The IVSC’s boards bring together leading experts from around the world to develop and consult on the International Valuation Standards and to support their worldwide implementation.
Learn more about the international experts appointed to the IVSC’s boards .
Alistair Darling (Chair)
Alistair Darling was appointed Chair of the IVSC Board of Trustees during the Singapore AGM in October 2019. Alistair was previously UK Chancellor of the Exchequer from 2007 to 2010. Prior to this, he held a number of Cabinet positions, being one of only three people to have served in Cabinet continuously since Labour was elected to government in the UK in 1997.
He entered Parliament at the 1987 General Election in Edinburgh Central and, following the 1997 General Election, he entered Cabinet as the Chief Secretary to the Treasury. From then on he served as Secretary of State for Work and Pensions (1998-2002), for Transport (2002-06), for Scotland (2003-06) and Secretary of State for Trade and Industry (2006-07).
In June 2007, Prime Minister Gordon Brown appointed him Chancellor of the Exchequer. As Chancellor of the Exchequer, he was in charge of the UK response to the financial crisis, creating a fiscal stimulus package to support the economy and ensuring that the banks could start lending into the economy again. The Brown government has been praised for its prompt and measured reaction to the 2008 financial crisis.
Lim Hwee Hua (Vice Chair)
In 2009, Lim Hwee Hua became the first woman to be appointed a full Cabinet Minister in the Government of Singapore. Her political career began in 1997 when, as a candidate of the ruling People’s Action Party, she was elected as a Member of Parliament.
In 2002 she was appointed Deputy Speaker of Parliament and Chairman of the Public Accounts Committee, the first woman to hold both positions. In 2004 she was made Minister of State for Finance and Transport, and in 2008 she was promoted to Senior Minister of State for Finance and Transport. The following year Hwee Hua was appointed to Cabinet as a Minister in the Prime Minister’s Office and the Second Minister for both Finance and Transport.
At the Finance Ministry, Hwee Hua spearheaded the reform of the accountancy sector, reviewed Government’s investments in business, and helped implement financing options for small and medium enterprises. At the Transport Ministry, she corporatised Changi Airport, helped establish a master-plan for aviation and was instrumental in expanding the International Maritime Centre.
Her ministerial responsibilities reflected her educational background. Hwee Hua went to University of Cambridge on a scholarship, graduating with an honours degree in mathematics and engineering in 1981. She then joined the Administrative Service, serving in the Finance, Education and Law ministries.
In 1989 she obtained a Master of Business Administration from the University of California, Los Angeles. In 1989, she joined Swiss Bank Corporation as an investment analyst; in 1992 moved to Jardine Fleming as Head of Research and Director of Business Development and in 2000, to Temasek Holdings where she was Managing Director of Stewardship/Strategic Relations. Whilst at Temasek till 2004, she was heavily involved in the transformation of government-linked businesses.
Hwee Hua retired from politics in 2011. She returned to the private sector, taking on appointments such as that co-chairman at boutique private equity firm Tembusu Partners, Senior Advisor to the global investment firm Kohlberg Kravis Roberts, chairman of Asia Pacific Exchange and independent director of BW Group and Summit Power. She also served as independent non-executive member of Ernst & Young’s Global Advisory Council (2011-2014), member of Asia Advisory Board of Westpac Institutional Bank (Australia) (2013-2018) and honorary chairman of the Securities Investors Association (Singapore) (2013-2017).
Hwee Hua has authored two publications:
(1) “Government in Business – Friend or Foe” in 2014, which has been translated into Chinese, Portuguese and Spanish; and
(2) “Government in Business – Leading or Lagging?” in 2021.
Linda de Beer
Linda is a Chartered Accountant South Africa (SA), a Chartered Director SA and holds a Master’s degree in taxation. She is also a professor in practice (honorary) at the University of Johannesburg.
She is an independent non-executive director and has been serving on the boards of South African listed companies for the past ten years. Linda was appointed as chair of the Public Interest Oversight Board (PIOB), based in Spain, in April 2020. She has an extensive career in setting and oversight of standards, regulation and governance (IFRS, ISA, JSE Listings Requirements and various King Codes) and training and advising in those areas.
Some of her previous positions held include membership of the following:
• Investor Advisory Group of the Public Company Accounting Oversight Board (PCAOB) in the United States of America.
• Chair of the Consultative Advisory Group of the International Audit and Assurance Standards Board.
• The King Committee on Corporate Governance in South Africa.
In 2019 she co-authored a book with Prof Mervyn King (SA), on the future of the auditing profession, entitled The Auditor: Quo Vadis?
Marcelo Barbosa was President of the Brazilian Securities and Exchange Commission (CVM) from 2017-2022.
He has a Bachelor of Law from the Faculty of Law of the State University of Rio de Janeiro (UERJ) and master’s degree in Law (LL.M) from Columbia University in New York, USA.
Mr Barbosa was Professor of Commercial Law – Corporations of UERJ (2000-2001), corporate law in the Continuing Education Program of FGV-Rio (2007-2015) and Concrete Cases of Corporate Law and Capital Markets of FGV-Rio (2016-2018).
He was Chairman of the Board of Trustees of Fundação Estudar and a member of the Advisory Board of Columbia Global Centers Latin America (Rio de Janeiro) and of the Committee for Acquisitions and Mergers (CAF), as well as a Fiscal Advisor to the Lemann Foundation.
Mr Barbosa has author numerous articles on corporate and capital market law topics and is a frequent speaker at conferences in Brazil and abroad.
Ana Maria Elorrieta
Ana Maria Elorrieta is very active in corporate governance in Brazil and has been a board member of public company and audit committee member of public and private companies and not-for-profit organizations.
Ms Elorrieta has over 35 years’ experience in accountancy, having been a Partner at PwC in Brazil, auditing national and international listed and private companies. She was head of Risk and Quality for South America and Brazil.
Ms Elorrieta has also served on the Board of the International Federation of Accountants (IFAC) and the predecessor of International Audit and Assurance Standards Board (IAASB). She has acted in different capacities at the Brazilian Accounting Council and as chairwoman of the Brazilian Institute of Independent Accountants.
In 2013 Ms Elorrieta was listed by the International Accounting Bulletin as one of the 50 most powerful people in the accounting profession. In 2020, she received the IFAC Global Leadership Award established by IFAC to recognize individuals who have made outstanding contributions to the global accountancy profession. She has been recognized several times for her work for the accountancy profession in Brazil.
Jay E. Fishman
Jay E. Fishman, FASA, is a Managing Director of Financial Research Associates and has been actively engaged in the appraisal profession since 1974. He specializes in the valuations of business enterprises and their intangible assets. Mr. Fishman has co-authored several books, including the Guide to Business Valuations (with Shannon Pratt and James Hitchner), Standards of Value (with Shannon Pratt and William Morrison), A Consensus View Q&A Guide to Financial Valuation (with James Hitchner and Shannon Pratt) and The Business Valuation Bench Book (with William Morrison). He has also written numerous articles on business valuations as well as qualifying as an expert witness and providing testimony in twelve states. He has taught courses on business valuation to the Internal Revenue Service, the National Judicial College, the Hong Kong Society of Accountants and on behalf of the World Bank in St. Petersburg, Russia. He taught courses in Moscow, Russia and for the Slovenian Institute of Auditors in Ljubljana, Slovenia.
He holds a bachelor’s and master’s degree from Temple University as well as an M.B.A. from LaSalle University. Mr. Fishman is a Fellow of the American Society of Appraisers, a Fellow of the Royal Institution of Chartered Surveyors, a former Chairman of the Business Valuation Committee of the American Society of Appraisers, Editor of the Business Valuation Review, Chair of ASA’s Government Relations Committee, a former Trustee of the Appraisal Foundation and former member of the Appraisal Standards Board of the Appraisal Foundation.
He finished his term as a member of the Appraisal Practice Board of the Appraisal Foundation in July 2016. He was awarded the Chairman’s Public Service Award from The Appraisal Foundation. The award was established in 2005 to recognize individuals who have worked with the Foundation for the benefit of the appraisal profession and who, in the process, have gone above and beyond the call of duty. Mr. Fishman was recently appointed as a member of the Board of Trustees of the International Valuation Standards Council (IVSC).
Mr. Zhang Genghua graduated from Dongbei University of Finance and Economics with major in Public Finance. Now he serves as Vice President and Secretary General (Director General) of China Appraisal Society.
Mr. Zhang Genghua started his career in the Ministry of Finance (MOF) of People’s Republic of China in 1985, and has been working there ever since. From August 1985 to June 2000, he successively served as Staff, Chief Staff and Deputy Director in the Department of Culture and Education (renamed as Department of Public Expenditure in 1998). During this period, he engaged in budgetary, financial, accounting and asset management, formulation of major fiscal and financial management reforms, policies research on fiscal investment, establishment of financial management systems and various spending standards, management of the assets allocation, use and disposal for public institutions. As key personnel in charge of fiscal management in education sector, he was responsible for the management of budget, finance, accounting and asset on education institutions at all levels, participated in the major reform and development of policies and the research on fiscal investment policies in education sector. He also engaged in the formulation of financial management systems and spending standards and management of assets allocation, use and disposal for all forms of education institutions at all levels.
From June 2000 to July 2012, he served as a Deputy Director, Director and Deputy Director General in the Department of Administration, Politics and Law. He engaged in budgetary, financial, accounting and asset management, formulation of major fiscal and financial management reforms, policies research on fiscal investment, establishment of financial management systems and various spending standards for governmental units, management of the assets allocation, use and disposal for governmental units. Furthermore, he participated in national major research projects with respect to the state-owned asset management of governmental units, and formulated rules and regulations for the state-owned asset management.
Prior to joining China Appraisal Society, Mr. Zhang Genghua was the Director General in the Beijing Supervisory Bureau of MOF. He was participated in supervising the implementation of the central government fiscal policy, and financial management rules and regulations in central governmental units, public institutions, enterprises, financial institutions in Beijing City. He also engaged in managing the budget, finance, and accounting, and asset of the Second-class central governmental budget units in Beijing City.
During 35 years working in MOF, he has edited and published many policy books, and has published many articles on fiscal management in newspapers and journals.
Japheth Katto (Uganda), is a corporate governance and financial services regulation consultant and managing partner of Japheth Katto Consult which focuses on board training and development, board evaluations, board searches and board remuneration surveys.
He is the Chairman of the boards of Stanbic Uganda Holdings Limited (part of Standard Bank Group of South Africa) and Uganda Breweries Ltd (a subsidiary of East African Breweries Plc, part of Diageo Group). Japheth also sits on the board audit and risk committee, investment committee and corporate governance committee (which he chairs) of East African Breweries Plc.
Mr.Katto was CEO of Uganda’s Capital Markets Authority (CMA) for 16 years until end of 2013. As its first CEO, he led CMA’s and the capital markets industry’s growth not only in Uganda but also in the Africa and Middle East region.
Prior to joining CMA, he held several senior positions in financial services regulation with the Investment Management Regulatory Organization and latterly the Financial Services Authority, UK from 1990 to 1997.
Between 1982 and 1989 Japheth worked for the UK Department of Trade and Industry in the insolvency service and companies investigation division. Prior to then he held various accounting and auditing roles in East Africa and the UK.
Since returning to Uganda from the UK in 1998, Mr. Katto has held key public appointments in Uganda, including commissioner on the Judicial Commission of Enquiry into the Closure of Banks, Council Member of African Peer Review Mechanism (Uganda) and Chairman of the Ministry of Finance’s Pension Liberalization and Regulation Sub-Committee.
Mr. Katto has won several awards including Pearl of Africa Lifetime Achievement Award, Accountancy Age ACCA Member Achievement Award and the League of East African Directors/EY Best NED Award (2021).
Mr. Katto has devoted his time and resources on all the above and other voluntary assignments to contribute to the development of the accountancy profession in Uganda, Africa and globally. He believes that global standards, transparency, and accountability are key to the growth of capital markets in particular; and to sustainable social and economic development globally but more importantly in developing countries and Africa in particular.
Aiko Sekine is an advisor to the Japanese Institute of CPAs (JICPA), and a former Chair and President of the JICPA. She is also a Professor at Waseda University and serves as a member of the Nominating Committee of the International Federation of Accountants, a member of the IFRS Advisory Council, chair of Councillors of Financial Accounting Standards Foundation in Japan, a temporary committee member of Financial System Council of Ministry of Finance in Japan. She is also a non-executive Director of ORIX Corporation (chairs Audit Committee), and an Audit and Supervisory Board Member of Sumitomo Riko Company Limited and IHI Corporation.
