European officials frustrated at "lack of transparency" over Tweedie replacement

Sir David Tweedie

Senior European officials are frustrated at a perceived lack of transparency over the appointment of the successor to Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), who is due to step down in June 2011.

Figures close to European Commissioner Michel Barnier are reportedly upset following a 29 July letter from IASB Trustees which suggested a candidate to replace Sir David, The Financial Times reports.

Souces close to Barnier told the newspaper “the process has not been as open and thorough as it could be and the commissioner believes the monitoring board should be fully involved in the process”.

Barnier is a member of the five-man monitoring board – the IASB’s supreme oversight body – which includes Securities and Exchanges Commission chairman Mary Schapiro. The monitoring board has no constitutional power to appoint the IASB chairman, but it is still kept up-to-date by IASB trustees, who will ultimately decide which candidate is chosen.

Accountancy Age revealed in June that Ian Mackintosh, current chairman of the UK Accounting Standards Board (ASB), and Fayezul Choudhury, controller and vice president of strategic resource management at the World Bank, were being considered to replace Sir David.

The Financial Times claims Mackintosh is favoured by some close to Sir David.

Further Reading:

Hunt for IASB head hits hurdle

Candidates in frame for top IASB role

Tweedie replacement must juggle dual roles