Zalm to keep role at IASB

Gerrit Zalm

Gerrit Zalm, the chairman of the parent body overseeing the International Accounting Standards Board, has said he will stay on as chairman despite his appointment as head of a new bank formed from the merger of Fortis and ABN Amro.

Zalm, a former deputy prime minister and finance minister for Holland, was accused of having conflicted interests by holding a position at an international bank while being chairman of trustees for the body setting accounting standards for financial institutions.

Zalm told Accountancy Age he saw no conflict of interest between his two jobs, however, because he was not directly involved in setting the standards, only overseeing the governance of the IASB.

He said that he would stay on as chairman to see the IASC and IASB through the current financial crisis.

‘I have thought about it because of the time constraints and I have decided to go on with it because it is a turbulent time and continuity is now also key. A change of chairman will be troubling for the organisation,’ Zalm said.