October 29, 2026/IOSCO
On October 21-22, 2026, the IFRS Foundation Monitoring Board (Monitoring Board) held its meeting in Amsterdam. The Monitoring Board discussed the activities of the Trustees of the IFRS Foundation (Trustees), including the Trustees’ oversight responsibilities with respect to the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The Monitoring Board also held a joint meeting with the members of the Trustees under the leadership of Erkki Liikanen, Chair of the Trustees, as well as Sam Woods, Chair of the IASB, and Emmanuel Faber, Chair of the ISSB.
At a critical juncture in the Foundation’s transformation, the Monitoring Board welcomed the ongoing transition to its new leadership and recognised the importance of ensuring that the Foundation remains fit for purpose in overseeing the IASB and the ISSB and enabling both Boards to respond effectively to the evolving information needs of investors and capital markets. Members also continued the discussion on potential approaches to enhancing the funding, governance and oversight model of the IFRS Foundation as well as that of certain other elements of the financial reporting ecosystem.
The Monitoring Board also exchanged views on the Foundation’s organisational transformation, including proposed amendments to its Constitution, and their implications for the Foundation’s governance and oversight framework. Members stressed the importance of ensuring that the Foundation’s due process is supported by a rigorous standard-setting process, robust cost-benefit analysis, and meaningful stakeholder engagement. With full respect for the independence of the standard setting process, members further emphasised the value of post-implementation reviews in assessing whether standards are operating as intended, identifying areas for improvement and ensuring that standard-setting remains responsive to the needs of investors and capital markets.
Additionally, members reiterated their support for the continued development of high-quality, globally trusted accounting and sustainability disclosure standards and highlighted the Foundation’s role as a key component of the global capital market infrastructure. To support the Foundation in fulfilling this role, the Monitoring Board reaffirmed the importance of maintaining and strengthening the Foundation’s public accountability and making continued efforts to ensure that the Foundation’s funding model supports its mission of serving investors and the public interest.
As part of its discussions, the Monitoring Board exchanged views with Laura Forzani, newly appointed Managing Director of the IFRS Foundation, regarding the Foundation’s strategic priorities, organisational transformation and operational objectives. Members also met separately with Sam Woods, new Chair of the IASB, to exchange views on the Board’s future work plan, stakeholder engagement, the role of cost-benefit analysis in standard-setting and the importance of post-implementation reviews in maintaining confidence in IFRS Standards.
Statement from the Monitoring Board Chair
Toshiyuki Miyoshi, Chair of the IFRS Foundation Monitoring Board and Vice Minister for International Affairs of Financial Services Agency, Japan, stated:
“It was a privilege to chair this Monitoring Board meeting at a critical juncture in the Foundation’s transformation, including the ongoing transition to its new leadership and its five-year strategy. The Monitoring Board welcomes the progress and wishes the Foundation every success as it embarks on the next stage of its journey under its incoming Chair of the Trustees, Steven Maijoor. As the Foundation evolves to remain effective and relevant in a rapidly changing environment, it is essential that it continues to build on the principles that have underpinned its success: strong governance, accountability, transparency and the independence of standard-setting.
As representatives of capital market authorities committed to investor protection, market integrity and capital formation, the Monitoring Board looks forward to continuing its close engagement with the Trustees to reinforce the Foundation’s public accountability and support the development of high-quality, globally trusted accounting and sustainability disclosure standards. As the Foundation pursues its strategic ambitions, it is equally important that it remains firmly anchored in its core mission as a key component of the global capital market infrastructure, serving investors and the public interest through robust and independent standard-setting.
On behalf of my fellow Monitoring Board members, I would like to express my gratitude to Erkki Liikanen, the outgoing Chair of the Trustees, for his outstanding leadership in guiding the Foundation through a period of significant change and challenge. I also thank the outgoing Trustees Masamichi Kono, Robert Pozen, and Kenneth Robinson, who have made valuable contribution to the Foundation’s activities and engagement with a broad range of stakeholders, including the Monitoring Board.”