Danny McCance 15 Dec 2017 12:57pm

IFRS appoints seven new trustees

The new trustees have been appointed for a three-year term at the International Financial Reporting Standards (IFRS) foundation, effective from 1 January 2018

Dame Collette Bowe, Larry Leva, Michael Madelain, Ross McInnes, Vinod Rai, Lucrezia Reichlin and Teresa Ko will join current chairman of the trustees, Michael Prada – who will continue until a successor is found– and his vice chairs Sheila Fraser and Takafumi Sato.

Bowe has a wealth of experience, having previously been chairman of Electra Private equity and served on the boards of Morgan Stanley International, Axa Investment Managers, Thames Water and the Department of Transport.

She was also chairman at Ofcom, as well as being founding chairman of the telecoms ombudsman’s service and Ofcom consumer panel.

Dame Colette is currently chairman of the UK Banking Standards Board and of the associated board of the Royal School of Music, and on the boards of the UK statistics Authority and the Nuffield Foundation.

Leva is currently global vice chairman of quality, risk and regulatory at KPMG International, having been with the firm for almost 40 years. He has held various roles at the firm including serving on the US firm’s board of directors and was chair of the audit finance and board process committees.

He has also served on the US firm’s professional practice, ethics and compliance committee, the department of professional practice and has been a Securities and Exchange Commission reviewing partner for over 25 years.

Leva currently serves on KPMG international’s professional insurance and indemnity committee.

Madelain is vice chairman of Moody’s Investor Service as well as serving as president and chief operating officer of the Service, having been with the credit rating business since 1994. Prior to his roles at Moody’s, Madelain was a partner at EY in France.

McInnes is currently chairman of the board of French aerospace engineering company Safran.

He has held a variety of roles including as CFO of Eridania Beghin-Say, CFO and executive vice president of Thomson CSF (now Thales), executive vice president for finance and strategy at PPK (now Kering), and as vice chairman of Macquarie Capital Europe.

Rai is currently a non-executive independent chairman and member of the advisory council for infrastructure development firm IDFC. He was previously comptroller and auditor general of India.

Rai has held various financial services roles for the government of Kerala and central government. Previously, he served as an additional secretary of ministry of finance for the department of Economic Affairs at in the government of India.

Reichlin is professor of economics at London Business School and Université libre de Bruxelles and was the former director general of research at the European Central Bank.

She holds a variety of non-executive director roles including at Unicredit Banking Group and Ageas Insurance Group among others.

Ko is china chairman and founding partner of Asia Equity Capital Markets at Freshfields Bruckhaus Deringer. She is a non-executive director of the Securities and Futures Commission for Hong Kong, as well as the chairman of the standing committee on disciplined services salaries and conditions in Hong Kong.

Prada was scheduled to retire from the trustees at the end of 2017, however as no likely successor has yet been found, the trustees unanimously voted to extend his term.