The former governor of the Finnish Central Bank Erkki Liikanen has been appointed as the chair of the IFRS Foundation Trustees.
The Trustees of the IFRS Foundation are responsible for the governance and oversight of the International Accounting Standards Board, which sets IFRS Standards that are required in over a 140 jurisdictions.
Liikanen has been appointed for an initial three-year term which will commence after Trustees’ meeting in Johannesburg, South Africa, in October 2018.
Alongside his two seven-year terms as governor of the Bank of Finland, Liikanen also served as the country’s minister of finance.
He succeeds Michael Prada who has served as chair since 2011.
Liikanen said: “IFRS Standards have a major role in the global financial system. Michael Prada has done an impressive job as Chair of the IFRS Foundation Trustees, and I am proud to succeed him. I look forward to playing my part in the organisation’s future success.”