Financial Accounting Foundation
Request for Nominations to the Board of TrusteesThe Financial Accounting Foundation currently is seeking candidates for the Board of Trustees to fill vacancies occurring as of year-end 2011. Nominations are sought from domestic and international accounting, business and investor organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; and other interested entities and persons.
The Financial Accounting Foundation
The Financial Accounting Foundation (FAF), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Through its standard-setting boards, the organization establishes and improves financial accounting and reporting standards, fostering financial reporting that provides decision-useful information to investors and other users of financial reports. The FAF directs the effective, efficient, and appropriate stewardship of the organization in carrying out its mission; oversees and holds accountable the standard-setting boards for conducting their activities with appropriate due process; and promotes and protects the independence of the standard-setting boards in their establishing and improving financial accounting and reporting standards.
Composition, Size and Term of the Board of Trustees
The organization is governed by a Board of Trustees, an independent body of leaders with diverse professional backgrounds and experience, including business, investment, capital markets, accounting, accounting and business education, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members. Trustees serve a single, five-year term.
Trustee Candidate Profile
The ideal candidates will be highly regarded within their profession, possess an understanding of the U.S. and global financial and capital markets, and have a strong appreciation for the importance to the markets, the investment community, and the public at large of independent standard setting for financial accounting and reporting. Candidates will be committed to the mission of the FAF, FASB, and GASB, demonstrate a concern for the public interest, and have an appreciation for the varying interests and perspectives of investors and other users of financial information and the preparers and auditors of financial reports.
In addition to the attributes described above, the FAF currently is seeking senior-level professionals with backgrounds and experience in one or more of the following areas:
- Using financial statements, including those of private companies or of state or municipal governments
- Leading smaller and/or private companies
- Leading not-for-profit organizations.
Primary duties of the Trustees are:
- To monitor, on an ongoing basis, the activities of the FASB and the GASB and their due process practices, policies and procedures, including agenda setting, solicitation and consideration of public comments, post-implementation evaluation of the effectiveness and efficiency of their standards and standard-setting activities, and their performance within the context of their mission statements.
- To appoint the Chairs and members of the FASB, GASB, and their advisory boards.
- To approve the short and longer range strategic plans of the FAF, FASB and GASB, and monitor the progress in implementing such plans.
- To advocate publicly on behalf of the independent standard setting process.
- To conduct periodic reviews of the structure for establishing and improving financial accounting and reporting standards in such scope and at such times as the Trustees shall determine.
- To oversee the finances, arrange and advocate for appropriate resources and funding, and approve the budgets of the FAF, FASB, and GASB.
The Board of Trustees holds regular quarterly meetings, generally in the New York metropolitan area, and also holds special meetings and committee meetings at other times and locations throughout the year as needed. Trustees are expected to provide adequate time to become familiar with pertinent Foundation matters and to participate fully in their assigned committee responsibilities. Trustees are expected to become acquainted with and maintain effective communications with, among others, the Foundation’s constituent organizations and key personnel of the various Foundation units and, when possible, attend FASB, GASB and advisory group meetings.
Interested and qualified candidates are requested to submit CV and introduction via email by July 29, 2011, to: Trustee@f-a-f.org. Or mail to Board of Trustees – FAF, c/o Robert H. Kalina, Vice President, Human Resources, Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856