Ms. Sekine has extensive experience in audits of financial statements for Japanese US SEC registrants and audits of financial statements under Japanese Corporate Law and Financial Instruments and Exchange Law as partner of PricewaterhouseCoopers Aarata in Japan.
Prior to becoming the chairman and president, she served as a deputy president and an Executive Board member of JICPA, with a proven record of contributions in quality control, professional ethics, auditing standards, accounting standards and IFRS, as well as in international affairs. Ms. Sekine also held a variety of senior and technical positions such as a board member of International Ethics Standards Board for Accountants, a council member of the International Integrated Reporting Council, a board member of the Accounting Standards Board of Japan, and a member of Business Accounting Council of Financial Services Agency in Japan.
Jacques is a certified public accountant, auditor, chairman and chief executive officer of JPA, an international network of independent accountancy firms, auditors and consultants operating across 70 countries. He is based in Paris, France.
Throughout his career, Jacques has been heavily involved in the organisation and development of the accounting profession in France, having successively assumed the roles of Vice-President of a professional union of accountants and auditors, Chairman of the Regional Company of Auditors of Paris, member of the National Accounting Council then Chairman of the National Company of Auditors.
Jacques has also been regularly involved outside the institutional environment, serving finance professionals through his role as Chairman of the Compagnie des Conseils Experts Financiers from 1998 to 2001, as well as alongside companies as a member of the Board of Directors.
Jacques has a keen interest and expertise in the international market and was President of Development and International Partnerships (DDPI), within the Superior Council of the Order of Chartered Accountants, a position that he assumed from 1997 to 2005.
• Independent certified public accountant and auditor (since 1975);
• Professor at the Centre de Formation Professionnelle Supérieur de Comptabilité et Gestion (CFCG) (1976-87);
• Vice-chairman of a professional union of certified public accountants and auditors (1981-1987);
• Elected member of the French Board of auditors of Paris and National Councils since 1982;
• Treasurer of the Compagnie Régionale des Commissaires aux Comptes (Regional Auditors Society-CRCC) (1982-84);
• Elected member of the Conseil Régional des Experts-Comptables et Comptables Agréés de Paris Ile-de-France (Paris/Ile-de-France Regional Council of Certified Public Accountants CROEC) (1984-87);
• Chairman of the Compagnie Régionale de Paris des Commissaires aux Comptes (CNCC Paris Auditors Society) (1985-87);
• Vice-chairman (1987-89), chairman of the Compagnie Nationale des Commissaires aux Comptes (CNCC French National Auditors Society) (1989-91);
• Member of the certified public accountant examination panel (1977-90);
• Senior lecturer at the HEC Entrepreneurs graduate business school (1991-2002);
• Financial expert/consultant, member (1992-1994) of the Conseil National de la Comptabilité (CNP – National Accounting Council);
• Member of the Conseil Supérieur de l’Ordre des Experts-comptables et Comptables Agréés (CSOEC- Executive Council of the Association of Certified Public Accountants) (February 1997-2003); President International partnership Dpt.
• Chairman of the Compagnie des Conseils et Experts Financiers (CCEF – Society of Financial Consultants and Experts) (1998-2001);
• French representative to the European Federation of Accountants’ Accountability
• Committee (1997-2005);
• Vice-president (2000-2004);
• Deputy-president (2004-2006);
• President (2006-2008).
• Member of the High Level Group of Independent Stakeholders on Administrative Burdens (European Commission, 2007-2013)
• IFAC Board Member 2009 – 2015 (International Federation of Accountants)
• Contribution to the PFC (Planning and Finance Committee) the CRWG (Constitution Review Working Group) PPRAG (Public Policy and Regulatory Advisory Group) GC (Governance Committee – President) 2014 – NC (Nominating Committee – Member) 2015 – 2019
• Director and Chairman of the Prévoir Group Audit Committee (Insurance Cie.) since 2007
• Member of the Executive Committee and Chairman of the Audit Committee of the N.G.E. Group (Engineering management and execution of construction works) since 2019
• Officer of the French National Order of Merit.
• Officer of the French Legion of Honor.
Iseo is a partner at Deloitte in Toronto, specializing in Valuation and Dispute Advisory. He performs valuation engagements with respect to mergers & acquisitions, fairness opinions, tax planning, purchase price allocations and goodwill impairment studies for both public and private companies in Canada and globally. In addition, he has expertise in dispute advisory services with respect to intellectual property litigation, quantification of economic damages, forensic accounting, and accounting standards and practices. He has given expert testimony on the subjects of damage quantification, business valuation and forensic services.
In addition to his client responsibilities, Iseo was also the Chief Operating Officer for the Global Financial Advisory business and has previously held a number of senior management positions at Deloitte. Most recently, he led the Canadian Financial Advisory practice and was responsible for the overall market strategy and coordination of all of the service areas making up Financial Advisory: Corporate Finance, Deloitte Forensic, Mergers & Acquisition Transaction Services, Restructuring Services and Valuation Services. Prior to leading the Canadian Financial Advisory practice, Iseo led the Valuation Advisory Services for the Americas, responsible for the overall coordination of the various Valuation Advisory practices across North and South America. Iseo is currently a member of the Canadian Board.
Narayan K. Seshadri
Narayan K. Seshadri, a Qualified Chartered Accountant, started his career with Arthur Anderson. He subsequently joined KPMG and rose to become Managing Partner of the Business Advisory Practice of the firm in India. He possesses expertise in strategic planning, good management practices and financial engineering.
With over 40 years of experience across different sectors and countries, many enterprises he has counselled are now multibillion-dollar businesses continuing to grow.
He founded Tranzmute, a Management and Business Transformation Services enterprise that works with underperforming businesses of high potential and stressed assets to transform them into robust rapidly growing companies.
Narayan is non-executive Chairman of several listed Indian companies including PI Industries, AstraZeneca Pharma India and is an independent director of several other leading companies in which management seeks active board participation.
Ranjit Ajit Singh
Ranjit Ajit Singh is an experienced international policymaker and regulator with 25 years’ experience in capital market regulation and market development with a strong focus towards emerging market countries and the Asia Pacific region.
He was the former Vice Chair of the Board of the International Organisation of Securities Commission (IOSCO), chair of its largest committee on Growth and Emerging Markets and was an IOSCO representative to the Financial Stability Board. He had previously served as the Executive Chairman of the Securities Commission Malaysia introducing major regulatory and market development initiatives including setting up Asia’s first independent financial reporting standards framework. He had strongly supported regional integration initiatives during his tenure as the Chairman of the ASEAN Capital Markets Forum, including introducing the ASEAN Green, Social and Sustainability Bond Standards to pave the way to grow sustainable finance in the region.
Ranjit is currently working with the International Monetary Fund advising on markets, financial regulation, and sustainability/climate related risks. He is also a Senior Advisor to the Australian Center of Financial Studies, on the advisory board of the Salzburg Finance Forum, member of the Leadership Council of the United Nations Sustainable Development Solutions Network (M’sia) and has served on the advisory board of several countries. He was a Director of Centennial Group International, Washington D.C and previously taught finance at the University of Melbourne.
He holds a Bachelor of Economics (Hons), Master of Economics in Finance and a Doctor of Laws (honoris causa) degrees from Monash University Australia and is a professionally qualified accountant and fellow of CPA Australia.
Catalina (CPA, CA, CBV) is the Director, Professional Practice for CBV Institute, and a seasoned corporate finance and valuation professional, having started her career at EY Canada in Valuation and Business Modelling. She has a diverse background in financial accounting/reporting, business and securities valuations and financial regulation and compliance.
Molefi Kubuzie has served as national president of the South African Council for the Property Valuers Profession. He has served on numerous boards and held various senior executive positions in the property and valuation Profession.
Igor is Board member of the Russian Society of Appraisers (International relations), IVSC Board member 2006-2009, and General Director of JSC International Valuation Center.
Haim Mesilaty has been Chair of the Israel Real Estate Appraisers Association (IREAA) since 2017. Additionally, he is President of the Israel IVS Forum, a think tank and advocacy group set up by IREAA. Haim is an Israel Real Estate Appraiser and is also a member of the Israel Law Bar. He owns his own practice based in the city of Petah Tiqva, part of the greater Tel Aviv metropolitan area.
As Chair of IREAA Haim led the process which culminated in IREAA joining IVSC in January 2019. In July of that year the IVS were officially published in a Hebrew language edition.
Haim has served as Treasurer of IREAA, as a member of its Management Board and as a member of various IREAA professional committees. He has also been involved in local politics and was a member of the local council for his hometown of Qiryat Malachi.
He holds an MBA from the Hebrew University of Jerusalem, an MA in Geography and Certification for appraisal and real estate management from Tel Aviv University, an LLB from the Ono Academic College and a BA in Economics from the University of Haifa.
He is a certified mediator on behalf of Israeli courts and an approved expert witness in the Israeli court system.
Dana Ababei is a certified investment consultant and the CEO of CMF CONSULTING S.A. a Romanian valuation company. She has over 24 years of experience in business, intangible assets, real estate and personal property valuation and also is certified as “Valuation Report Reviewer”.
Dana served as President and Chairman of the Board (2018-2019) of the National Association of Romanian Authorized Valuers – ANEVAR which includes more than 4,100 individuals and 550 companies. The authorized valuers, members of ANEVAR mainly perform the following activities: business valuation, real estate valuation, movable assets valuation, valuation of shares and other financial instruments, valuation of goodwill and other intangible assets and review of valuation reports.
Dana is member of the Board of Directors at the International Institute of Business Valuers (iiBV), Toronto, Canada
Leandro has been working closely with the IVSC for almost 20 years, as the permanent representative of ATASA (the Spanish Association of Valuation Companies), where he currently serves as Secretary General.
At the age of 26, he was the youngest person ever to be elected a Board Member of the IVSC, where he served for the period 2005-2008, right before the first restructuring project took place.
Once the new structure was implemented, he started representing the Spanish VPO before the Advisory Forum, and has been a member of the AF Working Group since its creation in 2011.
He has been promoting the International Valuation Standards both in Europe and Latin America, including the coordination of the working group for the translation of IVS into Spanish. That group joins representatives from ATASA and the Union of Pan American Valuers (UPAV), in order to achieve a unified version, so that the Spanish used in the book is understandable for every reader and cannot be identified as relating to a specific country.
Throughout all this time in the valuation industry, he has also actively participated and served in many international institutions, including the Board of Trustees of the International Ethics Standards Coalition (IESC), the Executive Committee of the International Property Measurement Standards Coalition (IPMSC), the Technical Review Group of the International Association of Assessing Officers (IAAO), the Management Board of The European Group of Valuers Associations (TEGoVA), or many working groups of the Royal Institution of Chartered Surveyors (RICS).
Additionally, he has been invited as an expert to both national and international regulatory institutions. In this context, he was designated the IVSC’s delegate to the Mortgage Industry and Consumer Dialogue, which took place within the European Commission in 2006, and continued his participation in the project as a Stakeholders’ representative on the proposal for a Mortgage Credit Directive at the European Parliament in 2011-2012, which finally was enacted in 2014.
Jack Beckwith’s area of expertise is commercial and institutional properties including, auto assembly; processing equipment; construction and road building equipment; ferrous & non-ferrous metal recycling; healthcare services/ medical devices; paper and pulp products; packaging equipment; oil, gas & water drilling/distribution; plastics manufacturing; steel fabricators; public utilities; foundries; and other industries.
Though he is based in Texas, Mr. Beckwith has performed and supervised valuations throughout the United States, Canada, Mexico, and Europe.
Mr. Beckwith earned his BBA at the University of Texas, served on the University of Incarnate Word Nursing Advisory Board, and donates his time as a Board Member for local charitable organizations.
Since 2003, he has been an ASA Staff Instructor teaching the principle of valuation courses throughout the United States, Japan, and Saudi Arabia. These courses include rewriting in 2020 the ME203 the Machinery and Equipment Valuation-Advanced Topics and Case Studies and developing Principles to Value Healthcare Facilities and Equipment in 2019.
Dr. Frank Harrington is an experienced educator, researcher and registered valuer working in the area of property investment and development valuations. He holds a first class honours Degree in Property Economics (Valuation Surveying), Masters of Science in Planning and Development Surveying, Masters of Arts in Higher Education and Professional Doctorate in the Built Environment.
