the IASB, reviewing the IASB’s strategy and work priorities, and ensuring compliance with the organisation's consultative procedures.
At the same time the IASB denied that the replacement of John Biggs, an American trustee, with a European is due to political pressure from Brussels. Commissioner McCreevy called into question the independence of the IASB beginning this year. IASB spokesman Tom Seidenstein refutes suggestions that the independent body is caving into pressure from Brussels, saying that the new appointees simply represent “the best people available”.
According to the IASB Constitution, at least six trustee members must come from North America (a region that includes Canada and Central America), six from Europe and four from the Asia-Pacific region. The remaining three members can come from any area.
There is a feeling among some in the EU that the representation of the IASB has too much of an Anglo-Saxon leaning, with - prior to the latest appointments - six trustee members coming from the United States or Canada and a further three being based in the United Kingdom.
The three new trustees are: Oscar Fanjul, Vice Chairman, Omega Capital, Spain; Tsuguoki (Aki) Fujinuma, Chairman and President, Japanese Institute of Certified Public Accountants (JICPA); and Antonio Vegezzi, President and Director, Capital International SA, Switzerland.
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