IASC to set up selection committee
The International Accounting Standards Committee has agreed to set up a subcommittee to supervise the selection process of the 14 board members.
Details of the subcommittee’s structure have not yet been decided upon.
Secretary-general of IASC Sir Bryan Carsberg, said: ‘There will be an open search process so that everyone interested has the opportunity to apply. An executive search firm might be used to help in the search for appropriate people.’
The IASC’s newly appointed trustees elected Sir David Tweedie, chairman of the UK Accounting Standards Board, as the board?s chairman in their first official meeting held in New York last week.
Under the recently restructured IASC, 12 of the 14 board members will be full time and will have to renounce all professional commitments in order to take up their posts in the New Year.
It is understood that the trustees will be making their decisions over the next three to four months so that the board will be up and running by 1 January 2001.
But, Sir Bryan said there might be room for leverage depending on the time taken to select the board members.
Board members will be principally selected on their technical expertise and relevant experience and not on nationality. However, Sir Bryan said the board must have ‘good collective experience and an international flavour’.