The International Accounting Standards Board (IASB) has outlined the steps
taken so far to replace its high profile chairman, in response to European
concerns it was not being transparent.
a newly created section of the IASB website, the body has outlined the
process it has followed since September 2009, as it searches to replace chairman
Sir David Tweedie, who steps down in June 2011.
Among the documents is
letter sent to the European Commissioner’s office on 3 December, 2009, from Sir
Bryan Nicholson, who has led the IASB’s recruitment process.
“I write now to brief you on the process that we plan to follow, and to seek
any input that you may have of names to be considered,” he said in the letter.
Among the recipients was Charlie McCreevy, predecessor to Michel Barnier who
is current European Commissioner for Internal Markets.
The letter undermines
by senior European officials they have not been kept in the loop during the
recruitment process. Yesterday, the
Times newspaper quoted unnamed senior European officials close to Barnier’s
office who said: “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
Barnier is a member of the five-man Monitoring Board – the IASB’s supreme
oversight body. Members of the Monitoring Board were sent a letter on 29 July
from IASB Trustees which suggested a candidate to replace Sir David. The letter
reportedly upset the commissioner who wants more input into Sir David’s
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.
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