IFRS Foundation Trustees Meet in Milan š®š¹
The IFRS Foundation Trustees gathered in Milan to review their transformation programme, aiming to streamline operations and ensure future readiness. Key topics included the oversight of standard-setting boards and strategic operational reviews.
Key Points
- ā¢š Date: The meeting took place from June 3-5, 2025.
- ā¢š Transformation Programme: Focus on simplifying management structures and reducing operating costs.
- ā¢š Board Reduction: Plans to reduce board members from 14 to 10 by the end of 2028.
- ā¢š§āš¤āš§ Engagement: Collaboration with the IFRS Foundation Monitoring Board and Italian stakeholders.
- ā¢š Strategy: Emphasis on future technology use, operating models, and sustainable funding arrangements.
š Standard-Setting Oversight
The Trustees sat down with the bigwigs from the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). They discussed their progress and brainstormed on connecting their standards. The Chairs gave updates on emerging trends and challenges in global corporate reporting.
The Trusteesā Due Process Oversight Committee (DPOC) also had a chinwag about compliance and the IASBās upcoming Agenda Consultation. For those curious, you can dive into the meeting papers and recordings here.
š§ Transformation Programme
The transformation programme is in full swing, following the IFRS Foundationās strategic review of its operations. This programme aims to keep the organisation future-fit, ensuring transparency, efficiency, and accountability in global capital markets.
Hereās whatās happening:
- Simplified management structures and streamlined operational decision-making.
- Reviewed operating costs, with a plan to cut governance and staff-related expenses.
- Transitioning each board from 14 to 10 members by the end of 2028.
- Strengthening income-generating programmes with a new Chief Development Officer.
- Refreshing the Foundationās strategy, focusing on technology, operating models, and sustainable funding.
The Trustees are keen to maintain independence, geographic balance, and expertise as they transition to fewer members, consulting on proposed amendments to the Foundationās Constitution later this year.
š¤ Engagement
During their Milan escapade, the Trustees met with the IFRS Foundation Monitoring Board, which includes capital market authorities. They reiterated their commitment to independence, diversity, and geographical balance of the boards, ensuring top-notch standards.
The Trustees also joined forces with the Italian standard-setterāOrganismo Italiano di ContabilitĆ (OIC)āat a stakeholder event hosted by Mediobanca. It was a chance to discuss the future of corporate reporting with Italian stakeholders.
Stay tuned for a detailed meeting summary, which will be published here.