IASCF Constitution Review EuropeanIssuers final comment letter 090417

EUROPEANISSUERS’ COMMENTS ON THE REVIEW OF THE CONSTITUTION OF THE IASC FOUNDATION – IDENTIFYING ISSUES FOR PART 2 OF THE REVIEW DECEMBER 2008 POSITION 15 April 2009 The review of the constitution of the International Accounting Standards Committee Foundation (IASC) constitutes in view of our organisation an excellent opportunity to enhance the governance of the IASB. We would, therfeore, like to comment on Part 2 of the review process as follows. We clearly support enhancing the accountability of the IASB re its responsibilities, its agenda setting as well on the topical as on the timing level and re the impact of its regulatory activities. Enhancing the accountability of the IASB Without questioning or weakening the independence of the IASB, we are of the opinion that the accountability of the IASB towards the Trustees ought to be enhanced. The Trustees should approve rather than examine the IASB’s agendas and work-programs and, thus, be in a better position to take into cosnideration the observations of the stMonitoring Body (“MB”), established on the 1 February 2009 and representing public organisations and authorities (essentially authorities supervising stock exchanges). In order to better reflect the public interest, the MB ought to have as members also international organisations charged with ensuring financial stability and representatives of authorities supervising financial institutions. Improvements with respect ...