Erkki Liikanen reappointed to serve as Chair of the IFRS Foundation Trustees until September 2027

The Trustees of the IFRS Foundation have reappointed Erkki Liikanen to serve a third term as Chair of the IFRS Foundation Trustees, ensuring continuity and stability in the organisation’s leadership as it institutionalises the ISSB’s work and strengthens the IASB’s IFRS Accounting Standards.

The Trustees are responsible for the strategy and governance of the IFRS Foundation and oversight of its two standard-setting boards—the International Accounting Standards Board (IASB) and the International Sustainability Standard Board (ISSB)—in developing reporting standards for the capital markets.

Mr Liikanen has served as Chair since October 2018. He was previously the Governor of the Finnish Central Bank and has also served as a European Commissioner.

Under Mr Liikanen’s leadership, the Trustees have expanded the Foundation’s remit to include standard-setting for sustainability disclosures and have enhanced its governance.

Strategy

Mr Liikanen led the Trustees’ review of the Foundation’s strategy in 2020 and their work to understand and respond to calls for the Foundation to play a role in standard-setting for sustainability disclosures.

Informed by a public consultation, this work resulted in the largest strategic organisational change since the Foundation’s formation in 2001—the creation of the ISSB, announced at the 2021 UN Climate Conference in Glasgow, and the consolidation of the Climate Disclosure Standards Board and the Value Reporting Foundation (which housed the International Integrated Reporting Council and the Sustainability Accounting Standards Board).

Governance

The Trustees have:

• enhanced the Foundation’s recognised, inclusive and trusted process for standard-setting—set out in the Due Process Handbook—to ensure it continues to meet international best practice;
• revised the Constitution, following a public consultation, to facilitate the creation of the ISSB;
• overseen the successful transition of the IASB leadership, including appointing a new Chair and Vice-Chair, and appointing the Chair, Vice-Chairs and other members of the ISSB; and
• maintained a strong relationship with the Monitoring Board, which is made up of capital market authorities and provides a formal link between the IFRS Foundation and public authorities.

Ken Robinson, Chair of the Trustees’ Nominating Committee, said:

Erkki has led the Trustees and the IFRS Foundation through the organisation’s most significant strategic change since it was founded in 2001, broadening its remit to meet investors’ evolving information needs. The Trustees are grateful that he has accepted to serve another term, ensuring continuity of leadership and enabling the organisation to benefit from his vast strategic and governance experience.

Erkki Liikanen said:

The IFRS Foundation plays an important role in enabling capital market decisions to be based on transparent and useful information. I am honoured to continue serving as Chair.

The Trustees are appointed for terms, as set out in the IFRS Foundation’s Constitution. Mr Liikanen’s second term ends on 31 December 2024. His third term will end by 30 September 2027.

The reappointment of Mr Liikanen has been approved by the IFRS Foundation Monitoring Board.