What are the responsibilities of the Trustees of the International Financial Reporting Standards (IFRS) Foundation?

The Trustees of the International Financial Reporting Standards (IFRS) Foundation are responsible for the governance and oversight of the International Accounting Standards Board (Board). The Trustees are not involved in any technical matters relating to IFRS Standards. This responsibility rests solely with the Board. The Trustees are accountable to the Monitoring Board, a body of publicly accountable market authorities. Trustees are appointed for a renewable term of three years. Each Trustee is expected to have an understanding of, and be sensitive to, international issues relevant to the success of an international organization responsible for the development of high quality global accounting standards for use in the world's capital markets and by other users. The Trustees' responsibilities include the following but not limited to: appointing members of the Board, the IFRS Interpretations Committee and the IFRS Advisory Council; establishing and amending the operating procedures, consultative arrangements and due process for the Board, the Interpretations Committee and the Advisory Council; reviewing annually the strategy of the Board and assessing its effectiveness; and ensuring the financing of the IFRS Foundation and annually its budget approving. In exercising their governance responsibilities, the Trustees may reconsider or amend the Board's due process or recommend, for example, improvements to the Board's outreach activities. In addition, the constitution requires the Trustees to undertake a formal, public review of the structure of the IFRS Foundation, its governance arrangements and its effectiveness in fulfilling the organization's objectives every five years. The Trustees are accountable to a Monitoring Board of public authorities. Their reports to the Monitoring Board are available on the Trustees' meeting pages.