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August 16, 2010

IASB clarifies search process for new chair

The International Accounting Standards Board (IASB) has published a detailed time line of the process for identifying a successor for current IASB chair David Tweedie.

The newly published time line follows claims in the media earlier this week that European internal markets commissioner Michel Barnier was unhappy with a lack of transparency in the recruitment process.

Barnier’s office refused to comment on these allegations.

The search for Tweedie’s replacement began in September 2009 and international executive search firm Spencer Stuart was appointed to assist with the process.

As a new chairperson has yet to be found, the next stage of the search will take place at a meeting of the IFRS Committee’s trustees nominating committee in September, the IFRS Committee oversees the IASB and is responsible for nominating members.

The new chair is expected to be named at a trustees meeting in October.

Tweedie has chaired the IASB for nine years and is due to retire in June 2011.

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