IFRS Trustees Propose Amendments to Constitution
In an effort to extend the tenures of the IFRS Foundation’s trustee chair and vice-chairs, the Foundation’s trustees are proposing slight amendments to the Constitution. Outlined in the Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice Chairs, the proposed changes would increase the trustee chair’s maximum tenure to nine years (currently six years), three three-year terms, counting any prior period that they might have served as a trustee.
Additionally, the Exposure Draft lists an amendment that gives the option to appoint the chair from among the trustees or externally. Also noted in the amendments is that the vice-chairs would be appointed from the trustees and can serve a maximum of nine years, including time served as a trustee.
The proposed changes to the Constitution are likely to help safeguard the Foundation’s stability through leadership continuity while ensuring proper diversity and independence among trustees. The amendments would also explain the conditions for Trustee reappointments.
Comments on the Exposure Draft are due Monday, September 17.