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October 14, 2007

Former Dutch politician to lead IASC trustees

Former Dutch politician to lead IASC trustees

The former Deputy Prime Minister of the Netherlands, Gerrit Zalm, has been appointed as the next chairman of the trustees of the International Accounting Standards Committee (IASC) Foundation. The trustees are the oversight body of the International Accounting Standards Board (IASB). Zalm’s three-year term will begin on 1 January 2008.

The appointment follows an extensive international search in which candidates and nominations were sought from a wide range of interested parties. The IASC said Zalm’s appointment carries the strong support of the Trustee Appointments Advisory Group, comprising leaders of major international organisations.

Zalm was the Netherlands Deputy Prime Minister from 2003 to 2007. He also was the country’s Minister of Finance from 1994 to 2002 and 2003 to 2007.

He said he looks forward to working alongside IASB chairman David Tweedie and fellow trustees..

“The IASC Foundation and the IASB have made extraordinary progress in a short period of time and it is an honour to be selected to lead the organisation,” Zalm remarked. “There is a growing acceptance of the need for international accounting standards as the basis of financial reporting for the world’s rapidly integrating capital markets. It is the role of the trustees to help ensure that progress continues on a worldwide basis.”

Zalm said in the coming months he will work on implementing a range of oversight initiatives to advance the establishment of a broad-based financing programme.

The current chairman of the trustees, Philip Laskawy, noted: “Zalm has been a leading advocate of the adoption of International Financial Reporting Standards in the European Union and brings extensive experience in the field of international co-operation on economic policy issues. The experience he gained as the Dutch Finance Minister over nearly 12 years will be highly relevant.”

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