Role of the EFRAG Board
The EFRAG Board is responsible for all decisions made and positions taken at EFRAG. It makes its decisions to the extent possible on the basis of consensus with the objective of Europe speaking with one voice. It is also responsible for the general oversight over the organisation and reports to the EFRAG General Assembly.
back to topComposition of the EFRAG Board
The composition of the EFRAG Board makes EFRAG the legitimate European voice in the development of IFRS. The EFRAG Board includes in equal numbers representatives of European Stakeholder Organisations and National Standard Setters and is led by a President of the EFRAG Board nominated by the European Commission, after having heard the European Parliament and the Council of Ministers. The European Commission, the European Supervisory Authorities and the European Central Bank (ECB) participate in the EFRAG Board in an observer capacity.
back to topHow the EFRAG Board operates
EFRAG Board members are expected to have a thorough understanding of how financial reporting requirements are likely to impact the consituency they represent. They make however their desicions independently so as to have EFRAG work solely in the public interest and operate on the basis of consensus to the extent feasible. They make a formal commitment of working in the public interest when coming into office and are governed by EFRAG's conflict of interest policy
The EFRAG Board does not rely solely on its broad representativeness, it adopts well-informed positions. The EFRAG Board is taking all its decisions after having considered the advice of the EFRAG TEG
and the results of EFRAG’s due process. It also hears from the Accounting Regulatory Committee and makes all assessments deemed relevant from a macro-economic perspective. It can seek further advice on issues in relation to the European publc good by forming its own working groups. To date none has been formed.
To carry out its governance and oversight duties and in accordance with the EFRAG internal rules
, the EFRAG Board relies on the advice received from committees populated from within the EFRAG Board: the EFRAG Audit and Budget Committee, the EFRAG Board Nominating Committee and the EFRAG Remuneration Committee.
The EFRAG Board has the following official observers of the European Institutions with speaking rights: European Commission - Alain Deckers; ECB (European Central Bank) - Jürgen Kirchhof and Mauro Armanini; EBA (European Banking Authority) - Delphine Reymondon; EIOPA (European Insurance and Occupational Pensions Authority) - Sandra Hack; and ESMA (European Secturities and Markets Authority) - Roxana Damianov. In addition Jean Medernach is observer with speaking rights for European Organisations representing private investors.
back to topMembership of the EFRAG Board
The current Members of the EFRAG Board are (please click on Members' names to view their profiles):
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