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21/12/2015 - EFRAG TEG ROTATION 2016: appointments and reappointments

On 24 November, the EFRAG Board decided to appoint Nicklas Grip as EFRAG TEG vice-Chair. The Board also appointed Søren Kok Olsen and Nicolas de Paillerets as new TEG Members. Christian Chiarasini and Serge Pattyn have seen their mandates renewed for another 2-year term.

Following the EFRAG TEG rotation 2016 call for candidates and interviews, the EFRAG Board reached conclusions on several key appointments within the EFRAG TEG.

EFRAG welcomes as new EFRAG TEG vice-Chair Nicklas Grip, banking and financial instruments' specialist from Sweden, who has already served on the EFRAG TEG since 2010. Nicklas will start his new role on 1 April 2016 until 31 March 2018.

The new EFRAG TEG Members are Søren Kok Olsen, auditor from Denmark and Nicolas de Paillerets, French preparer. Nicolas already served on the EFRAG TEG between 2010 and 2014. Christian Chiarasini, French auditor, and Serge Pattyn, Belgian user, have been reappointed.
All (re)appointments will run from 1 April 2016 until 31 March 2018.

In EFRAG's new governance structure, the EFRAG Technical Expert Group (EFRAG TEG) continues to have a central role in providing technical advice to the EFRAG Board that is responsible for all EFRAG positions with the objective of Europe speaking with one voice. In doing so, EFRAG TEG provides its own professional judgement, arguments and technical analysis based on its technical expertise and on EFRAG's due process.

The EFRAG Board would like to thank Mike Ashley for his long-lasting commitment as EFRAG TEG Member specialised in financial instruments, and as vice-Chair of EFRAG TEG supporting Françoise Flores. The EFRAG Financial Instruments Working Group also owes to his outstanding chairmanship.

The EFRAG Board would also like to thank Andrea Toselli for his excellent contribution to the work of EFRAG TEG on current IFRS hot topics.

Roger Marshall, Acting President of the EFRAG Board, welcomed the new EFRAG TEG officials and Members:

"EFRAG TEG plays a very valuable role as a source of high quality technical accounting advice. We are grateful to all EFRAG TEG members for contributing so much of their time to this important work. I thank in particular Mike and Andrea and wish them well in the future."

Françoise Flores, current EFRAG TEG Chairman and CEO, commented further:

"I am pleased to see in the 2016 EFRAG TEG rotation that the incoming EFRAG TEG Chairman will have the privilege of chairing a very expert and enthusiastic EFRAG TEG. I would like to join in the expression of gratitude to both Andrea and Mike who will have been excellent companions throughout my chairmanship."