While Hoogervorst is set for a second term, vice chairman Ian Mackintosh is to step down once his term expires
HANS HOOGERVORST is set for a second five-year term as chairman of the IASB with effect from 1 July, after trustees of the IFRS Foundation rubber-stamped the appointment.
The trustees also announced that Ian Mackintosh has decided not to seek a second term, and will step down as IASB vice-chairman when his first term expires on 30 June 2016.
Under Hoogervorst and Mackintosh’s leadership, the IASB has introduced several substantial changes to financial reporting, including IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and most recently IFRS 16 Leases.
The IFRS Foundation is currently undertaking a review of its structure and effectiveness, while the board is reviewing its agenda for the next five years. The reviews will explore possible changes to the composition and the size of the board and its work in the coming years, the body said.
Chairman of the IFRS Foundation trustees Michel Prada said: “Hans and Ian have provided strong and effective leadership of the IASB during these last five years, introducing major new improvements to financial reporting while overseeing continued progress towards global adoption of IFRS Standards.
“I am delighted that Hans will serve a second term, and I wish him success in addressing the future challenges confronted by the IASB. Equally, on behalf of the trustees, I wish to express my deep thanks to Ian for his exceptional contribution to the work of the IASB during his time as vice chairman and also in his preceding roles. He has a legacy to be proud of.”