Request for Nominations to the FAF Board of Trustees

The Trustees of the Financial Accounting Foundation (FAF) announce the opening of the nominations process for candidates for the FAF Board of Trustees for five-year terms from January 1, 2022 through December 31, 2026.
 
The Foundation is governed by a Board of Trustees, an independent body of leaders with diverse personal and professional backgrounds and experience, including accounting, business, investment, capital markets, accounting and business academia, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members, and currently stands at 18 members.

The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the Board of Trustees.

Position Summary


The 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, FASAC, GASB, GASAC, Private Company Council (PCC), and FAF Board of Trustees.
  • To approve the short- and longer-range strategic plans of the Foundation, the FASB, and the GASB, and review the progress in implementing such plans. 
  • To advocate publicly (such as with regulators and legislative bodies) 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 provide the FASB and the GASB with advice and counsel and maintain effective communications with, among others, the FASB, FASAC, GASB, GASAC, and PCC, and other interested persons and groups.
  • To oversee the finances, arrange and advocate for appropriate resources and funding, and approve the budget of the Foundation including the annual budgets of the FAF, the FASB, and the GASB.
  • To review periodic reports on the FASB's and the GASB's standard-setting activities from the Chairs of the two Boards.
  • To meet periodically and separately with each member of the FASB and the GASB and to publish annually a report discussing, among other things, the FASB's and the GASB's activities and the FASB's and the GASB's performance within the context of their mission statements. 
  • To review periodically the By-Laws of the Foundation.
  • To appoint committees of Trustees to effectively carry out the oversight and other responsibilities of the full Board of Trustees.
  • To adopt policies in respect of personal investments and other personal activities of the members and staff of the FASB and the GASB and the FAF staff.

Specifically, the FAF is seeking candidates with backgrounds and experience in the following areas:

  • A Chief Executive Officer or Chief Investment Officer, Research Director, or similar role for an institutional investment firm, pension or endowment fund, brokerage firm, or similar background including investors who utilize quantitative or fundamental approaches to making investment decisions. Private markets experience is preferred.
The ideal candidate will also have the following attributes:
  • Highly regarded within his or her profession, possesses an understanding of the U.S. and global financial and capital markets, and has 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. 
  • Committed to the mission of the FAF, the FASB, and the GASB, demonstrates a concern for the public interest, and has an appreciation for the varying interests and perspectives of investors and other users of financial information and the preparers and auditors of financial reports. 
  • Demonstrated experience as a corporate or not-for-profit board director or trustee including active governance and oversight responsibilities and committee membership.
Candidates for the open Trustee positions also will be expected to meet the following requirements for consideration as a Trustee:
  • Be an independent thinker who can contribute to decision making while adding to the collegial and professional culture of the Board of Trustees;
  • Have the willingness to devote the required time to the duties and responsibilities of Board membership and have a commitment towards being well-prepared and a fully contributing member;  
  • Have the highest level of personal and professional ethics, integrity, and values;
  • Have the capacity and willingness to build relationships internally and externally (including with representatives of government), and the experience to provide guidance and insight in an appropriate manner;
  • Be open-minded, while remaining firm, insightful, and decisive; be an engaged, enthusiastic Trustee willing to speak confidently and openly on Board matters;
  • Be a good fit interpersonally and professionally with other Trustees. 
Trustees are expected to be fully qualified as professionals from a broad array of domestic and international investor, accounting, and business organizations; financial and capital markets participants; accounting and business academicians; consumer groups; regulatory organizations; and other interested entities and persons.  Trustees are expected to be dedicated to the mission of the FAF and to fulfill their responsibilities in the overall public interest.  It is also expected that Trustees are prepared to give their time to becoming familiar with pertinent Foundation matters, attending the Trustee meetings each year, and participating fully in their assigned Committee responsibilities, including attendance and participation at Committee meetings.  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. 
 
In summary, a Trustee position encompasses a commitment of time that, on average, ranges from 16-20 days per year, and is somewhat dependent upon the Committee(s) to which a Trustee is assigned.
 
To apply for consideration, interested individuals can email a resume and/or CV to a confidential and dedicated email address at Spencer Stuart, our executive search firm: FAF@spencerstuart.com.