Volcker replaced as trustees head of IASB

An Italian banker is to replace Paul Volcker as head of trustees at the
International Accounting Standards Board.

Tommaso Padoa-Schioppa, who is reported to be a candidate for the Bank of
Italy governor’s position, is to take over from 1 January.

By moving from a US head to a European the IASB is being seen to address
concerns that it is insensitive to the concerns of its European members.

The appointment of Padoa-Schioppa will please the EC’s internal market
commissioner Charlie McCreevy who has lobbied consistently for a rebalancing of
interests on the IASB.

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Fiona Westwood of Smith and Williamson.