RegulationAccounting StandardsIASB’s leading trustee dies

IASB's leading trustee dies

Tommaso Padoa-Schioppa, head of trustees at IFRS Foundation dies in Italy

TOMMASO PADOA-SCHIOPPA, one of the world’s foremost economic thinkers who tasked himself with bringing international accounting into the 21st century, has died.

The 70-year-old chairman of the Trustees at the IFRS Foundation, which oversees the creation of international accounting rules, is believed to have suffered a heart attack while dining with friends late Saturday, according to media reports.

Padoa-Schioppa, recognised as one of key architects behind the creation of the European monetary union, was six months into a broad ranging review of the structure of the IFRS Foundation aimed at addressing the increasing political dimension of the organisation’s work.

Padoa-Schioppa, who has also served as chairman of the Basel Committee on Banking Supervision, replaced former Federal Reserve chairman Paul Volcker in January 2006, before stepping down to become Italy’s Minister of Economy and Finance in May 2006.

He was later reappointed chairman in June this year, replacing Gerrit Zalm.

Tsuguoki (Aki) Fujinuma and Robert Glauber, vice chairs of the Trustees in a joint statement, described Padoa-Schioppa as one of the most influential and highly regarded figures in international finance of his generation.

“All those who were fortunate enough to have benefitted from his immense wisdom, cheerful good humour and unflinching integrity will sorely miss him,” he said.

Sir David Tweedie, chairman of the International Accounting Standards Board, said Padoa-Schioppa possessed “a rare combination of intellect and vision”.

“He was a friend and colleague and will be missed by many, many people. I am greatly saddened by this news,” he said.

 

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