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FOR IMMEDIATE
RELEASE 13 FEBRUARY 2008
INTERNATIONAL VALUATION STANDARDS COMMITTEE (IVSC) ANNOUNCES INTERIM
BOARD OF TRUSTEES
The International Valuation Standards Committee (IVSC), founded to develop
and promote recognised international valuation standards, today announced
its interim board of trustees. The interim board will oversee the restructuring
of the IVSC (announced in November 2007) that will transform it into
a global body acceptable to the international capital markets.
Members of the IVSC interim board of trustees are:
- Roel C Campos, commissioner
of the US Securities and Exchange Commission 2002-2007; former vice
chair of the Technical Committee of the International Organization
of Securities Commissions (IOSCO). Currently Partner In Charge, Washington
DC Office, Cooley Godward Kronish
- Christopher Jonas, CBE, past president,
The Royal Institution of Chartered Surveyors. Senior adviser at Lazard;
member of the joint ventures board of Bank of Scotland and chairman
of Henderson Global Property Companies Ltd
- Jean-Florent Rérolle,
managing director, Houlihan Lokey Howard & Zukin
and co-head, Financial Advisory Services in Europe. Chairman Société Française
des Evaluateurs
- Jens Røder, senior partner, PricewaterhouseCoopers
Denmark. Trustee, International Accounting Standards Committee Foundation
(IASCF) 1999-2006. Senior adviser to the IASCF trustees on IFRS implementation
in Europe. Chairman European Federation of Accountants (FEE) 1995-96
- Michael
Sharpe, director of the Australian Securities Exchange and Babcock & Brown
Limited and formerly, senior partner at Coopers & Lybrand. Chairman
International Accounting Standards Committee 1995-1998
- Joseph J Vella,
immediate past chairman of the International Valuation Standards Committee
and president of Hendricks, Vella, Weber & Williams,
a consulting and valuation firm in California
- Mr Zhigang Zhu, Vice-Minister,
Chinese Ministry of Finance (MOF). Mr Zhu is President of the China
Appraisal Society and between 1989 – 1994
was director general of the National Administration of State-Owned
Assets. From 1998-2000 he was Assistant Minister MOF.
Marianne Tissier, Executive Director, IVSC commented:
“The world’s financial community and those that regulate
it are increasingly putting greater reliance on valuations rather
than cost, whether for investment decisions, risk profiling or disclosure
in financial statements. As a result there is a rapidly growing recognition
that there needs to be a comprehensive single set of global standards
of valuation.
The collective experience of the board of trustees will be key in
developing robust and open procedures for setting, maintaining and
interpreting international valuation and reporting standards.”
The interim Board will provide an independent oversight and audit role
of the IVSC restructuring process. It will also act as the nominating
committee to select the IVSC Trustees and members of the independent
International Valuation Standards Board to allow the new structure
to become operational May 2008.
- ENDS -
FOR FURTHER INFORMATION please contact:
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IVSC
Chris Thorne, vice chairman, IVSC Standards Board +44 (0)117 984 8404
+44 (0) 0771 880 7326
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Marianne Tissier, IVSC Executive Director +44 (0)1442879306
email: mtissier@ivsc.org
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Polhill Communications
Jenette Perry/Nicola Pierce +44 (0)20 7 655 0530
NOTES TO EDITORS
The International Valuation Standards Committee, the leader
in the development of valuation standards, has a 25+ year standard setting
history.
The International Valuation Standards are recognised and accepted
by a wide range of organisations including the UK Financial Services
Authority, the Hong Kong Securities and Futures Commission, the Securities
and Exchange Board of India, the European Public Real Estate Association,
and the National Council for Real Estate Fiduciaries among many others.
Revised
Bylaws and Articles of Association for the IVSC were approved by the
current membership on 19 November 2007. The new IVSC structure has the
following main features:
The IVSC will remain as a non-profit organisation incorporated in the
State of Illinois; the IVSC acronym will be retained but the title changed
to the “International
Valuation Standards Council” to reflect the broader remit of the
organization.
The organisation will have three main bodies:
- A board of trustees responsible for the strategic direction and funding
of the IVSC.
- A Standards Board appointed by the trustees, but with autonomy over its
agenda and the creation and revision of standards.
- A professional board will be appointed by the trustees to assist in the
development of high quality practices by the world’s valuers and
development of the profession in developing countries.
Membership of IVSC will be broadened beyond national professional valuation
institutes to include valuation companies, government, valuation end-users,
and academia.
page updated
16-Feb-2008
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