Frank has been involved in valuation area since he started work experience with his family practice, Smith Harrington, in the late 90s. On graduation from his Bachelor’s Degree he joined Lisney where he developed his skills before returning to Smith Harrington in 2009 to lead their Professional Services Department. His primary practice experience is in the area of valuations for secured lending purposes and land consultancy, particularly on planning and development issues. He is an expert on Part V valuations and interested in further research on existing use value, development value, and betterment taxes. While his primary role is currently in TU Dublin he continues to practice as a Registered Valuer and valuations consultant.
He has always been interested in the education and building trust in valuation profession and started lecturing part time in 2011 before joining TU Dublin in a permanent role in 2016. In his current role as Head of Real Estate in TU Dublin he manages all aspects of TU Dublin’s Real Estate programmes and research. He is also the Assistant Head of School of Surveying and Construction Management in TU Dublin. In this role he developed skills from organisation redesign and multidisciplinary projects that should assist his work with the International Valuation Standards Council (IVSC).
Mr Lau is the Managing Director, Valuation Advisory Services in Asia of Colliers International with responsibility for the Asia valuation and advisory business. Mr. Lau has over 30 years’ property experience in Hong Kong, the PRC and the Asian region and has a wide breath of experience in property valuation, real estate consultancy and investment sales market.
Mr Lau was the President of The Hong Kong Institute of Surveyors (HKIS) for the year 2015-2016. He is a member of the General Practice Divisional Council of the HKIS. Mr Lau actively participates in the community services of Hong Kong including being member of the Housing Authority, the Trade and Industry Advisory Board and the REIT Committee of Securities and Futures Commission. He is also a Director of Hong Kong Cyberport Management Company Limited.
Muath is a Business Valuation professional, Board Member of the Saudi Authority for Accredited Valuers TAQEEM and Vice Chair of the Saudi National Valuation Committee, he has been working closely with the regional regulators of the valuation profession and helped to shape the professional practice in the region by promoting the adoption of the International Valuation Standards IVS as well as the local standards and regulations. He has also been involved at an international level as he is a Board Director at the International Institute of Business Valuers IIBV.
Minghai Chen is a Doctor of Finance, CPA, and Director of the Valuation Standards Department at the China Appraisal Society.
Karin is a partner at BDO Slovenia Financial Advisory practice and a licensed business valuation appraiser with over 20 years of working experience on national and international BV assignments. She holds Slovene BV accreditation, ASA and ARM accreditation and is also certified court expert (corporate finance segment).
Mrs. Lušnic is currently acting as a member of valuation committee at the Slovenian Institute of Auditors and is an active business valuation instructor at the Slovenian Institute of Auditors’ valuation accreditation program.
Mr. Bunton has served as the President of The Appraisal Foundation since 1990. The U.S. Congress has recognized The Appraisal Foundation as the authors of the generally recognized valuation standards and qualifications.
John Martin (Chair)
John (LFAPI, FRICS) is a licensed valuer and real estate agent who established APC in 1988. He specialises in Dispute Resolution and Strategic Property Advice across a broad spectrum of property types.
John is a past State and National President of the Australian Property Institute and has represented the API at international conferences since the 1980’s.
In 2009 he was elected Chair of the inaugural IVSC Advisory Forum by the members which was formalised by the IVSC in 2011. He continues in this role as chair of the Advisory Forum Working Group.
Reiner Lux has been Managing Director/CEO of the certification body HypZert, Berlin/Germany, since 1996. HypZert qualifies and certifies real estate valuers/appraisers.
In addition, he has been Managing Director of vdpResearch since 2010. vdpResearch operates a transaction database (databank) into which more than 800 banks have entered data, on the basis of which numerous analyses of the real estate market are carried out.
Vinay Goel, Honorary General Secretary, Institution of Valuers and MD & CEO, IOV Registered Valuers Foundation, is the competent professional with more than 40 years of rich experience in the field of Planning, Architecture and Valuation. Currently, engaged extensively in development of the Valuation Profession by being directly engaged with Government & regulatory bodies and financial & related organizations.
Gilles de Courcel
Gilles holds a Master in Private Law and is a Certified Accountant. He is specialised in Business Valuation and Economic Damage.
He has chaired the Valuation Experts French Federation since 2015.
KK is President of The Hong Kong Institute of Surveyors (2021/22), non-executive member of the Asia Pacific World Regional Board of RICS, and Chief Executive of Greater China at Cushman & Wakefield, with over 30 years of experience in the real estate industry.
Leslie Sellers is a real estate appraiser from Tennessee, US and was 2010 President of the Appraisal Institute. Mr. Sellers is an active real estate valuation instructor having taught both nationally in the United States and internationally. He is the past chair of the Appraisal Institute Professional Standards and Guidance Committee and current chair of the Appraisal Institute Body of Knowledge Committee.
Sandip Kumar Deb
Sandip Kumar Deb, the National Vice President of Institution of Valuers (India), has more than 25 years of experience as a valuer of Real Estate (Land & Building) and Plant & Machinery. He is also the Managing Partner of M/s. Sandip Kumar Deb & Associates, a valuation firm having expertise in valuation of all kinds of assets in India.
Sandip is an experienced Expert Witness Valuer and has acted in 81 arbitration and High Court cases.
His professional roles and appointments include:
• Valuation Expert (Land & Building), Insolvency & Bankruptcy Board of India [Regulator of Valuation Profession in India]
• National Vice President, Institution of Valuers (India) (2016-2018, 2019-2021)
• Chairman – International and Public Relations Committee, Institution of Valuers (India) (2019-2021)
• Chairman – Academic Committee, Institution of Valuers (India) (2016-2018)
• President – American Society of Civil Engineers – India Section (2019-2021)
• Chairman – The Institution of Engineers (India), West Bengal State Centre (2018-19, 2019-20)
• Council Member – The Institution of Engineers (India) (2018-19, 2019-20)
• Honorary Secretary – The Institution of Engineers (India), West Bengal State Centre (2012-13, 2013-14))
• Sr. Vice President (East) – Indian Institute of Technical Arbitrator (2014 – 2016)
• Director – American Society of Appraisers, International Chapter (2014)
• Secretary General of CREDAI Bengal (2005-2006)
Rengganis Kartomo is a senior member in the Indonesian Society of Appraisers (MAPPI) and a licensed Public Valuer (property and business) in the Ministry of Finance of the Republic of Indonesia, and a Fellow in the Royal Institute of Chartered Surveyors (RICS).
Rengganis is a Managing Partner in KJPP Rengganis, Hamid & Partners (previously PT Heburinas Nusantara) which enjoys a strategic alliance with CBRE. She has more than 20 years of experience in the field of Valuation and Advisory Services, with a focus in real estate and infrastructure assets. Her educational background is in civil engineering, business law and property management & valuation. She also holds an asset management license from Otoritas Jasa Keuangan (OJK) – Indonesian Financial Services Authority.
Rengganis is formerly the Head of Valuation Standards Development for the Indonesian Society of Appraisers (MAPPI) and Chair of the Indonesian Valuation Standard Development Committee (KPSPI), roles that she performed for over 15 years. Rengganis is also involved in the Indonesian REITs development Committee – Real Estate Indonesia developers association (REI) and she is an associate member of Appraisal Institute USA and a member of the International Associations of Consultants, Valuators & Analysts (IACVA). She is currently serving as the RICS ASEAN VPG Board member.
John Cloete has been a practicing Professional Property Valuer for over 20 years and is the current president of the South African Council for the Property Valuers Profession (SACPVP). He currently serves on the IVSC Advisory Forum – Working Group and is also a sessional lecturer at one of South Africa’s top ten Universities.
Ludmila is President and Partner at IRE Ukraine LLC and Thomas & Simonova LLC. She is an American-Certified Appraiser and Senior Accredited Member of the American Society of Appraisers (ASA) – the only Ukrainian citizen to be so certified.
Ludmila is a member of TAB IVSC and serves as a Vice-President of the European Chapter of the ASA. She is also a Certified Ukrainian Appraiser and a Founding Member of the Ukrainian Society of Appraisers (UTO), Fellow UTO Appraiser, Member of the Board and Chair of the International Relations Committee.
She was the lead author of Ukraine’s National Standards of Appraising, developed on the basis of IVS Standards in 2003, and co-author of the IVS-2020 translation in Ukrainian.
Ludmila specialises in business and asset valuations for large and complex companies undergoing international audit located throughout Ukraine, Russia, Eastern Europe, USA and Central Asia.
Kim Hildebrandt is a Specialist Valuer, Infrastructure at Valuer-General Victoria focusing on valuation of tangible assets for a range of purposes including dispute & litigation, financial reporting, insurance and taxation matters.
With more than 18 years’ of valuation experience, he has conducted valuation assignments for clients throughout Africa, Asia, Europe, the Middle East, North America and Oceania, giving him in-depth and unique insight into a range of tangible assets and capital intensive businesses. During this time, he has teamed with various specialist groups such as business & intangible valuation, M&A, transaction support, real estate advisory, restructuring, legal, audit and taxation to provide integrated valuation analysis and advice.
His experience has spanned a number of industries focusing on power generation, mining, utilities, oil & gas, infrastructure, communications, food & beverage and transportation, but has also been complemented with a portfolio of work in each of the agriculture & forestry, government, healthcare, manufacturing and support sectors.
Kim received his bachelor degrees in Geomatic Engineering (Honours) and Science (Computer Science) from the University of Melbourne. He is an Associate Member & Certified Practising Valuer (P&E) with the Australian Property Institute, and an Accredited Senior Appraiser (M&TS) with the American Society of Appraisers.Download profile
James Gavin is a managing director in Duff & Phelps’ San Francisco office and part of the Fixed Asset/Real Estate service line. James leads real estate services in the West Coast, which specialises in consulting and valuation assignments. He has more than 30 years of experience in the real estate industry.
James is primarily focused on real estate valuation and consulting for institutional owners/operators of real estate. He has worked throughout the United States, along with completing international valuation and lease review projects in Europe, Asia and South America. He primarily works with owners of core property types on the investment side and special use facilities on the corporate side.
James’ most recent work experience prior to Duff & Phelps was as a managing director of the Real Estate Valuation and Consulting Practice at Standard & Poor’s (S&P). Before he worked at S&P, James was the West Coast principal-in-charge of real estate valuation and consulting practice for Arthur Andersen LLP.
James received his B.B.A., with an emphasis in real estate and urban economics, from the University of Wisconsin and has taken advanced level courses in statistics and accounting in the Masters Business Program at Santa Clara University. He is a certified general real estate appraiser in California and a state certified appraiser in multiple other western US states.
James is a member of the Appraisal Institute (MAI), Counselor of Real Estate (CRE) and Fellow of the Royal Institute of Chartered Surveyors (FRICS). He is a past chairman of the Appraisal Institute’s Northern California Experience Committee, and is currently a member of the Budget & Finance Committee for the Counselors.
Eduardo majored in Civil Engineering and acquired his M.Sc. at Escola Politécnica da Universidade de São Paulo. He concluded his graduate course in Business at Fundação Getúlio Vargas (FGV).
Eduardo is a partner at Contacto Consultores Associados and acts as a consultant in real estate development and housing for São Paulo City government, the São Paulo Subway Company, the IADB, the World Bank and CAF – Corporación Andina de Fomento, the Andean Economic Development Corporation.
Eduardo also acts as a court expert, real estate appraiser, dispute resolution boards’ member and lecturer in real estate and appraisal graduate courses. He is a board member of IBAPE (Instituto Brasileiro de Avaliações e Perícias de Engenharia, the Brazilian Appraisal Institute), Past President of IBAPE/SP (São Paulo Chapter of IBAPE), Past Secretary for Technical Standards at UPAV – Unión Panamericana de Asociaciones de Valuación, the Panamerican Union of Valuers’ Associations, Brazilian representative at IVSC – International Valuation Standards Council and Fellow of RICS – Royal Institution of Chartered Surveyors. He is past president and founder of LARES – Latin American Real Estate Society.
Dirk Hennig is a Valuation partner at PwC and is the lead partner of the PwC German Property, Plant and Equipment valuation group. He has more than 27 years’ experience in the valuation of real estate, plant and machinery and business enterprises, with practical working experience across Europe, North America, Asia and Africa.
Dirk has been involved in several transactions, restructuring and valuation projects in the energy and mining sector, chemical industry, steel production as well as in the food and beverage industry.
He has many years of experience in advising companies and investors in the national and international environment on valuation topics. He was responsible for numerous international valuation projects in conjunction with IFRS requirements as well as US GAAP and German GAAP.
In his role as a valuation expert, he reported to public supervisory boards on specific valuation questions and provided expert opinions.
