07/06/2017 - Invitation to nominate candidates to the new EFRAG Board
European Stakeholder Organisations and National Standard Setters are invited to nominate candidates to serve as members of the EFRAG Board from 1 November 2017. The invitation coincides with EFRAG’s move to broaden its membership base. Having all European organisations with an interest in financial reporting and a wider geographical coverage helps EFRAG to fulfil its public interest mission of developing and promoting European views in the IASB standard-setting process and ensuring that new IFRS are suitable for Europe.
The EFRAG Board, which has been in place since November 2014 and the implementation of the Maystadt recommendations, is approaching the end of its first three-year term. The composition of the EFRAG Board is therefore due to be renewed with effect from 1 November 2017. Current EFRAG Board members are eligible for reappointment.
European Stakeholder Organisations and National Standard Setters in countries that are part of EFRAG’s membership are invited to nominate candidates. In exceptional circumstances, and at the discretion of the EFRAG General Assembly, candidates nominated by small investor and user organisations that do not contribute to the funding of EFRAG can be appointed to the EFRAG Board. The call for candidates has been launched and is available here.
Prior to launching this invitation, EFRAG also launched a call for expressions of interest in EFRAG membership with a view to broadening its membership base. New EFRAG member organisations that join prior to 4 September 2017 will be eligible to nominate EFRAG Board members.
The EFRAG Board plays an essential role in the EFRAG governance structure. It is responsible for all EFRAG positions, relying on the advice provided by the EFRAG Technical Expert Group (EFRAG TEG). All draft and final documents are issued under the EFRAG Board’s authority.
In determining the renewed composition of the EFRAG Board, a high priority will be given to achieving a broad geographical spread and a gender balance.
Speaking about the invitation, EFRAG Board President Jean-Paul Gauzès emphasised that, “it is essential that EFRAG Board members have knowledge, experience and understanding of the wider impacts of financial reporting and its interaction with economic growth and financial stability. The EFRAG Board has to advise whether standards are conducive to the European public good and have to ensure such public good considerations are contained in EFRAG positions throughout the standard setting process.”
Nominations for membership of the EFRAG Board should be sent at the latest by 4 September 2017 to the attention of Jean-Paul Gauzès, Chairman of the EFRAG GA Nominating Committee, at email@example.com