The International Federation of Accountants
(IFAC) has appointed Jörgen Holmquist as first independent chair of
the International Ethics Standards Board for Accountants (IESBA),
beginning September 2012 for a three-year term.

Holmquist, who has been a public member of the
IESBA since 2011, previously served in the Swedish Ministry of
Finance for 20 years and in the European Union Internal Market and
Services, where he was responsible for developing the EU regulatory
response to the financial crisis.

“Convergence to a single set of high-quality
ethical standards will contribute to efficient, sustainable, and
vibrant capital markets and is in the public interest,” Holmquist

The IESBA, supported by the IFAC, is an
independent standard-setting board charged with developing
the Code of Ethics for Professional Accountants, which
establishes ethical requirements for professional accountants.

The appointment of an independent chair for
the IESBA was recommended by the Monitoring Group in its 2010
Review of the IFAC Reforms — Final Report.