Prominent representatives from the investor community were
appointed to both the international standard setter and the UK
financial reporting regulator this month.
The two new International Accounting Standards Board (IASB) members
both hail from the US. Patrick Finnegan, a director at the CFA
Institute, and Patricia McConnell, a former senior managing
director at Bear Stearns & Co, will begin five-year, full-time
terms at the IASB on 1 July.
They replace Mary Barth and Tom Jones, who complete their second
terms at the end of June.
Finnegan currently leads a team at the CFA Institute responsible
for providing user input into the standard-setting activities of
the IASB, the US Financial Accounting Standards Board and key
regulatory bodies. He has also co-ordinated the work of the CFA
Institute’s Corporate Disclosure Policy Council, which reviews and
comments on financial reporting policy initiatives around the
world.
McConnell had a 32-year career in Bear Stearns’ equity research
group and was previously involved in standard-setting activities as
a member of the IASB’s Standards Advisory Council and the board’s
predecessor body, the International Accounting Standards
Committee.
A prominent representative of the investor community has also been
appointed as chief executive of the UK Financial Reporting Council
(FRC).
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By GlobalDataStephen Haddrill, the director-general of the UK Association of
British Insurers, is to succeed Paul Boyle in mid-November.
Haddrill is also a member of the Financial Crisis Advisory Group
(FCAG) established by the IASB and FASB in the wake of the global
financial crisis.
Institute of Chartered Accountants in England and Wales chief
executive Michael Izza told The Accountant he was very
pleased with Haddrill’s appointment.
He noted that Haddrill has had a very distinguished career as a
civil servant and has had a number of favourable interactions with
the accounting profession. In particular Haddrill was very involved
in the initial creation of the FRC.
Haddrill has also done a good job representing UK investor views on
the FCAG, Izza said.
Boyle announced his intention to stand down in January and will
remain at the FRC until Haddrill takes over.
