GOVERNANCE
The Foundation represents the implementation of a key recommendation contemplated in the Monitoring Group’s July 2020 Recommendations, Strengthening the International Audit and Ethics Standard-Setting System.
Establishing the Foundation strengthens the independence of the international ethics, audit, and assurance standard-setting system by moving the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) to a new entity that is independent of the International Federation of Accountants (IFAC).
The Members of the Foundation—the Monitoring Group, Public Interest Oversight Board and IFAC—appoint the Foundation’s Board of Trustees.
Trustees serve a one-year term and can be reappointed. The Board of Trustees is presided over by a chair, who must be a public interest trustee and is elected by the Board for a three-year term. A trustee may not serve as chair for more than two successive terms.
The Board of Trustees appoints the principal officers of the Foundation, including the Foundation’s Co-CEOs and the Foundation’s Secretary and Treasurer.
For additional information, see the Foundation’s Bylaws, the Public Interest Framework, and our set of questions & answers.