- Press Releases Related to the Monitoring Group
- Public Communications Related to the Monitoring Group
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Monitoring Group - Reforms to The Global Audit Standard-Setting Process
(22 February 2018)
Monitoring Group Governance Review
(28 March 2013)
- Monitoring Group Charter
- IFAC Reforms
- Monitoring Group Nominating Committee
Monitoring Group Nominating Committee
Terms of Reference
(Adopted 3 June, 2022)
1. BACKGROUND AND PURPOSE OF THE COMMITTEE
The Monitoring Group Nominating Committee (“MG Nominating Committee” or “the Committee”) is a committee established by the Monitoring Group.
The purpose of the MG Nominating Committee is to select and appoint1 board members to the Public Interest Oversight Board (“PIOB”). The establishment of the MG Nominating Committee is in accordance with the MG Recommendations published in July 2020, Strengthening the International Audit and Ethics Standard-Setting System. (MG Reform). The Monitoring Group is responsible for the overall governance of the international audit and ethics standard-setting system.
In making selections for the appointment, the Committee is guided by the principle that the primary criterion for selection of the candidate is to identify the most suitable person for the position, taking into consideration the need to balance the collective skill set of the PIOB, such that the PIOB has appropriate diversity and a multi-stakeholder composition. Diversity encompasses geographic and gender balance, as well as experientially balanced in the preparation, audit, oversight, delivery, and use of financial statements, and with the ability to analyze that the work of the International Audit and Assurance Standards Board (“IAASB”) and the International Ethics Standards Board for Accountants (“IESBA”) is responsive to the public interest.
Members to the PIOB will be selected using the PIOB skills matrix that fosters leadership, expertise, and diversity of thought and geography. Candidates will be identified through an open and transparent global call for nominations issued by the Committee.
Upon starting their term on the Committee, each member shall sign a statement declaring that they will act in the public interest and with confidentiality and integrity in discharging their role within the Committee. As a general matter, when potential perceived or actual conflict of interest arise, the member has a duty to disclose the matter to the MG Chair/Co-Chairs. Such conflict of interest will be evaluated, with the conclusion of whether the interested member should be recused due to the conflict of interest identified.
3. MEMBERSHIP AND TERMS OF SERVICE TO THE COMMITTEE
The MG Nominating Committee is comprised of seven (7) voting members, including the chair. The Committee consists of one representative from each of the Monitoring Group member organizations:
- The International Organization of Securities Commissions (IOSCO);
- The European Commission;
- The Basel Committee on Banking Supervision (BCBS);
- The International Association of Insurance Supervisors (IAIS);
- The World Bank Group;
- The Financial Stability Board (FSB); and
- The International Forum of Independent Audit Regulators (IFIAR).
The IOSCO representative serves as chair of the MG Nominating Committee.
The IOSCO Secretariat performs the secretariat function of the MG Nominating Committee for all supporting activities. Secretariat staff have speaking rights but not voting rights.
The MG Nominating Committee may consult the PIOB Chair for input throughout the nomination process.
4. MEETING PROCEDURES
MG Nominating Committee meetings will take place as and when required, as determined by the Chair. Committee meetings are chaired by the MG Nominating Committee Chair. A quorum of four (4) voting members is required.
Each member of the MG Nominating Committee has one (1) vote. While the members should strive to achieve consensus, the affirmative vote of a simple majority of members present at a meeting in person or by simultaneous telecommunications link, is required for decision-making. In the case of an even number of votes, the chair has an additional casting vote.
The MG Nominating Committee’s meetings, including the interview process, will be conducted either in-person or virtually. When an in-person session is held, the MG Nominating Committee will make every effort to have a virtual option available for those unable to travel.
1 The Monitoring Group has charged the Monitoring Group Nominating Committee with the responsibility to select and appoint members to the PIOB. PIOB appointments are made by the Monitoring Group Nominating Committee and confirmed by the Board of Trustees of the PIOB Foundation.