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November 29, 2018

IFRS Foundation Trustees adjust chair terms in constitution

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.

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