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