The IFRS Foundation has appointed Hans-Ulrich Engel, the former vice-chairman and chief financial officer (CFO) of BASF, as the new trustee.
Engel has expertise in finance, international business and leadership.
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His responsibilities will include the oversight of the foundation’s governance and strategy, particularly in relation to the IASB and ISSB.
Engel’s tenure as a trustee is effective immediately and set to continue through 2028, with the possibility of an extension for a subsequent term.
His career spans 35 years at Germany-based chemical company BASF, where he has held various senior positions including vice chairman of the Board of Directors, CFO and chief digital officer, with experience in both Germany and the US.
Currently, Engel holds positions on the boards of DHL Group and Harbour Energy and presides over the Heinz Hermann Thiele Family Foundation’s board of trustees.
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By GlobalDataEngel said: “It is a privilege to be appointed as a Trustee of the IFRS Foundation. I look forward to working with my fellow Trustees to support the Foundation’s unique role in shaping the future of international accounting and sustainability disclosure standards.”
His appointment follows the departure of Erhard Schipporeit from the board of trustees.
The selection of Engel has been sanctioned by the IFRS Foundation Monitoring Board, which acts as a conduit between the trustees and public authorities.
IFRS chair of the trustees Erkki Liikanen stated: “We are delighted to welcome Hans to the IFRS Foundation. His extensive experience and leadership in the private sector will be invaluable to the group of Trustees.
“I would also like to thank Erhard for his contribution to the Foundation’s mission during his five years as a Trustee.”
In July, the IFRS released a series of advanced draft examples to support companies in the precise disclosure of financial uncertainties.
These examples, which draw on climate-related scenarios, are intended to clarify the application of existing IFRS Accounting Standards within financial statements.