Dirk is a member of the Board of BVS Federal Association of Publicly Appointed, Sworn and Qualified Experts, Germany and Head of the Federal Department of Machinery, Installations, Operating Equipment, and a member of the ZIA e.V. (German Property Federation) working group “Accounting and Valuation”. He was a member of the working group for the Standard IDW S10 “Valuation of real estate” at the IDW (Institute of Public Auditors in Germany).
In 2004, Dirk became a publicly certified Expert for Valuation of Machinery, licensed by the German Chamber of Commerce and a certified expert in international real estate valuation by the ebs European Business School, Oestrich-Winkel and gained a Dipl.-Ing. at Technical University Dresden.
Dirk is the co-author of the book “Investing in German Real Estate: A practical guide”. This book gives a real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany and includes markets, the regulatory framework and investment guidelines.
Brendan has been valuing capital equipment for 17 years both in his previous role at Ernst & Young Australia and in his current position as leader of the capital equipment valuation practice for Ernst & Young Canada.
Brendan regularly provides valuation services to clients in many different geographical regions, and as such routinely deals with valuation issues that arise in the context of financial and tax valuation standards and constantly interacts with regulatory bodies. He is responsible for leading multidisciplinary valuation teams within EY, including machinery and equipment, business valuation and real property valuation.
He has completed valuation projects in a wide range of industries for mergers and acquisitions, insurance, financial reporting, liquidation and tax purposes. He is responsible for performing and managing analyses, guiding company management through methodologies and results, as well as answering third party queries in relation to results. Brendan’s role also includes the valuation review of appraisals performed by third parties for EY audit clients.Download profile
Susan DuRoss is the Executive Director of Global Valuations at Harvest Investments.
As an industry expert, Susan emphasizes a transparent risk-based approach to valuation that incorporates the contractual and performance features of each financial instrument.
At Harvest, Susan leads Harvest’s high-quality valuation methodologies, upholding strict compliance with financial reporting standards. She oversees the development and maintenance of Harvest’s transparent pricing methodologies and report deliverables in accordance with FASB ASC 820, IFRS 13, and other applicable frameworks. She emphasizes working closely with clients to help them navigate the complexities of financial markets and reporting requirements. Susan monitors guidance from FASB, GASB, AICPA, IFRS, and the PCAOB to ensure that Harvest meets all existing and proposed requirements for valuation specialists.
Susan is a recognized industry leader in financial instruments, accounting standards, and internal controls. She is chair of the IVSC Exploratory Financial Reporting Working Group and a member of several IVSC Financial Instruments Working Groups. At AICPA, she serves as the chair of the Financial Instruments Task Force and as a member of the Investments and Specialists Task Force. She is also a member of the PCAOB Pricing Sources Task Force. She frequently presents at industry conferences and appeared as a panelist for the PCAOB Standard Advisory Group.
Previously, Susan traded mortgage and asset-backed securities for William Blair & Co. in Chicago. She maintained an inventory of bonds and coordinated the issuance and sales of various structured products. That experience exposed her to the valuation methodologies that led to the 2007 financial crisis and deepened her commitment to transparency and independence in valuation.
Susan received her bachelor’s degree from the University of Michigan.
Roy is an executive consultant in his own consulting practice and a retired Ernst & Young partner where he led EY’s capital equipment valuation team in Oceania. He has over 40 years’ experience providing valuations of plant and equipment in the mining, oil & gas, utilities, infrastructure, manufacturing and public service sectors.
Roy is an expert in plant and equipment valuations for financial reporting, tax, stamp duty and dispute resolution purposes and has led and completed some of the largest and most complex valuation engagements in Australia delivering substantial value to his clients.
Highly regarded for his knowledge and professionalism, Roy is active in raising and developing standards in the valuation profession. He was a member of the Australian Taxation Office Market Value Reference Group that developed the guidelines for tax valuations and is a former member of the Australian Valuation Standards Committee of the Australian Property Institute.
He also served as vice chair and member of the Professional Board of the International Valuation Standards Council (IVSC) from 2008 to 2014 and is a member of the Fair Value Project Advisory Panel of the Australian Accounting Standards Board.
Richard is the CFO of Nutrition Technologies, a pre-IPO circular economy company in the agriculture sector.
He was formerly a Partner at Deloitte and the Lead Partner for Disputes in Southeast Asia, specialising in valuation, financial and accounting. Prior to this he was a Senior Managing Director in FTI Consulting’s Economic and Financial Consulting division and member of the local subsidiary Board. Richard has also been a member of Adjunct Faculty at Singapore Management University and is a regular public speaker in Southeast Asia.
In addition to his previous commercial valuation work Richard has been appointed more than twenty times as both a valuation and accounting expert witness/determiner and has testified in arbitrations and court. He has been recognised in Who’s Who Legal for Asset Recovery, Quantum of Damages, Forensic Accounting, Arbitration Expert Witness and Investigations, in which he is described as “an eminent practitioner in the region and stands out as for his ‘excellent valuation work’”, “a well-known figure in the Singaporean market, and is recognised as a top-tier accounting expert in the region”, “a rising star in the world of expert witnesses” and “an outstanding expert witness”.
Richard has led, managed or consulted on a diverse array of issues including valuation, M&A issues, financial instruments and markets, loss of profits, shareholder and contractual disputes, accounting treatment and irregularities, financial implications of contractual terms, patent infringement and royalty rates, market manipulation, alleged misappropriation, asset tracing and fraud investigations.
Richard’s litigation and arbitration case experience includes the U.K. High Court, Singapore High Court, Singapore International Commercial Court, Tokyo District Court, Cayman Grand Court, Australian Federal Courts and various arbitral tribunals under ICC, LCIA, UNCITRAL and SIAC rules.
He is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Directors (IoD) and the Chartered Institute of Arbitrators (CIArb). Richard is also a Chartered Alternative Investment Analyst (CAIA), Institute of Singapore Chartered Accountants (ISCA) Chartered Accountant and Certified Internal Auditor (CIA). He also holds a first-class honours degree in Biochemistry with Molecular Biology and Biotechnology from Bristol University and a Diploma with distinction in Company Direction from the IoD.
In 2015, Richard was appointed to the Singapore International Mediation Centre’s first Panel of Experts for Accountancy. He also sat on the Board of Directors of the Chartered Institute of Arbitrators in Singapore from 2012 to 2019 and held the office of Honorary Treasurer.
Olivier Péronnet worked in different transaction during 25 years (including 2 years in New York at Richard E. Eisner & Company) and then created FINEXSI after 6 years with Arthur Andersen.
Olivier leads FINEXSI and is based in Paris. FINEXSI is a financial advisory and audit firm whose experienced professionals help listed and unlisted companies and private equity funds deal with complex situations: Valuation, Audit & Transactions and Litigation. He worked in the following areas of expertise:
– Valuation and financial advice in litigation and assessment of damages (legal cases, arbitration, liability guarantees, operating losses, etc…);
– Independent appraiser for asset transfers and mergers, fairness opinion;
– Corporate finance and company valuation (M&A advice, fairness opinion, independent valuations, business plans, impairment testing, company valuation);
– Statutory and contractual audits.
Olivier is graduated from Ecole des Hautes Etudes Commerciales (HEC), has a master degree in Business Law and a DESS in Taxation.
Olivier is also a French CPA registered as Judicial Expert with the Paris Appeal Court since 2001, with the Paris and Versailles Administrative Appeal Court since 2015 and approved by the Cour de Cassation (2008).
Olivier is the President of the Paris and Versailles Association of Judicial CPA and vice-President of the CNECJ.
He is also a member of CNCC, APEI, SFEV and Club des Juristes.
Mark L. Zyla (SRB Chair)
Mark L. Zyla is a Managing Director of Zyla Valuation Advisors, LLC an Atlanta, Georgia based valuation and dispute anlaysis consultancy firm. Mark’s practice is focused principally on valuations in financial reporting and other transactional matters. He also provides assistance in matters in litigation.
Mark also has served on the American Institute of Certified Public Accountants’ Forensic and Valuation Services Executive Committee. Mark is currently a member of the Business Valuations Committee of the American Society of Appraisers. Mark is on the Advisory Council of the Master of Science in Finance program at the University of Texas at Austin. In 2013, Mark was inducted into the AICPA Business Valuation Hall of Fame.
Mark received a BBA degree in Finance from the University of Texas at Austin and an MBA degree with a concentration in Finance from Georgia State University. Mark also completed the Mergers and Acquisitions Program at the Aresty Institute of The Wharton School of the University of Pennsylvania and the Valuation Program at the Graduate School of Business at Harvard University.
Mark is author of Fair Value Measurement: Practical Guidance and Implementation 3rd ed. published by John Wiley & Sons, Inc. (2020).
Mauro Bini is a professor at Bocconi University, Milan, Italy and chairman of the Management Board of the Organismo Italiano di Valutazione (OIV).
Professor Bini has been influential in the development of the business valuation profession in Italy and bringing together many organisations to create the OIV. His professional experience relates to business valuation/intangible assets particularly in the area of valuations for financial reporting for large national Italian companies, fairness opinions and valuations for litigation purposes.
Ian Jedlin a Managing Director for Kroll in their Valuations practice based in Sydney. Previously he was a partner with KPMG in their valuations practice for over 26 years. Most recently he had been a member of KPMG’s Global Valuations Leadership Committee and the Head of Valuations for Asia Pacific.
Ian has more than 25 years’ experience in the preparation of public fairness reports and valuations of shares, companies and businesses. He has extensive experience in all aspects of valuation work including financial reporting, acquisitions and disposals, restructuring and demutualisations and tax related matters.
His valuation experience extends across a variety of industries with particular experience in financial services, media and technology, infrastructure and property. He has also led a number of major projects in relation to state and federal-owned assets.
Ian received his bachelor’s degree in Economics from Macquarie University and his Masters of Commerce from the University of NSW. He is a member and Accredited Business Valuation Specialist of the Institute of Chartered Accountants in Australia and New Zealand, a Senior Fellow of the Financial Securities Institute of Australasia and a graduate member of the Australian Institute of Company Directors.
David Larsen is a managing director in the San Francisco office of Duff & Phelps and part of the Portfolio Valuation service line. He has more than 30 years of transaction and accounting experience. He specializes in fair value accounting issues, and specifically in valuation, accounting, and regulatory issues faced by Alternative Asset managers and investors.
David advises leading Private Equity Managers and Institutional Investors and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, divestitures and valuation related matters. He provides valuation policy and process assistance to a number of the world’s largest institutional limited partner investors and some of the world’s largest alternative Investment managers. David is an advisor to and past Vice Chair of the International Private Equity and Venture Capital Valuations Board (IPEV), which in 2015 released updated International Private Equity Valuation Guidelines. He serves as a member of the American Institute of Certified Public Accountants (AICPA) PE/VC Valuation Guide Task Force and as a member of the International Valuation Standards Council’s (IVSC) Financial Instruments working group. David has served as a special advisor to the Institutional Limited Partners Association (ILPA); board member, project manager and technical advisor to the Private Equity Industry Guidelines Group (PEIGG) and was instrumental in developing and drafting the PEIGG Valuation Guidelines; member of the Financial Accounting Standards Board’s (FASB) Valuation Resource Group (VRG) responsible for providing the Board with input on potential clarifying guidance on issues relating to the application of the principles of FASB ASC Topic 820 (formerly SFAS No. 157), Fair Value Measurements and a member of the AICPA Net Asset Value Task Force.
Prior to joining Duff & Phelps, David was a Partner in KPMG LLP’s Transaction Services practice, where he was the segment leader of KPMG’s U.S. Institutional Investor practice. He served 13 years in KPMG’s Seattle, Düsseldorf and Prague audit practices prior to moving full time to advisory work.
David received his M.S. in accounting from Brigham Young University’s Marriott School, his B.S. in accounting from Brigham Young University. He is a certified public accountant (CPA) licensed in California and Washington, certified in entity and intangible valuation (CEIV), and is accredited in business valuation (ABV) by the AICPA. David is a member of the AICPA and the California and Washington Society of Certified Public Accountants and is a FINRA Series 7, 24 and 63 registered representative.
Colin has over 25 years of financial sector experience gained through both his work in the assurance practice and his work as an IFRS conversion and technical accounting specialist. Colin has provided accounting advice and guidance to most of the major UK banks in the application of IFRS. In addition, Colin is one of the foremost specialists in derivative and financial instrument accounting and has spent a considerable amount of time developing tools and methodologies for use in the application of IAS 39 and more recently, IFRS 9, 10, 11and 12 to financial institutions. He is an experienced presenter and trainer and has provided accounting training for many clients and internal KPMG staff.
