EFRAG Supervisory Board and EFRAG Member Organisations
EFRAG was set up in 2001 by 10 European Member Organisations prominent in European capital markets. The current EFRAG Member Organisations are:
|BUSINESSEUROPE||European Business Federations|
|FEE||Federation of European Accountants|
|INSURANCE EUROPE||European Insurance and Reinsurance Federation|
|EBF||European Banking Federation|
|ESBG||European Savings Banks Group|
|EACB||European Association of Co-operative Banks|
|EFAA||European Federation of Accountants and Auditors|
The work of EFRAG is overseen by an independent Supervisory Board. The EFRAG Supervisory Board's main duties include selecting membership, and overseeing the work, of the EFRAG Technical Expert Group and EFRAG Planning and Resource Committee; monitoring cooperation with National Standard Setters; and ensuring proper funding for EFRAG.
The EFRAG Supervisory Board consists of senior professionals and leaders with an interest in the global development of financial reporting and with an appropriate balance of professional backgrounds, including users, preparers and accountants, and geographical spread. All EFRAG Supervisory Board members act in a personal capacity and are committed to acting in the European public interest, independent of their professional or sectoral affiliation. The EFRAG Supervisory Board includes three public policy members. The European Commission and the European Securities and Markets Authority are observers at the EFRAG Supervisory Board meetings.
The EFRAG Supervisory Board is appointed by the EFRAG General Assembly, following recommendations of the EFRAG Governance and Nominating Committee. This Committee comprises of four representatives of the General Assembly and three representatives of National Funding Mechanisms.
The members of EFRAG TEG are appointed by the EFRAG Supervisory Board, with the assistance of a Nominating Committee, following an open call for candidates. The Supervisory Board looks primarily to the qualifications of the EFRAG TEG candidates in terms of knowledge and experience but endeavours to ensure a broad geographical balance, together with experience from preparers, the accounting profession, users and academics. In the same way, members of working groups and advisory panels are appointed following a call for candidates published on EFRAG's website, with the aim of ensuring an appropriate professional and geographical balance.
A list of the EFRAG Supervisory Board Members can be found here.