Former Dutch finance minister Hans Hoogervorst has been chosen to succeed Sir David Tweedie as chairman of the International Accounting Standards Board.
Hoogervorst, the current executive chairman of the Netherlands Authority for the Financial Markets (AFM), and chairman of IOSCO’s technical committee, will take over when Sir David retires in June 2011.
Ian Mackintosh, the current chairman of the UK Accounting Standards Board (ASB) will also move to the international board as vice chairman, consolidating a strong European presence at the London-based board, but leaving a vacuum at the ASB.
The appointments were unanimously approved by the IFRS Foundation trustees at a meeting in Seoul on 12-13 October.
In addition to his roles with the Netherlands market authority and the international securities commission organisation IOSCO, Hoogervorst currently chairs the IFRS Foundation Monitoring Board and is co-chair of the IASB’s Financial Crisis Advisory Group. He will give up these roles when he takes on the full-time IASB chairmanship.
Between 1998 and 2007 Hoogervorst held several ministerial positions in the Dutch Government, including finance, health and welfare. He will be familiar with the corridors of power in both Europe and the US, having served as a member of the Dutch Parliament and worked for three years as a banking officer for the National Bank of Washington in the US capital.
“Both Mr Hoogervorst and Mr Mackintosh have demonstrated a firm commitment to protecting the independence of the standard-setting process and acting in the interest of investors and other stakeholders,” the IFRS Foundation said in its press statement.