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The Trustees are the oversight body of the International Accounting Standards Board (IASB). Mr Zalm’s three-year term will begin on 1 January 2008.

The appointment follows an international search in which candidates and nominations were sought from a wide range of interested parties. Mr Zalm’s appointment carries the strong support of the Trustee Appointments Advisory Group, a group comprising leaders of major international organisations.

In announcing the appointment, Philip Laskawy, the current Chairman of the Trustees, expressed his delight, and that of the other Trustees, at Mr Zalm’s willingness to assume the chairmanship. He said that Gerrit Zalm has been a leading advocate of the adoption of International Financial Reporting Standards (IFRSs) in the European Union and brings extensive experience in the field of international co-operation on economic policy issues.

"The experience he gained as the Dutch Finance Minister over nearly 12 years will be highly relevant as the organisation advances to its objective of having IFRSs implemented in a consistent manner throughout the world’s capital markets."

Gerrit Zalm is a former Deputy Prime Minister (2003─2007) and Finance Minister (1994─2002, 2003─2007) of the Netherlands. Since leaving the Dutch Government in February 2007, Mr Zalm has taken a number of advisory positions for private organisations. He is currently Chief Economist for DSB Bank, a consultant to PricewaterhouseCoopers in the Netherlands, and an adviser to Permira, a private equity fund.

Speaking after his appointment, Gerrit Zalm said that the IASC Foundation and the IASB have made extraordinary progress in a short period of time.

"There is a growing acceptance of the need for international accounting standards as the basis of financial reporting for the world’s rapidly integrating capital markets. It is the role of the Trustees to help ensure that progress continues on a worldwide basis. In the coming months, I will work with my colleagues on the Trustees to continue to implement a number of oversight initiatives already under way and to advance the establishment of a broad-based financing programme."

Related links

• IASB