16TH NOVEMBER 2021

IFRS
TRUSTEES

BY GROUP 6
 PRESENTATION OVERVIEW
ABOUT IFRS
APPOINTMENT OF TRUSTEES
TRUSTEE RESPONSIBILITIES
TRUSTEE MEMBERS (2021)
TRUSTEE DISTRIBUTION
01
TRUSTEE SUBCOMMITTEES
DUE PROCESS OVERSIGHT COMMITTEE
SUSTAINABILITY

DISCUSSION
POINTS
ABOUT
IFRS MOHAMMED SHAAZ

02
 ABOUT IFRS
IFRS STANDS FOR INTERNATIONAL FINANCIAL
REPORTING STANDARDS.

IT’S A SET OF ACCOUNTING RULES AND STANDARDS

THAT DETERMINE HOW ACCOUNTING EVENTS SHOULD
BE REPORTED IN YOUR BUSINESS’S FINANCIAL
STATEMENTS.

ISSUED BY THE INTERNATIONAL ACCOUNTING

STANDARDS BOARD (IASB), IFRS AIMS TO MAKE
FINANCIAL STATEMENTS CONSISTENT, COMPARABLE,
AND TRANSPARENT ACROSS THE WORLD.

THE UNITED STATES IS ONE NOTABLE COUNTRY THAT

DOESN’T PRESCRIBE TO IFRS, INSTEAD FOLLOWING A
SYSTEM CALLED GENERALLY ACCEPTED ACCOUNTING
03 PRINCIPLES (GAAP).
04 TRUSTEE
APPOINTMENT

SHRAVYA

HARSHITHA
 Each year the appointments process is approved by the Trustees
and sent to the MB for their approval.

The Trustees advertise the vacant Trustee position(s) on the IFRS Foundation
website and the Economist, in order to invite nominations. The nomination
process is open for a period of at least four weeks.

The Chair of the Trustees' Nominating Committee writes to relevant

stakeholder groups, including the Monitoring Board, current and
former Trustees to seek nominations.

The Nominating Committee reviews the candidate names and,

taking into account the Conflict of Interest Policy, agrees a shortlist
which is subsequently agreed by the full Trustee group before any
appropriate follow-up actions are taken.

The Nominating Committee Chair and at least two Nominating

05 Committee Members meet with the shortlisted candidates.
Following the candidate meeting, the Nominating Committee will
discuss and agree a recommendation to the full Trustee group to
proceed with suitable candidates.

Assuming candidates are interested, they are sent a consent form

and asked to complete and sign a register of interest prior to
extensive due diligence checks that are undertaken by a specialist
third-party organisation.

Once the checks have been completed they are reviewed by the
Chair of the Nominating Committee, one other Trustee and IFRS
Foundation Executives. Subsequently, the material is then
reviewed by the rest of the Nominating Committee and sent to the
full Trustee group.

Assuming these checks do not highlight matters that would

prevent an appointment, approval to proceed will be sought from
the Nominating Committee and then all Trustees.
06
The candidate recommendation, their biographical notes and the
Nominating Committee assessment of the due diligence material is
then sent to the Monitoring Board.

The Monitoring Board will follow its own appointment process.

Adjustments For
Re- Appointments
The individual Trustee confirms whether they wish to be
considered for reappointment.

If they confirm they will re-stand, due diligence procedures

are followed as set out above although these are limited to
the period of their first term ie the last three years.
08
 If they do not wish to re-stand the role is advertised and the
process above is followed.

Once due diligence checks are completed satisfactorily the

Trustees will send the Monitoring Board a summary of the
findings and a recommendation to consider reappointment.
The Monitoring Board then completes its own approval
process.

09
TRUSTEES
RESPONSIBILITIES

BY GIRISH PAI

10
 THE RESPONSIBILITIES

Exercising Their
Governance
Responsibilities

The Trustees are Reviewing annually Ensure the financing

Establishing and
accountable to a the strategy of the of the IFRS
amending procedures
Monitoring Board of IFRS Foundation and Foundation
& Arrangements
public authorities. the Board
 TRUSTEE
MEMBERS

12 RAHUL DEVADIGA
Number Of Trustees &
Geographical Balance
ANY

Subject to establishing
an overall balance.

AMERICA AFRICA ASIA/OCEANIA EUROPE

Presentations are Presentations are Presentations are Presentations are

tools that can be used tools that can be used tools that can be used tools that can be used
as lectures. as lectures. as lectures. as lectures.
 BACKGROUND OF TRUSTEES

BALANCE OF PROFESSIONAL BACKGROUNDS

Auditors, Users, Public officials with an Accounting Background

TWO SENIOR PARTNERS

That of any of the prominent accounting firms or the big 4s

ERRKI LIIKANEN
Appointed as the Chair of the Trustees along with 22 others
14
 CURRENT IFRS
FOUNDATION
TRUSTEES

15 STEVE CHERIAN
 16
IFRS FOUNDATION TRUSTEES

MEMBERS & THEIR BACKGROUND

ERKKI TERESA KO VINOD RAI

LIIKANEN

CHAIRMAN OF THE VICE-CHAIR TRUSTEE MEMBER

TRUSTEES
 TRUSTEE
SUBCOMMITTEES

17 LAKSHANYA
 DIFFERENT ROLES OF
TRUSTEE SUBCOMMITTEES

SUBCOMMITTEES
AUDIT, FINANCE & RISK COMMITTEE
Larry Leva (Chair), Dame Colette Bowe, Alexsandro Broedel,

ETHICS COMMITTEE
Else Bos (Chair), Larry Leva, Vinod Rai

DUE PROCESS OVERSIGHT COMMITTEE

18 Teresa Ko (Chair), Vinod Rai, Guillermo Babatz
 DUE
PROCESS
19 OVERSIGHT
COMMITTEE
(DPOC)
STEPHEN RAJ
WHAT WE DO

OVERSEE DUE PROCESS PROCEDURES.

REGULAR & TIMELY REVIEWS.

20
RECOMMENDATIONS TO THE TRUSTEES.
 DUE PROCESS OVERSIGHT COMMITTEE
TRANSPARENCY OBJECTIVES

ACCOUNTABILITY

FULL AND FAIR PUBLIC

CONSULTATION
21
 A TECTONIC SHIFT
A BRIEF
DISCUSSION ON

SUSTAINABILITY

CREATING DURABLE VALUE THAT

ACTUALLY MATTERS
22
NET ZERO BY 2050
SECURITIES MARKET CAP IN BILLIONS
GREEN & SUSTAINABLE FINANCIAL
RISE IN GREEN &
4,000

3,000
SUSTAINABLE
FINANCE
2,000 INDICATING PROVEN
DEMAND
A Need of Standards on
1,000 Reporting of Sustainability. after
IFRS Consultation

0
2016 2017 2018 2019 2020 2021
3rd,
November Consultation
2021
Composition
ISSB Start with Climate
1

GAAP
Are Fundamentally Different

2
Undermine the Foundation’s Current Important
Work Against
3
the Integrity of the New Board’s Standards
IFRS
"We must be careful not to compromise accounting standard-setting in an effort to achieve objectives other

than high-quality financial reporting"

 GAAP
Against
IFRS
"We must be careful not to compromise accounting standard-setting in an effort to achieve objectives other

than high-quality financial reporting"

 X

Thank You