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IASC Foundation and the Trustees
The governance of IASC Foundation rests on the shoulders of the Trustees of the IASCFoundation (the IASC Foundation Trustees or, simply, the Trustees). The Trustees comprise
22 individuals who are chosen from around the world. In order to ensure a broad international
representation,it is required that six Trustees are appointed from North America, six
from Europe, six from Asia/Oceanic region, and four from any part of the world, subject to
establishing overall geographicalbalance.
The Trustees are independent of the standard-setting activities (which is the primary responsibility
of the Board members of the IASB). The Trustees, on the other hand, are responsible
forbroad strategic issues, such as
• Appointing the members of IASB, the IFRIC, and the Standards Advisory Council
• Approving the budget of the IASC Foundation and determining the basis offunding
• Reviewing the strategy of the IASC Foundation and the IASB and its effectiveness
including consideration, but not determination, of the IASB’s agenda (which if
allowed may impair theTrustees’ independence of the standard-setting process);
• Establishing and amending operating procedures, consultative arrangements and due
process for the IASB, the IFRIC, and the SAC;
• Approvingamendments to its constitution after consulting the SAC and following
the required due process;
• Fostering and reviewing the development of the educational programs and materials
that are consistentwith the objectives of the IASC Foundation; and
• Generally, exercising all powers of the IASC Foundation except those expressly reserved
for IASB, the IFRIC, and the SAC.
Lastly, in order toenhance public accountability of the IASC Foundation, while maintaining
the operational independence of the IASC Foundation and the IASB, the Monitoring
Board, a new body, was created in 2009. The...