Colin is currently the Global Leader of Financial Instrument accounting for KPMG International. He a member of the ICAEWs Banking Committee and has represented KPMG as a member of the Enhanced Disclosure Task Force, the UKs Disclosure of Expected Credit Losses task force and as a member of the European Financial Reporting Advisory Groups financial instrument working group.
Ben Elder (TAB Chair)
Ben is responsible for delivery of the RICS Global Valuation Strategy which has a key role to play in securing global financial stability through participation by the RICS in the development and application of International Valuation Standards. Ben is well qualified for this role as an Economist and a Chartered Surveyor and he has a particular interest is the interface of the economy and property markets.
Ben’s has been a practising valuer and respected academic holding senior positions at Nottingham Trent University and The College of Estate Management. Ben joined the RICS as Global Director of Valuation in 2011 having served on various RICS Boards including International Governing Council as an elected World Representative.
In recognition of Ben’s expertise in 2016 he was selected to Chair the IVSC Tangible Assets Standards Board and be a member of the overarching IVSC Standards Board. This appointment follows influential periods as a member of the Global Advisory Forum for The Appraisal Foundation in the USA as well as the Advisory Forum Executive to the International Valuation Standards Council.
Ahmed Sabry FRICS serves as an advisor to the Saudi Authority for Accredited Valuers (Taqeem) since 2014, heading its professional arm, Taqeem Academy and Valuation Consultancy Center. He leads the development of education programs and professional practices across valuation disciplines in compliance with the International Valuation Standards. He contributed in developing the Arabic version of IVS 2013, its explanations and IVS 2017 as well as Guidance Manuals for each valuation discipline; Real Estate, Business, Machinery and Equipment, All published by Taqeem.
Ahmed has over 27 years’ experience spanning from architectural design and project management to advisory services including development, strategic consultancy, market and feasibility studies as well as valuation and standard sitting. He established and headed the valuation and advisory discipline of Century 21 Qatar at 2008 prior to leading the tangible assets valuations service line in KPMG Egypt. He specialized in real estate valuations for the past 22 years and he has extensive global valuation experience acting for both private and public sector in the Middle East for various valuation purposes.
Ahmed served on the board of the Egyptian Association for Real Estate Appraisers (EAREA) till 2014. He was designated FRICS in Valuation for his significant contributions to the profession. He sits on RICS MENA Valuation Board since 2015 and is serving for IVSC Standard Review Board since 2017. He has been active in research, training, public speaking and writing articles, in the area of real estate valuation. He co-authored “Real Estate Valuation in Global Markets”, published by the Appraisal Institute (AI), in 2011.
Uche is a highly motivated and focused professional with significant experiences in the education and practice of Estate Surveying and Valuation. She has her career start as a lecturer with a background knowledge of degree in estate management obtained from the University of Nigeria Nsukka; MSc in property valuation and Management and a PhD from Sheffield Hallam University UK and a diploma in entrepreneurship from IESE Business School, Barcelona, Spain.
She is a Senior Partner in the firm of Chika Egwuatu and Partners, real estate surveying and valuation consultants with head office in Abuja, the Federal Capital City of Nigeria.
Uche heads the Valuation and R&D Unit of the Firm and has pioneered organizational innovations that enable the firm of Chika Egwuatu & Partners in securing new businesses from key industry players and in delivery of core professional services in line with international best practice standards. She has been instrumental in introducing valuation innovations and training the valuation teams to implement the national and international valuation and financial reporting standards in line with the requirements of the Green Book, IVS, IFRS and IPSAS etc.
Uche is a member of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), the Board that sets the standards and regulates the estate surveying and valuation profession in Nigeria. She presently Chairs the Education Committee of the Board with responsibility to assist the Board in determining the standard of knowledge and skills to be attained by persons seeking to join the profession. She is a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the professional body and has served in various Committees of NIESV. She has a passion for mentoring young professionals and has guided many to attain their professional qualifications.
As a valuation consultant with a mix of careers in academics and professional domains combined with a wide range of national and international exposures and experiences, Uche is ever ready to keep contributing to the development of the valuation profession by engaging with relevant agencies at any given opportunity to promote the recognition and implementation of the international valuation standards in Nigeria and around the world.
Dr. S K Gupta
Dr. S K Gupta is a Post Graduate in Commerce (Gold Medalist), FCS, FCMA, Ph.D. (Corporate Governance) with over 40 years of corporate experience in leadership positions with various public and private sector organizations in the domains of Finance, Costing, Internal Audit, Legal and Company Secretarial functions. He has dealt with Mergers and Acquisitions, Corporate restructuring, Anti – Dumping Duty and Corporate Governance mechanisms. Currently Dr. Gupta is the Managing Director of Registered Valuers Organization of the Institute of Cost Accountants of India. He was earlier MD and CEO of the IPA of Institute of Cost Accountants of India.
Dr. Gupta has chaired and addressed a large number of national and international seminars and conferences. He has been a Visiting Faculty at various leading Business schools for over 3 decades. He is members various Industry Associations. Dr. Gupta is Editor-in-chief for a feq professional Journals. He is a prolific writer. He has written over 200 articles and research papers which are regularly published in various professional national and International journals. He is currently guiding 5 Ph.D scholars. He has also conducted Management Development Programs both open programs and in-house for various companies Dr. Gupta plays Flute. He has released an album of songs and bhajans played by him on Flute.
Prof.-Dr. Valery V. Yakubovsky
Prof.-Dr. Valery V. Yakubovsky was graduated as MSc in mechanical engineering in 1973 from National Aviation University in Kiev, Ukraine. He was deeply involved in intensive research and development activity within National Academy of Sciences of Ukraine. Main field of applications are linked with mechanical engineering in aerospace and defense industries, power engineering, steelwork production, oil and gas extraction, refinery and delivery as well as some other heavy industries. From 1982 he holds Candidate of Sciences degree (PhD equivalent) from E.O. Paton Welding Institute of National Academy of Sciences of Ukraine and from 1993 Doctor of Sciences degree from N.E Bauman National Technical University, Moscow, Russia.
During 1980-1995 – member of the International Institute of Welding. In 1992-1995 was nominated as a member if Inter-State (CIS) Scientific Council on Welding and Allied Processes, Chairman of the Commission on Standardization and Certification. This experience created a broad spectrum of professional contacts on national, ex-USSR countries and international levels in scientific, public and industrial circles.
In 1996 joined multinational engineering society Bureau Veritas headquartered in Paris, France and occupied a position of Black Sea Region Chief Executive covering Ukraine, Belarus, Moldova, Georgia and Armenia.
From the year 2000 started private consulting-engineering Group of companies Veritex® (www.veritexgroup.com.ua) which incorporates several entities dedicated to deliver broad spectrum of services including management consultancy, certification, technical expertise and inspection, quality and environment protection, financial management and assets valuation. During the last 20 years assets valuation gradually became a core services of the Veritex® Group of companies. Founder and co-owner of this group of companies occupying the position of the Group president.
Starting from 2019 – vice-president of leading VPO in Ukraine – Pan-Ukrainian Association of Valuation Specialists (PUAVS), a member of IVSC and World Association of Valuation Organizations (WAVO). Permanent national representative of PUAVS in the IVSC and WAVO. Main area of responsibility involves PUAVS international relation development. Through this activity and also relying on previous strong and broad international contacts keeps constant relations with VPOs of East European (Poland, Slovakia, Hungary, Bulgaria, Romania) and ex-USSR (Russia, Belarus, Kazakhstan, Uzbekistan, Georgia, Moldova, Baltic New States) countries as well as with other professional international circles in valuation and related areas.
In 2008 was invited and still occupy a position of professor of the Institute of International Relations of Taras Shevchenko National University of Kiev, Department of International Business. Author and co-author of 6 monographs, more than 100 international and national technical publications, several technical regulations and standards including those in the area of economy, risk assessment, assets and business valuation topics.
Javier is Director of Operations of VALAQ and a consultores since 2014. Both are specialized Valuation providers of AYALA & AYALA CONSULTORES Cia. Ltda. a consultancies firm based at Riobamba, a small size city in central part of Ecuador.
He has been responsible for IVS analysis and uses best practices into the valuation profession for the company as much as it has been possible within Ecuador´s jurisdictional legislation. As Director of Operations, has been responsible for setting up Operations for valuations performed under IVS for overseas customers and locally for Customers from Banking System.
The acknowledgement about the importance of reliable and consistent valuations for the financial and economic systems, as well as the consequent need for high quality regulations, has led him in 2016 to approach Ecuadorian governmental bodies and stock markets in order for it to consider the need of having reliable valuation consistent regulations.
Drew Dorweiler (Chair)
Drew is a Managing Director at IJW & Co., a boutique investment bank headquartered in Montreal, Canada, with offices in Singapore, Hong Kong, the United States and Antigua. He is the firm’s Valuation Practice Leader and Director of Asian Operations. Drew possesses over 37 years of experience, having valued several thousand companies for business valuation, mergers and acquisitions, corporate finance and litigation support mandates on a global basis. He has testified as an expert witness in 33 matters before courts in Canada and the United States, arbitration panels and the Parliament of Canada.
Drew is recognized as one of North America’s pre-eminent valuators of professional sports franchises and properties. His valuation and transaction repertoire includes NHL, MLB, NBA, CFL, English Premier League, European and semi-professional sports teams, arenas, broadcasting and naming rights, and related intangible assets. Drew has given numerous interviews featured in international TV, radio and print media on valuation, financial and sports business matters. He has spoken at myriad conferences and authored many articles in professional publications on business valuation, litigation support and fraud-related topics during the past three decades.
Drew was elected to the Board of Trustees of The Appraisal Foundation for the 2013-2015 and 2016-2018 terms and to the Board of Directors of The CBV Institute from 2006-2009 (he was named a Fellow in 2018). He was named a Fellow of Royal Institution of Chartered Surveyors in 2013. Drew graduated with a Bachelor of Arts, Economics, from Dartmouth College. He obtained a dual MBA, Corporate Finance and Accounting, from Lubin Graduate School of Business, Pace University. He is a Canadian and US citizen and is fluent in English and French.
Board Member of MSRB in IVSC
Expert in China Appraisal Society for International Business;
Business Partner , Overseas Business Director in Shanghai Yin Xin Assets Appraisal CO.,LTD.
WAVO World Recognized Valuer, China Public Valuer, MBA.
Actively participated in the professional exchanges between IVSC and CAS, focused on the in-depth cooperation between internationalization and localization of China’s assessment, adhered to seeking common ground while reserving differences;
2018，Published thesis in Singapore on First IVSC-WAVO Conference. The speech thesis won the first “Best Paper Award” presented by the conference and CJ was the only winner of the only award presented by the First Global Assessment Conference;
Accepted the invitation of the world’s top 500 multinational companies for training on overseas M&A involving professional assessment matters.
Taken up cross-border M&A, IPO, equity transfer projects in purpose of business valuation, intangible assets, fixed assets and etc., Engaged in Overseas M&A project with rich experience for years, Worked well with a multi-cultural and diverse work force; Provided appraisal consulting project for Siemens, ThyssenKrupp, Boeing, Pfizer, Netherlands TNT, Intel, Infineon, Nikon, Fujitsu, GE, Johnson Controls Inc. and etc.;
I hold a Bachelors Degree in Land Economics (1980) and a Masters Degree in Valuation and Property Management (2001) both from University of Nairobi Kenya. I am a Fellow of the Royal Institution of Chartered Surveyors (RICS), an RICS Accredited Mediator, a full member of Chartered Institute of Arbitrators (MCIArb), Member of the Institution of Surveyors of Kenya (1983) and a Registered and Licenced Valuer and Estate Agent (1987) in Kenya.
Currently I am working for RICS International Limited as the Partner Development and Public Affairs Manager in Sub Saharan Africa. My responsibilities include promoting the RICS Strategic Plan in Sub-Saharan Africa through thought leadership, adoption of International Standards, membership, and training.
Prior to joining the RICS in September 2019, 1 was the Director and Head of Valuations at Knight Frank Kenya where I was involved in valuations in most of the African Countries where knight Frank was not represented such as Seychelles Mauritius Ethiopia Eritrea South Sudan Ivory Coast and Democratic Republic of Congo.
