The International Valuation Standards Council (IVSC) has announced the appointment of Sir David Tweedie as chairman elect of IVSC's board of trustees. Sir David will assume the role October 29, 2012, following the IVSC 2012 Annual General Meeting.
As chairman, Sir David will be responsible for the strategic direction of the IVSC. Key priorities for the organization are to promote the recognition and adoption of the International Valuation Standards in the world's major economies and to lead the development of the valuation profession worldwide, bringing it together with users of valuation, regulators, legislators, and those who form opinions.
As former chairman of the International Accounting Standards Board (IASB) and the United Kingdom Accounting Standards Board (ASB), Sir David led a two-decade long overhaul of UK and global accounting standards, spearheading the adoption of international financial reporting standards (IFRS) in over 100 countries around the world. This experience will further support the IVSC in its work to promulgate truly effective valuation standards globally and to reduce diversity in the way in which they are applied in different countries.
Sir David commented: "The global financial crisis has highlighted the crucial role of valuation and its impact on financial markets. Standardized valuation practice, across all business sectors, is now vital in order to provide a consistent approach to portfolio and asset valuation and to improve the confidence of both investors and users of valuation services. Improved confidence will benefit capital markets and contribute to the growth of strong economies around the world.
"I am pleased to be joining the IVSC at this important time for the valuation profession and look forward to continuing to build confidence and public trust in the valuation process."
Sir David will succeed Roel Campos, who has served as the interim chairman since Michel Prada stepped down as chairman in December 2011. Campos welcomed the appointment saying: "David has been one of the most influential and respected players on the global financial stage in recent years. Regulators across the world know him and respect him. Having led the IVSC search for a permanent chair, I and the entire board of trustees are delighted and honored that David has agreed to become chairman of the IVSC. He is someone who will be committed to promoting global valuation standards and guidance and the development of the valuation profession globally."
Source: September 26, 2012, IVSC Press Release