The trustees of the IFRS Foundation have amended the foundation’s constitution by adjusting the appointment terms for the trustee chair and vice-chairs.

The amendments increase the maximum tenure of the trustee chair and vice-chairs from two three year terms to three, clarify that the chair can be appointed either from among the trustees or externally, and specify that the vice-Chairs must be appointed from the Trustee ranks.

The changes were made in an effort to provide greater flexibility while ensuring a ‘continuity and stability in the IFRS Foundation’s leadership. The amendments were finalised following a public consultation which was published in June.

The constitution sets out the objectives and governance arrangements of the IFRS Foundation and its standard-setting body, the International Accounting Standards Board.

The amended constitution will be effective from 1 December 2018.