The IFRS Foundation has appointed Hans-Ulrich Engel, former Vice Chairman and CFO of BASF, as a Trustee. His extensive experience in international business and finance will be invaluable.
Key Points
•👤 New Trustee: Hans-Ulrich Engel, ex-BASF Vice Chairman and CFO
•📅 Term Duration: Effective immediately until end of 2028, with a potential for a second term
•🌍 Global Experience: Has worked in senior roles in both Germany and the US
•📊 Oversight Role: Will help govern the IASB and ISSB
•💼 Additional Roles: Holds non-executive positions with DHL Group and Harbour Energy
🚀 A New Chapter
The IFRS Foundation has just announced a high-profile addition to its team. Hans-Ulrich Engel, the former Vice Chairman and CFO of BASF, is stepping in as a new Trustee. This move is effective immediately and will see Engel on board until the end of 2028, with an option for a second term. Talk about hitting the ground running!
🌍 A Wealth of Experience
Engel isn't just a big name; he's a heavy hitter in the world of international business. With 35 years at BASF under his belt, including roles like Chief Financial Officer and Chief Digital Officer, Engel has a ton of experience. He's worked in both Germany and the US, adding a valuable global perspective to the IFRS Foundation. Oh, and did we mention he’s also a lawyer with a PhD from the University of Göttingen in Germany?
👥 What This Means for the IFRS Foundation
The Trustees of the IFRS Foundation are tasked with some pretty hefty responsibilities, including the strategy, governance, and oversight of both the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). Engel's appointment is expected to bolster these efforts significantly. > "His extensive experience and leadership in the private sector will be invaluable to the group of Trustees," said Erkki Liikanen, Chair of the Trustees.
🏆 Passing the Torch
Engel is stepping into the shoes of Erhard Schipporeit, who has decided to step down after five years of service. Engel expressed his excitement, saying, > "It is a privilege to be appointed as a Trustee of the IFRS Foundation. I look forward to working with my fellow Trustees to support the Foundation’s unique role in shaping the future of international accounting and sustainability disclosure standards."
