The IFRS Foundation has appointed Michel Prada
as chairman of the trustees for an initial three-year term,
effective 1 January 2012.
Prada has a wealth of experience in leading
investor-focused international organisations and has been chairman
of the International Organization of Securities Commissions (IOSCO)
executive and technical committees.
Prada also helped to establish the
International Federation of Accountants’ Public Interest Oversight
Board (PIOB) in 2005.
More recently, he was a member of the
Financial Crisis Advisory Group, formed to advise the International
Accounting Standards Board (IASB) and the US Financial Accounting
Standards Board on their response to the financial crisis.
Prada also currently serves as chairman of the
International Valuation Standards Council, is co-chairman of the
Council on Global Financial Regulation and a non-executive director
of the International Centre for Financial Regulation.
Prada said he is convinced fair and efficient
markets in a globalised world require global accounting standards
that meet the needs of investors and other market participants.
“I have long supported the role of the IASB
for that purpose and the need for this organisation to build on
appropriate governance and strong independence. I look
forward working with my fellow Trustees to support the IASB in
delivering this vision,” he remarked.
Trustees’ Nominating Committee chairman Bryan
Nicholson said Prada was closely involved in the formation of the
IFRS Foundation and “it is fitting that he returns to chair the
trustees at a point when IFRSs are on the verge of becoming global