RegulationAccounting StandardsEuropean officials frustrated at “lack of transparency” over Tweedie replacement

European officials frustrated at "lack of transparency" over Tweedie replacement

European officals reportedly unhappy over process to replace IASB chairman Sir David Tweedie

Sir David Tweedie

Senior European officials are frustrated at a perceived lack of transparency
over the appointment of the successor to Sir David Tweedie, chairman of the
International Accounting Standards Board (IASB), who is due to step down in June
2011.

Figures close to European Commissioner Michel Barnier are reportedly upset
following a 29 July letter from IASB Trustees which suggested a candidate to
replace Sir David,
The
Financial Times reports
.

Souces close to Barnier told the newspaper “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 the process”.

Barnier is a member of the five-man monitoring board – the IASB’s supreme
oversight body – which includes Securities and Exchanges Commission chairman
Mary Schapiro. 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.

Accountancy
Age revealed in June
that Ian Mackintosh, current chairman of the UK
Accounting Standards Board (ASB), and Fayezul Choudhury, controller and vice
president of strategic resource management at the World Bank, were being
considered to replace Sir David.

The Financial Times claims Mackintosh is favoured by some close to Sir David.

Further Reading:

Hunt
for IASB head hits hurdle

Candidates
in frame for top IASB role

Tweedie
replacement must juggle dual roles

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