Hunt on for Volcker replacement

The hunt is on to find a new head for the umbrella organisation responsible
for setting international accounting standards, but the body is likely to face
pressure to fill the role with a European face.

For the first time the European Commission is likely to have a say in the
appointment of nine trustees at the International Accounting Standards Committee
Foundation this year, one of which may be chosen as the replacement for current
chairman Paul Volcker, whose term expires at the end of 2005.

An advisory group is to be set up to aid the selection process, although the
final decision on who to appoint will remain with the trustees.

The EC is likely to use the group to press for a European to become chairman
as it seeks greater influence in the standard-setting process.

‘We are looking for people with senior business executive experience who are
broadly committed to the development of international financial reporting
standards by an independent standard setter,’ said Tom Seidenstein, director of
operations at the IASCF.

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