03/04/2017 - EFRAG announces the new composition of its Rate-regulated Activities Working Group
EFRAG TEG approves renewed composition of the EFRAG Rate-regulated Activities Working Group.
In its March meeting, the EFRAG TEG approved the composition of the Rate-regulated Activities Working Group (EFRAG RRA WG). Former EFRAG TEG member Phil Aspin will be the new Chairman of the Working Group.
For entities involved in rate-regulated activities – including gas, electricity and water utilities – regulatory authorities influence supply and pricing rates, which can have significant effects on financial performance and position. Some commentators argue that today’s financial reporting may not fully capture these effects.
The EFRAG RRA WG plays a very important role in contributing accounting and industry expertise regarding the specific circumstances of European rate-regulated industry sectors to the EFRAG TEG.
EFRAG’s call for candidates resulted in a large number of high quality applications. The new composition of the EFRAG RRA WG was determined based on applicants’ expertise and experience, and in order to reflect a balance of professional backgrounds and geographical origin.
Andrew Watchman, EFRAG TEG Chairman welcoming the new composition of the EFRAG RRA WG, explained that, “it is essential for EFRAG to have a fully operational and active working group in place prior to the publication of the IASB discussion paper on rate-regulated activities due later this year. I would like to express my thanks to all the retiring members for their contributions over the past three years and in particular to Bill Hicks for his exemplary chairmanship. I warmly welcome Phil Aspin in his new role as the Chairman of the EFRAG RRA WG and am glad that EFRAG can continue to benefit from his expertise.”
The new composition of the EFRAG RRA WG, effective as of 1 May 2017, is as follows:
• Phil Aspin, Chairman
• Nicola Bruno, industry
• Jose-Luis Daroca, auditor
• Miriam De Loose, industry
• Simon Grant, industry
• Isabelle Grauer-Gaynor, auditor
• Cosimo Guarini, industry
• Lieve Kerckhof, industry
• Gerard van Santen, auditor
• Laura López Sotomayor, industry
• Markus Lotz, industry
• Javier Pastor Zuazaga, industry
• Thomas Possert, industry
• Fabien Rock, industry
• Isabel Triquera Gonbeau, industry
• Ralph Welter, auditor
The European Commission and the European Securities and Markets Authority (ESMA) have been granted observer status.