EFRAG Governance and Nominating Committee (EFRAG GNC)
|Description :||The EFRAG GNC was established by the EFRAG General Assembly to make recommendations to the EFRAG General Assembly on the appointment of EFRAG Supervisory Board (EFRAG SB) members, and to carry out a review of the governance arrangements.|
The EFRAG GNC has responsibility for:
• making recommendations to the EFRAG General Assembly on the appointment of EFRAG Supervisory Board EFRAG SB) members;
• assessing the effectiveness of EFRAG governance arrangements, carrying out regular governance reviews following full public due process, and
• making recommendations to the EFRAG General Assembly on necessary changes, if any.
As a result of the 2008 enhancement report Strengthening the European contribution to the international standard setting process, EFRAG was due to undertake a limited Governance Review in 2012. The focus was to assess whether the changes from the enhancement brought to EFRAG’s governance were well implemented, and to assess the effectiveness of the arrangements in securing cooperation between EFRAG and National Standard Setters in Europe. In addition, recent developments in the international financial reporting arena require further reflection in Europe on their implications for Europe and EFRAG’s objective and role. Finally the discussions held during the limited Governance Review have also shown an interest in and need for undertaking a more comprehensive review of EFRAG’s governance.
Considering all these aspects, the EFRAG Governance and Nominating Committee has decided to close the limited review without proposing changes to the current governance arrangements. A comprehensive review of EFRAG will be undertaken and take into consideration the most recent developments in the international financial reporting arena.
The process of the limited governance review has, however, identified in discussions with EFRAG’s stakeholders a number of desirable operational and due process improvements that can be implemented under the present governance and constitutional arrangements.
The EFRAG Governance and Nominating Committee conducts a review of the governance arrangements of EFRAG every five years unless circumstances require urgent action.
The EFRAG GNC is chaired by the EFRAG SB Chairman, assisted by the EFRAG SB Governance Review Task Force Chairman as Vice-Chair, both non-voting, and consists of seven other members, all voting, four of whom are nominated from amongst General Assembly members (Member Organisations) and three from amongst the National Funding Mechanisms (NFMs)1 . The General Assembly formally appoints the EFRAG GNC members.
1 NFMs are the bodies established in some Member States to organise the private sector funding contributions to EFRAG, some of which also contribute to the funding of IFRS Foundation by the same means
|EFRAG GNC Chairman and Vice- Chairman (without voting rights)|
|Hans van Damme||EFRAG GNC Chairman (acting)|
|EFRAG Member Organisations (4 members with voting rights)|
|Giancarlo Attolini||EFRAG GNC Member|
|Erik Berggren||EFRAG GNC Member|
|Petr Kriz||EFRAG GNC Member|
|Hervé Guider||EFRAG GNC Member|
|National Funding Mechanisms (3 members with voting rights)|
|Charlotte Jepsen||EFRAG GNC Member|
|Agnès Lepinay||EFRAG GNC Member|
|Enrico Laghi||EFRAG GNC Member|