In 2008 and together with African Wildlife Foundation AFW i was part of the team that prepared and established guidelines for the valuation of conservation easements. I am therefore a consultant in valuation of Conservation Easements in Sub Saharan Africa and have worked with The Nature Conservancy TNC in Kenya.
My career in the built environment spans over 40 years and therefore I have held various positions in the real estate profession which include Chairperson of a Taskforce Committee to develop valuation standards in Kenya, board member of Valuer Registration Board and a lecturer and examiner of professional examinations for membership to the Institution of surveyors of Kenya. I held the position of Chairperson of the Kenya Group of RICS between 2009 and 2015 when the group was wound up to give way to the current RICS office in Kenya.
I am passionate about valuation and real estate consultancy. In my career I have trained and mentored many young professionals who aspire to take up a career in real estate in Kenya. In this regard and in appreciation of my successful career, I was awarded Moran of the Burning Spear (MBS) by the President of the Republic of Kenya in 2006.
My objective and goal are to promote International Valuation Standards in Sub Saharan Africa.
In 2017 I was appointed by the Institution of Surveyors of Kenya as the chairperson of a Taskforce that prepared and subsequent launched the Kenya Valuation Standards in 2021. I am currently working with ESVARBON-Estate Surveyors and Valuers Registration Board of Nigeria who in 2020 launched the Green Book which incorporates the IVS and RICS Red Book. In Uganda I am working with the Institution of Surveyors of Uganda to promote IVS and International Land Measurement Standards- ILMS.
I am confident, and knowledgeable in matters relating to valuation. I am able to interact well with staff and clients, pleasant to deal with and able to listen to all staff and clients irrespective of social status, especially in matters relating to valuation.
Mugisha Turyahikayo Allan
Mugisha Turyahikayo Allan is a Tangible and Business Valuation specialist operating in the East African region with particular bias to collateral appraisal for secured lending, corporate valuation for financial reporting and claims advisory for insurance settlement.
He is the Managing Partner of S-M Cathan and former Council Member and Honorary Secretary of the Institution of Surveyors in Uganda, 2007 to 2017. He is also an Advocate of the High Court of Uganda and a Registered Valuer with the Surveyors Registration Board in Uganda and the Institute of Real Property Valuers of Rwanda.
He is the Head of Programs Development at SREIDS East Africa, a regional Built Environment Professional Training School and is a Trustee on the Internationals Ethics Council representing Institution of Surveyors in Uganda.
Allan Beatty has worked as an associate appraiser with Kent-Macpherson Appraisals, in Kelowna, British Columbia, Canada since 2006, after more than 25 years as a practicing private sector valuer in Canada’s prairie region. Kent-Macpherson is one of the largest and most respected real estate consulting firms in Western Canada. Allan received the AACI designation from the Appraisal Institute of Canada (AIC) in 1988. Work history includes valuation and consulting on a broad variety of property types across Canada, including valuations and consulting on various property tax and assessment-related issues with specialties in resort developments, heavy industrial, insurance and fire loss appraisals, as well as and more recently, reserve fund studies. Allan has qualified as an expert witness in six different Provincial jurisdictions within Canada, on valuation and assessment related assignments. Allan currently serves as an Advocate, conducting appeals on disciplinary matters for the AIC. Past positions with the AIC include a term as National President and Chair of Committees on Admissions, Strategic Planning and Finance, among others. In January 2018, Allan re-joined the Provincial Assessment Appeal Board for British Columbia as a part-time member, adjudicating assessment appeals for the Board.
Toshiyuki Kitano is a Director at KPMG AZSA LLC, leading market and liquidity risk advisory. Since his participation in the firm in 2009, he has been focusing on financial instruments valuation and risk management. His specialty is in technical and regulatory aspects of valuation and risk models. From 2015 to 2017, He was transferred to KPMG US’s risk consulting, belonging to the same practice in its New York office.
Toshiyuki started his career in technology and risk management at a Japanese bank, followed by the service at a global rating agency as a rating analyst. He then moved to fixed income of a global investment bank, responsible for pricing/structuring of complex financial instruments.
In addition to that as market participants, Toshiyuki also has experience as a regulator at Japanese Financial Services Agency (JFSA) and Securities Exchange Surveillance Commission (SESC). While his focus at the agent was valuation and regulatory risk models of global investment banks, he was also a member of Standards Implementation Group Trading Book Subgroup in Basel Committee of Banking Supervision.
Toshiyuki is an adjunct lecturer at Hitotsubashi University Business School, teaching financial risk analytics. He is the supervisory translator of “xVA Challenge” Japanese edition.
Thomas Lee (FIB Chair)
Thomas Lee is a partner in KPMG’s Valuation Services team and is the national lead for the Financial Instruments practice.
With over 18 years of professional advisory experience, Thomas has prepared numerous valuation opinions for the purposes of merger and acquisition transactions, portfolio pricing, strategic planning, liquidations and divestitures, corporate tax structuring and financial reporting. Thomas also has extensive experience in validating pricing models and developing valuation policy frameworks for financial instruments at various investment funds, financial institutions and regulatory bodies.
Thomas has previously served on the professional practice and standards committee at the CICBV and has lectured on the topic of financial instruments to a number of academic and professional organizations.
Thomas has a degree in commerce and economics from the University of Toronto and has completed his FRM, CBV, CPA and ASA professional designations.
Stephanie Sparvero is the Global Head of Bloomberg’s Evaluated Pricing Service – BVAL. She oversees all BVAL cash products globally, including Government, Supranational, Agency and Corporate Bonds (GSAC) Municipal Bonds & Securitized Products.
Stephanie began her time at Bloomberg in 2016 as BVAL’s Chief Operating Officer and subsequently became the product’s Global Head of Markets Research and Analysis before leading the business globally.
Prior to joining Bloomberg, Stephanie spent over 20 years on the buy- and sell-sides. She worked as a Managing Director at Pretium Partners, and at Barclays as Chief Operating Officer for Securitized Products, driving strategy and managing Finance, Risk, and Technology for the global trading business. Prior to Barclays, Stephanie worked at Markit, as the Global Head of Structured Finance Analysts, and C-BASS, as a Senior Vice President in mortgage portfolio management and securitization.
Throughout her career, Stephanie has worked to empower data and technology-driven women across the financial industry. A founding member of Bloomberg’s Women in FinTech, she helped grow the community to more than 1,000 members since its inception in December 2017.
Stephanie holds an MBA from Columbia Business School and a BS from the Massachusetts Institute of Technology.
Ragveer Brar leads the Valuation & Controls Team at the Prudential Regulation Authority, part of the Bank of England. Raj is also a member of the ICAEW’s Valuation Group Committee.
Originally qualifying as a chartered accountant with PwC, Raj has also worked at HSBC, and Lehman Brothers before becoming a Technical Specialist in the Market Risk Team for the UK Financial Services Authority (FSA) in 2005.
Raj founded the FSA’s Valuations & Product Control Team to build the regulatory capacity to challenge firms’ valuations and controls, including the investigation of rogue trader incidents. Raj’s remit was expanded to include Internal Audit, and the general control environment around trading businesses, including Front Office controls, which lead to him taking up his current position. The prudential regulation function of the FSA transferred to the Bank of England in 2013 as part of changes to UK regulation.
Marcus Morton is a Managing Director in the London Office focusing on the Financial Services sector.
He has over 25 years of experience in Investment Banking, having started his career at Goldman Sachs in 1992. He is a multi-disciplined investment banking expert with significant expertise in all types of valuation opinions, operating models, risk management, cost transparency, control frameworks and compliance.
During his career Marcus has worked at several investment banks including Goldman Sachs, Nomura, J P Morgan and Barclays as well as spending several years as the Senior Risk Officer for a large investment fund. He has spent time working in London and New York as well as managing global teams across Europe, Asia and the Americas.
Most recently, Marcus was a director at KPMG where he developed a Brexit strategy for a regulated exchange, served as the interim chief of staff for the Compliance division of a global investment bank and developed a risk framework for an international brokerage.
Prior to that he spent almost 10 years at Barclays Investment Bank as Global Head of Credit Product Control, Global Head of Independent Valuations and later the deputy Chief Operating Officer for EMEA. As Head of Valuations Marcus was responsible developing valuations policy and governance for all types of financial products including equities, bonds, loans, credit and interest rate derivatives and structured finance. He was responsible for the approval of accounting treatment and representing Barclays to regulators in all global jurisdictions. He was also a member of the deal team that worked on the Lehman Brothers acquisition (with specific responsibility for the valuation of the acquisition balance sheet), the BGI disposal responsible for valuation issues and the LIBOR remediation program to implement the IOSCO guidelines for benchmark supervision.
Marcus received Joint Honours in Engineering and Business Studies from Warwick University in 1989.
Manish is a Partner with Grant Thornton in India and he leads the Valuation Services Practice of firm for south India.
He has over 17 years of experience in the area of valuation, research and corporate finance in global organizations. Manish has been involved in offering valuation consulting services for some of the large and reputed companies in various sectors including IT, Healthcare, manufacturing, financial services etc.
Manish has wide range of experience in valuations of different assets classes including businesses, equities, intangibles, ESOPs etc. He also has keen interest and specializes in valuation of complex financial instruments like convertible bonds, swaps, structured instruments etc. He has authored several publications and is a regular speaker on valuation related topics.
Manish is an MBA from MDI (Gurgaon), India and a Bachelor of Engineering (Mechanical). He is also a CFA (CFA institute, USA) and FRM (GARP, USA) and Diploma in IFRS.
Larry Levine is a Managing Director at Lincoln International LLC and provides valuation opinion and advisory services to companies and investment advisors. He advises a wide array of organizations regarding the valuation of financial instruments and general business valuation matters. He has significant experience valuing debt, equity and derivatives.
Larry is a thought leader on the topic of business valuation and corporate finance and has frequently published and lectured regarding a wide array of financial instrument valuation topics. In addition to his role at the IVSC, Larry is a member of the Business Valuation Resource Panel of The Appraisal Foundation and serves on the Standards Board for the Business Valuation Committee of the American Society of Appraisers.
He has a Master’s Degree in Business Administration from the University of Pennsylvania, Wharton Graduate School of Business and has ASA and CPA/ABV/CVFI professional designations.
Fernanda Díaz-Rodríguez joined the financial instruments board in December 2018 and is currently a member of the Independent Valuation Committee at the Mexican Stock Exchange (Valmer, Grupo BMV). She is a financial valuation specialist with a proven track record in complex and exotic valuation modeling, designing and delivering accurate valuation methodologies and regulatory compliance across multiple regions, incorporating risk valuation adjustments (XVAs) to Mark-to-Market and fair values while building business intelligence.
She has a Master Degree and an ongoing PhD in Quantitative Finance with more than 15 years of professional experience responsible for multi-million-dollar derivatives and commodities portfolios valuation and recognized for minimizing risks by solving, managing, and preventing valuation issues while expanding the exotic derivatives portfolio.
Among the positions she has performed are: Director of Valuation and Market Data at BBVA in Mexico, Quant of Fixed-Income Derivatives at Intermoney Valora in Spain, Trader of futures and commodities in the U.S. and Canadian markets, and Data Analyst of energy markets at the Mexican Energy Ministry. Currently, professor of Financial Instruments Valuation at the Mexican Stock Exchange (EBM, Grupo BMV) and Latam Committee Member of WILD, Women In Listed Derivatives.
Doug Summa (FIB Vice Chair)
Doug Summa is a former PwC Partner with over thirty-five years of experience advising clients on a spectrum of risk management and capital measurement issues related to trading activites. Mr. Summa has assisted numerous global financial institutions with the development of risk management frameworks and in the successful implementation and execution of a best-practices approach to management and measurement of market, credit and operational risk. He has extensive knowledge of the capital markets, cash and derivative products and related trading strategies. Mr. Summa’s clients have included a broad range of financial services companies including global and regional banks, insurance companies, mutual and hedge funds. He has advised clients on risk measurement and management techniques for market and credit risk, limit setting, valuation, risk and capital models, capital attribution and performance evaluation. He received his MBA and BA from Columbia University and is a board member of the International Association of Quantitative Finance.
Dr. Ma is a Managing Director and Head of Houlihan Lokey’s Portfolio Valuation & Fund Advisory Services practice, focusing on illiquid and complex securities valuation. She has over 20 years of extensive training, academic expertise, and hands-on experience in commodities, derivatives, securities, foreign exchange, fixed incomes, structured transactions, hedging strategies, and risk management issues. She is a member of the firm’s Technical Standards Committee and is also a member of the Standards Board of the International Valuation Standards Council (IVSC).
