EFRAG Technical Expert Group (EFRAG TEG)
EFRAG operates through a Technical Expert Group (EFRAG TEG), which makes its decisions independently of the EFRAG Supervisory Board and all other interests. The 12 voting members, selected from a range of professional and geographical backgrounds from throughout Europe. EFRAG Technical Expert Group members devote 30% to 50% of their time – free of charge – to EFRAG, except for EFRAG’s full-time Chairman, Françoise Flores, who is employed by EFRAG.
The Chairs of the French, German, Italian and UK standard setters are non-voting members of the EFRAG Technical Expert Group. Furthermore, the European Securities and Markets Authority, the IASB and the European Commission attend EFRAG Technical Expert Group meetings as observers.
Aiming for well-balanced and independent technical positions
Voting members of the EFRAG Technical Expert Group are appointed through a formal process. The process commences with an open call for candidates and the selection process has regard to the knowledge and experience of candidates, in addition to the need to establish a broad balance in geographical and professional backgrounds. As a result, the EFRAG Technical Expert Group is composed of a mix of preparers, auditors, users of financial statements and academics, to ensure its deliberations and its conclusions are independent and not unduly influenced by any interest group or constituency. Members of the EFRAG Technical Expert Group are required to act in the public interest and not to consider themselves as representing sectoral or national interests.
Well-informed technical postions
The EFRAG Technical Expert Group benefits from expert advice in specialist areas provided by EFRAG working groups, such as the EFRAG Financial Instruments Working Group, the EFRAG Insurance Accounting Working Group, and the EFRAG SME Working Group. Essential to the work of EFRAG is input received from EFRAG’s User Panel. The purpose of the Panel is to provide broad input from users to EFRAG’s Technical Expert Group. EFRAG also works closely with European National Standard Setters, meeting with them every three months in the Consultative Forum of Standard Setters, and by working with them and the IASB to organise and conduct public hearings to seek views from constituents.
EFRAG’s secretariat provides technical support for the activities of the EFRAG Technical Expert Group.