More NewsIASB Appoints Two New Executives

IASB Appoints Two New Executives

The Trustees of the International Accounting Standards Committee (IASC) Foundation have appointed two financial executives to the International Accounting Standards Board (IASB):

  • Elke König, former member of the executive board and chief financial officer (CFO) of Hannover Re Group (Germany).
  • Darrel Scott, CFO of the FirstRand Banking Group (South Africa).

König and Scott will begin their five-year terms as full-time members of the IASB in July and October 2010 respectively.

König has served as a senior financial executive in the insurance industry. From 2002 to 2009 she served as CFO of Hannover Re Group, the international reinsurance group. Previously, she spent 12years as a member of the senior management of Munich Re, with specific responsibility for the group’s accounting and controlling activities. She is currently serving in non-executive capacities as chairperson of Hannover, where she has been actively engaged in the IASB’s project on insurance contracts.

Scott is CFO of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He has responsibility for both statutory and regulatory financial reporting under the Basel II Accords. He serves on various governance, risk, operation and strategic committees of the group.

The appointments fill vacancies that will be created by the retirement of Robert Garnett and Gilbert Gélard at the end of June 2010. A search is ongoing for a replacement for Jim Leisenring, who also retires at the end of June 2010.

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