Since the start of the global credit crisis that began in July 2007, Dr. Ma has been focused on valuing illiquid securities, including asset-backed securities, collateralized debt obligations, collateralized loan obligations, mortgage derivatives, auction rate securities, distressed debt instruments, and private equity investments for financial reporting, transaction advisory, restructuring alternatives, and litigation support purposes.
On October 29, 2008, she served as a panelist in the Securities and Exchange Commission’s roundtable concerning mark-to-market accounting. Dr. Ma participated as the valuation expert, focusing on potential improvements to the current accounting model and implications of possible changes.
Dr. Ma joined Houlihan Lokey from NERA Economic Consulting, where she established and led the Employee Stock Options Valuation practice. Before that, she was a partner at Ernst & Young. She directed a number of significant litigation and dispute resolution projects related to derivatives valuation, securities trading, hedging, and risk management. She also advised the boards of directors of energy and financial companies on risk management, valuation, and corporate governance issues. For over five years, she traded derivatives and designed new risk management products for a global commodity firm.
Dr. Ma served as an adjunct professor at Columbia University, where she taught an MBA-level course in futures and options. She also developed several corporate training programs on the complex aspects of capital markets. Dr. Ma has qualified and testified as an expert witness in U.S. District Court, U.S. Bankruptcy Court, and arbitration and deposition proceedings. She has also worked as a consulting and testifying expert for the U.S. Securities and Exchange Commission.
Dr. Ma graduated from Columbia University’s Graduate School of Business with a Ph.D. in Finance and from Indiana University with highest distinction with a B.S. in Accounting. She holds the designation of Chartered Financial Analyst. She obtained her CPA license (now inactive) in the State of Colorado. She was also a member of the Financial Accounting Standards Board’s Option Valuation Group. Dr. Ma has published numerous articles on energy, derivatives, risk management, valuation, and corporate governance, and she is a frequent speaker at industry conferences and on academic panels. Her Ph.D. thesis addressed energy futures and options markets. She also co-authored a college textbook on futures and options.
Ben Ryan leads the Global Valuation Group at Bank of America, based in New York. Ben is responsible for valuation control across the Global Markets Trading businesses, with a focus on methodology, governance and consolidated reporting. Establishes valuation control policies and governance, as well as the development of price testing / valuation control infrastructure.
Ben has worked for Bank of America (including Merrill Lynch) for over 20 years in a number of Finance roles in both New York and London.
Ben is a member of the Chartered Institute of Management Accountants and has Business Studies degree from the University of Limerick.
Yann Magnan (Chair)
Yann is the CEO at 73Strings and splits his time between London and Paris. He is responsible fordefining strategic initiatives for the operations, as well as overseeing key engagements and relationships.
He started his career with EY where he was Partner and head of Western Europe for the Valuation and business modelling practice. He then joined Duff & Phelps, opening the Paris, France office and being later appointed member of the Global Operating Committee and leader for entire operations of EMEA region (27 offices, and services including Valuation Advisory, Transfer Pricing and Portfolio Valuation, Corporate Finance, M&A and Restructuring, Disputes, and Compliance and Regulatory Consulting).
He has been involved and has led numerous strategic developments across EMEA including new products/services developments, recruitments of high-profile individuals, acquisitions and integrations, strengthening of offering to clients and cross services collaboration, and new offices/countries opening, amongst others.
Yann has been speaker at several leading industry forums on various financial advisory topics. He is also chairman of the IVSC Europe board. Yann holds an Engineering Master’s Degree from Ecole Centrale Paris (Paris Saclay), and a Certificate in AIin Business from MIT Sloan School of Management.
Member of the Steering Committee, HypZert GmbH Wolfgang Kälberer is a German lawyer who started his career in the late 1980-ies with HypoVereinbank in Munich in the international mortgage department. In 1996, he was appointed Head of the Brussels Office of the Association of German Pfandbrief Banks (vdp) for almost 24 years until 2019. As Head of EU Affairs, he dealt with all European aspects that were of relevance for German Pfandbrief Banks, covering primarily banking supervision, capital markets’ legislation, consumer policy and property valuation. He co-managed the vdp membership of the European Covered Bond Council and of the European Mortgage Federation (EMF). He chaired the Economic Affairs Committee of the EMF in charge of EU banking supervision. He has also been the delegate of the vdp in TEGoVA (The European Group of Valuers’ Associations). In this context, he was member of the European Valuation Standards Board, the editor of the European Valuation Standards 2016. At the end of 2019, Wolfgang retired from the vdp and became Member of the Steering Committee of HypZert GmbH with a focus on international property valuation issues. HypZert is the leading certification body for real estate valuers in Germany. Early 2020, Wolfgang was elected Member of the Europe Membership and Standards Recognition Board (Europe MSR Board) of the IVSC in order to reinforce the visibility of the IVSC and the application of IVS in Europe.
Thomas Dimopoulos holds a PhD from the Department of Civil Engineering & Geomatics of Cyprus University of Technology, an M.Eng. in Rural and Surveying Engineering from the Engineering School of Aristotle University of Thessalonica, and a MSc in Real Estate from Oxford Brookes University. He is the chairman of RICS Cyprus (Royal Institution of Chartered Surveyors) since 2017 and member of the board of the Association of Property Valuers in Cyprus. He was appointed at the European Board of IVSC (International Valuation Standards Council) in January 2020. Besides his work in several companies in Cyprus and abroad, he is the founder of AXIA Chartered Surveyors. He has also published several articles in the wider area of Real Estate. His research and publications have focused on property valuation methodologies, property taxation, geospatial data analysis and Mass Appraisals with the use of Artificial Intelligence and Machine Learning.
Dr. Olesya Perepechko
Dr. Olesya Perepechko joined the European Board of IVSC in January 2020.
She holds a PhD in business valuation from St. Petersburg State University of Economics and currently lectures at St. Petersburg Polytechnic University and Russian Presidential Academy of National Economy and Public Administration.
She has worked in the field of valuation activities for more than 17 years and is the founder and CEO of A-Finance Group, Ltd. providing valuation services.
Most of her work relates to business valuation and the valuation of intangible assets. She is a judicial valuation expert in courts and a member of the Scientific and Consulting Council of the Financial and Economic Judicial Experts Union. She also plays an active role in the Russian Society of Appraisers.
She regularly presents lectures and master classes, and participates in conferences around the world as a speaker.
As an author, she has published numerous articles and monographs on valuation. She has developed the System of Economic Security of Intangible Assets Management (SESIAM) and a software product “ACC: Appraisal Cost of Companies”.Download profile
Karthik Balisagar is a Senior Managing Director at FTI Consulting and is based in London. He is a member of the Economic and Financial Consulting segment. He has 15 years’ experience in valuation and transaction consulting. At FTI Consulting, Karthik specialises in valuation issues in the context of international arbitration and litigation.
Over the years, Karthik has advised banks, private equity firms, institutional investors and corporates in both contentious and non-contentious valuation matters across various industries, including financial services, oil and gas, pharmaceuticals, mining and technology. Karthik has been appointed as an expert witness in numerous litigation and arbitration matters.
Karthik has prepared or assisted with the preparation of expert reports for submission to Singapore, UK, Dutch and EU courts, as well as in arbitrations under ICC, HKIAC, ICSID, UNCITRAL and LCIA rules. Karthik also regularly delivers training courses to law firms on the quantification of damages, valuation, and cross-examining of expert witnesses.
In non-contentious matters, Karthik has advised clients in valuing their equity portfolios, loan books and management incentive structures, as well as conducting purchase price allocations, impairment reviews and valuations related to M&A transactions.
Karthik was also part of the expert panel of valuers advising the Intellectual Property Office of Singapore with respect to policy on intellectual property valuation. He is currently a member of the International Valuation Standards Council (IVSC) Europe Board where he assists the board in setting and harmonising international valuation standards across jurisdictions.
Karthik is also currently helping the firm build the Latin American Economic Consulting practice. He holds a B.Sc. in Physics, Chemistry & Mathematics and an M.B.A.
Marc Broekema is a partner and co-founder of BFI, an independent business advisory firm based in Amsterdam (the Netherlands) focussing on business valuation services, disputes, quantum of damages, and insolvency analyses.
Most of his work relates to valuation disputes and in that respect, he is predominately working as a valuation expert for law firms, courts, arbitration and expert committees, corporates, and professional investors. Furthermore, Marc is a lay judge at the Enterprise Division of the Court of Appeal of Amsterdam, and a member of the disciplinary council and council of appeal of the Dutch Association of Chartered Business Valuator (NiRV).
Marc received master’s degrees in economics and law from Tilburg University and Erasmus University, and holds a PhD from Leiden University where he also is an assistant professor (UD) at the department of business studies of Leiden Law School.Download profile
Jose Manuel Gómez de Miguel
Jose Manuel Gómez de Miguel was appointed member of the European MSR Council of the IVSC in March 2020 at the proposal of the AEV (Spanish Association for Value Analysis), an organization that includes the vast majority of Spanish appraisal companies.
Jose Manuel Gómez de Miguel developed his professional career at the Bank of Spain, first as an economist in its research department and from 1996 to 2012 as head of the banking regulation area, a department that integrated matters related to the Spanish mortgage market and the valuation of real assets of banks for prudential and accounting purposes. From that position, and as a representative of the Bank of Spain, he was part of numerous international groups, in the Basel Committee and in the European Council and Commission or the EBA.
Some time after his retirement at the age of 60, he was, for 6 years, member of the board and chairman of the Risk Committee of Cecabank, a wholesale bank controlled by Spanish savings banks and, from 2013 to 2017, first secretary of the AEV, founded at that very moment. He currently continues to collaborate with the AEV and participate in forums related to the world of real estate valuation.
Jesus Federico Valero Gil
Partner of Transaction Advisory Services and the partner responsible for Valuation in Spain. He has developed a relevant portfolio of transactions: preparation and analysis of feasibility plans, investment valuation and analysis, financial restructuring and refinancing processes, as well as the review of financial models. Member of the Global Valuation Executive Committee and the Valuation Committee for Europe, the Middle East and Africa.
Javier Zoido is a managing director and head of the Valuation Advisory and Fairness opinion practice in Iberia, based in the Madrid office. Javier also sits on Duff & Phelps’ EMEA Executive Committee. He has over 20 years of experience in valuation and corporate finance.
Prior to joining Duff & Phelps, Javier was at EY in the firm’s Corporate Finance practice. Javier first joined Duff & Phelps’ London office and later opened the firm’s Madrid office which now has over 100 employees.
Javier has performed valuations of business enterprises, financial assets, equity securities and intangible assets to assist clients in tax and financial planning and reporting, transaction advisory support, strategic planning and litigation support. He has completed over 1,000 valuations for clients in Europe, North America, Latin America, Africa and Asia, in different sectors such as telecom, food and beverage, industrial products, gaming, hospitality, oil and gas and healthcare.
He has published articles on valuation topics such as the impact of IFRS 3 on the financial statements of listed companies and on the implications of IFRS 16 in business valuations.
Javier received a master’s degree in finance from the Escuelas de Finanzas Aplicadas in Madrid and a bachelor’s in economics from the Universidad Complutense de Madrid. He is a member of the International Valuation Standards Council (IVSC) Europe Board, a Chartered Member of the Royal Institution of Chartered Surveyors (MRICS), qualified in Businesses and Intangible Assets.
Giampiero Bambagioni is an Urban Economist, with extensive experience on Sustainable lending, Real Estate finance, Evaluation, Sustainable investing. Giampiero holds positions in institutional bodies at national (Italian) and international level (UN).
Giampiero has been teaching at university level for many years in official courses and post-graduate masters; he is currently an adjunct professor in Appraisal and Economic Evaluation of Projects, at the Sapienza University of Rome; and lecturer of Urban Economics and Valuation in the post-graduate Master PolisMaker of the Politecnico di Milano University.
Giampiero has been appointed:
(i) Bureau Member (October 2019) of the United Nations-ECE Committee on Urban Development Housing and Land Management, Geneva
(ii) Vice President (April 2021) of the UNECE and LIUC Cattaneo University (Italy) Center of Excellence on Sustainable Finance for Infrastructure and Smart Cities.
(iii) Vice Chair (October 2020) of the United for Smart Sustainable Cities (U4SSC) | UN Initiative, Geneve.
(iv) Chair of the Technical Scientific Committee of Tecnoborsa Scpa (involving Italian institutions and national bodies representing the entire economic-professional-real estate chain – since 2000).
(v) Independent Director-CoB (since April 2020) of P&G SGR S.p.A, Rome – Independent Asset Management company (established on 2004).
