Constitution Review
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The Constitution of the IASC Foundation was originally approved in May 2000 and requires the Trustees to undertake a constitutional review every five years.
The first review commenced in November 2003 and was concluded in June 2005. As a result of the first Constitution Review, a number of enhancements were made to the Constitution.
Second Constitution Review
The second Constitution Review began in January 2008 with a target date for full completion of the review by 2010 (see a detailed timetable of the Constitution Review).
Following discussions with stakeholders, the Trustees determined that the process for the Constitution Review 2008 should be split into two parts: |
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Part 1 |
The Trustees are expediting the process in two areas – one focused on the governance and public accountability of the IASC Foundation (the Creation of a Monitoring Group) and the second concerning the composition of the IASB.
The Trustees propose to deal with these matters in an accelerated time frame, with a view to implementation in January 2009. |
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Part 2 (not started yet) |
The remaining constitutional issues will be dealt with in the second part of the Constitution Review, beginning with the publication of a consultation document in the second half of 2008. This second phase provides an opportunity for any further constitutional issues to be addressed. |
Where are we in the 2008 Constitution Review?
The Constitution Review comment period concluded on 20 September. The comment letters received, together with the oral comments that were made at the round table meeting in London on 19 June, are being referred to the Trustees for consideration at their meeting in Beijing on 9-10 October 2008.
The second part of the Constitution Review will also be referred to the Trustees for deliberation and consideration. It is anticipated that at this meeting, the Trustees will be in a position to opine on the outcome of the first part of the Constitution Review and authorise the commencement of the second part of the Constitution Review.
A press release and further information will be posted on the Website once the outcome of the Trustees meeting is known.