Previously, he served as Chairman of the UN Economic Commission for Europe (UNECE) Real Estate Market Advisory Group (REM), Geneva.
Independent Advisor for relevant public and private Organizations at national and international level, Giampiero is the author or co-author of many articles and books, including «Sostenibilità del valore nel finanziamento immobiliare» (i.e. Sustainability of value in real estate financing – June 2021).
Since 2000 he has coordinated the working group that drafted the Codice delle Valutazioni Immobiliari – Italian Property Valuation Standard, in which the International Valuation Standards (IVS) have been implemented. In 2018 with the scientific direction of Giampiero the work reached its fifth edition.
Under his leadership has been elaborated – with the involvement of an international Task Force – the UN Policy Framework for Sustainable Real Estate Markets (UN publications, 2010 and 2019); (online)
Frank Bollmann is the Managing Director of Vossius & Partner, an IP law firm located in Munich, Germany. He has been providing valuation services for more than 20 years with a specific focus on valuing intangible assets and IP. Mr. Bollmann has worked in the USA, the Netherlands and Germany throughout his professional career. From 2008 to 2014 he served two full terms on the IVSC Standards Board culminating in the role of Vice Chairman and he represented the IVSC in the Consultative Advisory Group of the International Auditing and Assurance Standards Board (IAASB). Since 2020 he is a member of the IVSC Europe MSR Board.
Dr. Klaus Rabel
Univ.-Prof. Dr. Klaus Rabel holds the Chair of Company Valuation and Value-based Management at the Karl Franzens University of Graz, is a certified public accountant and tax advisor, CVA (EACVA) and managing partner of Rabel & Partner GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft.
He is also a lecturer in the field of company valuation, deputy chairman of the Expert Senate for Business Administration of the Chamber of Tax Advisors and Auditors and head of the EACVA working group on company valuation.
As an author, he has published numerous specialist publications on company valuation and reorganisation tax law (to be found at https://www.rabelpartner.at/publikationen/).
Christian joined Jones Lang LaSalle in October 1998 as a graduate and has gained experience in a wide range of valuation areas. In October 2000 Christian joined Valuation Advisory and specialised in shopping centre valuations and transactional support in both the UK and also across Europe where he successfully established the Pan-EMEA retail valuation business since 2008. Christian leads the Pan-EMEA Valuation business and is responsible for a number of key valuation client mandates, developing and leading best practice across the EMEA Valuation business. Christian is directly responsible for developing expertise and best practice in shopping centre valuations and leads the EMEA Retail Valuation Group. Christian is a member of the IVSC European Board.Download profile
Wolfgang is Professor Emeritus at the University of Munich, Germany.
Professor Ballwieser received his Diploma in Business Administration at Goethe University 1974, Dr. rer. pol. 1977, habilitation with thesis on business valuation 1981. He has been Full Professor between 1982-92 at University of Hanover and, since 1992, at University of Munich. Professor Ballwieser received an Honorary Doctorate at University of Wuppertal in 2001. He has been an Ordinary Fellow of Bavarian Academy of Sciences and Humanities since 2003 and a Professor Emeritus since 2014.
Expert in hearings of Finance Ministry, Committee for Labour and Social Order, Finance Committee and Justice Committee of German Parliament.
Member of the Supervisory Boards of Deloitte GmbH and Deloitte Deutschland GmbH since 1993, Chairman since 2018. Member of the Main Technical Committee of the Institute of Public Auditors 1993-1997, of the Expert Committee for Business Valuation and Business Administration and the Working Group Business Valuation of this Institute 1996-2014. Member of the Scientific Advisory Board of the Federal Network Agency for Electricity, Gas, Telecommunications, Post and Railway 2006-2015. Senior Advisor of ValueTrust Financial Advisors SE since 2014. Honorary Member of the European Association of Certified Valuators and Analysts (EACVA) since 2015.
Member of the Editorial Board of “European Accounting Review” 2001-2011. Representative of Germany in the Executive Committee of the European Accounting Association (EAA) 1996-2002 and President of the EAA 2000-2001. Vice President of the German Academic Association for Business Research 1997-98, Honorary Member of that Association since May 2018.
Professor Ballwieser is the author of many scientific books and articles on business valuation, financial reporting and auditing.
Takako Iwata, Japan CPA, is a Partner in Corporate Finance at KPMG Japan and a member of KPMG’s Global Valuations Committee. Takako has over 20 years’ experience in business valuation mainly for mergers and acquisitions and financial reporting purposes.
Prior to focusing on valuation services, Takako was involved in audit and financial due diligence work at Arthur Andersen.
Takako was a part-time lecturer at Waseda University Graduate School of Finance, Accounting and Law from 2013 to 2016.
Robert provides strategic direction and operational oversight to all of the CBV Institute’s functional areas, including administration, marketing and communications, education, professional standards, accreditation and continuing professional development. In addition, he manages the activities of the CBV Institute concerning complaints of professional misconduct and provides practice advisory support to CBVs on practice matters related to standards of practice and the CBV Institute code of ethics.
Robert’s practice in the field of business valuation has included consulting on valuation matters concerning shareholder disputes, mergers and acquisitions, estate and tax planning, and minority oppression actions; damages quantification matters concerning commercial disputes, intellectual property infringement, and professional negligence; and Competition Act matters relating to mergers and acquisitions.
Prior to practicing business valuation consulting, Robert was the Chief Financial Officer of a venture capital investment firm and practiced public accounting with Ernst & Young.
Robert is a sessional instructor in the MBA program at McMaster University’s DeGroote School of Business. He is a past member of the Users Advisory Council, a committee of the Canadian Accounting Standard Board.
Richard Stewart (BVB Chair)
Richard is a Partner in Corporate Value Advisory for PwC based in Sydney, Australia.
His professional qualifications include:
– Bachelor of Economics (Macq), Masters of Business Administration (UNE)
– Fellow of Institute of Chartered Accountants in Australia and the Society of Certified Practicing Accountants in Australia
– Business Valuation Specialist CAANZ
– Senior Fellow of the Financial Services Institute of Australasia (formerly the Securities Institute of Australia)
– Fellow of the Australian Institute of Company Directors
– Justice of the Peace, NSW, 1994
– Order of Australia Medal, 2015
During his career, Richard has worked in Sydney, Canberra, New York and London. Since 1996, Richard has specialised in financial advisory services providing expert advice in valuations, corporate advisory and mergers and acquisitions. He was admitted as a partner of the firm in July 2000.
In the course of his client work, he has also worked on projects in Zurich, Calgary, Madrid, Johannesburg, Kuala Lumpur, Singapore, Auckland, Jakarta, Port Moresby, Suva, Tokyo, Bangkok, South America and Shanghai.
Richard was Chair of the NSW Regional Council of the ICAA and was the founding and longstanding chair of the Business Valuation Special Interest Group of that Organisation. He also served on the ACT regional council.
Richard’s expertise in valuation and financial analysis has been recognised externally by his appointment as an Adjunct professor in this area in the Business School of the University of Technology, Sydney and also his membership of the Australian Valuation Standards Committee (previously Board).Download profile
Jay Shaw is a partner at Grant Thornton New Zealand and leads their business valuation and forensic accounting service line. He has more than fifteen years’ specialist business and intellectual property valuation experience in both New Zealand and the UK, and has prepared valuations for businesses headquartered throughout the world, including in the US, Europe, Asia Pacific, and the Middle East. This includes valuations prepared under IFRS, UK GAAP, US GAAP, and NZ GAAP.
Jay has published numerous articles and presented widely on valuation issues both in New Zealand and overseas. He has provided expert valuation testimony before the courts and other tribunals. He is a Chartered Accountant with Chartered Accountants Australia and New Zealand and an Associate Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
Jan Marek, CFA, ASA, is managing director of the European Valuation Institute (EVI). Prior to founding EVI, Jan was a partner in Deloitte, leading the valuation and financial modelling team for Central Europe. At the beginning of his career, he worked as a management consultant, portfolio manager and broker on the Prague Stock Exchange. He has more than 20 years of experience in valuation of companies and other assets, litigation, financial modelling, transfer pricing, competition economics, and other financial analyses in Europe, Asia, America, and Africa.
Jan is a member of the Commission for Experts for the Ministry of Justice and a court sworn expert specialising in business valuation. He has led the Czech translation of the International Valuation Standards. Jan also acts as the president of the European Chapter of ASA (American Society of Appraisers).
Jan is a graduate of the master’s program in economics and finance at the Charles University in Prague. He is a member of the Advisory Board of the Institute of Economic Studies at Charles University. Jan has lectured at valuation conferences, at the Charles University, the University of Economics and the Judicial Academy.
Jan Marek, CFA, ASA is the managing director of the European Valuation Institute (EVI). Prior to founding EVI, Jan was a partner in Deloitte, leading the valuation and financial modelling team for Central Europe. At the beginning of his career, he worked as a management consultant, portfolio manager and broker on the Prague Stock Exchange. He has more than 20 years of experience in valuation of companies and other assets, litigation, financial modelling, transfer pricing, competition economics, and other financial analyses in Europe, Asia, America, and Africa.
Jan is a member of the Commission for Experts for the Ministry of Justice and a court sworn expert specializing in business valuation. He has led the Czech translation of the International Valuation Standards. Jan also acts as the president of the European Chapter of ASA (American Society of Appraisers).
Jan is a graduate of the master’s programme in economics and finance at the Charles University in Prague. He is a member of the Advisory Board of the Institute of Economic Studies at Charles University. Jan has lectured at valuation conferences, at the Charles University, the University of Economics and the Judicial Academy.
Henk Oosterhout is Head of International Operations for Duff & Phelps and a managing director in the Amsterdam office, part of Valuation Advisory Services.
Henk has been involved in valuation engagements covering a wide variety of industries, including technology, information, communication and entertainment, consumer products, industrial products, energy and financial services. His engagement highlights include performing purchase price allocations and goodwill impairment testing for large listed companies, regulation support for energy and telecom clients and analysis, strategy, funding and mergers and acquisitions (M&A)-driven support.
Prior to Duff & Phelps, Henk was a managing director at Standard & Poor’s Corporate Value Consulting in September 2003. His past experience includes valuation services and strategy/M&A consulting within the Corporate Finance group of PricewaterhouseCoopers where was responsible for setting up a sub-practice regarding valuations for financial reporting purposes. In addition, he ran the Telecom, Media and Technology industry team. Henk spent time teaching and researching corporate control and corporate governance topics. He was also an assistant professor of corporate finance at Tilburg University in the Netherlands and a visiting professor at the J.L. Kellogg Graduate School of Management at Northwestern University.
Henk received his M.B.A. in operations research/econometrics and his Ph.D. in corporate finance from Tilburg University in the Netherlands. Some of Henks published articles include:
Takeover barriers: the good, the bad, and the ugly, November 29, 1996, PhD. Thesis, Tilburg University
Corporate governance: wie neemt het voortouw?, February 1997, Het Financieele Dagblad
Chapter 5 in the book ‘Financiering en macht: van financiele structuur tot beheersstructuur’ edited by A.W.A Boot and P.A.
Verheyen, 1997, Kluwer Bedrijfsinformatie, 135-168
Discussie corporate governance – Tussen concurrentie en zeggenschap, March 1998, Zeggenschap, 45-47.
Achteruitkijkspiegel van bedrijf werkt anticiperend, May 2004, Het Financieele Dagblad .
Europa niet rijp voor ABN-verkoop, August 2007, Het Financieele Dagblad
Diana Nikolaeva is a Partner in EY Bulgaria. She is leading the Transaction Advisory Services offering in a number of Balkan countries and the Quality & Risk Management function in Transaction Advisory Services in all countries in the Central and South-East European region of EY. Her leadership experience includes numerous projects related to valuation of the tangible and intangible assets, purchase price allocation, mergers and acquisitions, corporate management, financial analysis and investments consulting, restructuring and financial due diligence services. For more than 28 years she runs projects in energy sector, banking and financial institutions, transport and communications, real estates, privatization, etc.
Diana is a member of the Business Valuation Board at the International Valuation Standards Council (IVSC).
She is also a member of the CFA Institute (USA), a CFA Charter holder and a licensed appraiser.
Diana has a Master’s degree in International Economic Relations from the University of National and World Economy. She is a graduate from the Pew Economic Freedom Fellows Programme of Georgetown University, Washington D.C. (USA).
Diana is actively involved in various community initiatives aimed at enhancing women’s engagement in the modern business world.Download profile
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