The International Valuation Standards Council (IVSC) has today announced the appointment of new Chairs to its International Valuation Professional Board (IVPB) and International Valuation Standards Board (IVSB). Jean-Florent Rérolle, Managing Director and European co-head of Financial Advisory Services at Houlihan Lokey, becomes Chair of the IVPB and Steven J. Sherman, Chair of KPMG’s Global Valuations practice, will chair the IVSB.

Michel Prada, Chairman of the IVSC Board of Trustees, comments:

“The financial crisis has provoked serious debate about the role and reliability of valuations and their impact on financial markets. The ambition of the IVSC is clear – to provide standards and guidance that improve the quality and reliability of valuations globally and lead to greater confidence in the valuation process. I am delighted that two such eminent professionals share the IVSC’s ambition and are prepared to accept the responsibility to chair the technical Boards.

“Jean-Florent has extensive experience of valuation and will be a huge asset to the IVPB’s work as it seeks to support the global valuation profession in delivering quality services. Equally, Steve’s global knowledge will help the IVSB meet the challenge of developing a comprehensive set of international valuation standards. I would also like to thank Brad Wagar and Chris Thorne for their work as the previous IVPB and IVSB Chairs.”

Jean-Florent Rérolle adds:

“I look forward to chairing the IVPB, which is made up of experienced valuation professionals dedicated to building a more cohesive and coherent international valuation profession. This is a huge challenge but a necessary task to complement the work performed by the IVSB in making sure that skilled professionals apply clear standards.”

Steve Sherman comments:

“I am thrilled to have the opportunity to chair the Standards Board over the next three years. There is a tremendous need in the valuation profession to reduce diversity and bring greater clarity through standards that are more explicit about objectives and methodology. The IVSC is well positioned to help this take place while also leveraging some of the excellent thought leadership developed by other organizations.”

ENDS

For press enquiries please contact: Rohit Grover, Spada
Rohit.Grover@spada.co.uk
Tel: +44 (0)20 7269 1430
For further information on the IVSC please contact: Marianne Tissier, IVSC
mtissier@ivsc.org
Tel: +44 (0)1442 879 306

NOTES TO EDITORS

Biographies of the new Chairmen

Jean-Florent Rérolle
Jean-Florent Rérolle is Managing Director and European co-head of Financial Advisory Services at Houlihan Lokey, France. He was previously a corporate finance partner with Ernst & Young from 1995 – 2004. Jean-Florent has lived and worked in the United States as well as France. He is a founder and a member of the Board of the Société Française des Evaluateurs. He teaches at two management schools - ESCP-EAP and HEC Group - and is a lecturer at the Institut d’Etudes Politiques de Paris.

Steve J. Sherman
Steve is a Partner in KPMG in the U.S.’s Economic and Valuation Services practice and is based in Chicago. He has national responsibility for valuation services. He is also the Chair of KPMG’s Global Valuations Committee. Steve has nearly 30 years of valuation experience and has deep experience in financial reporting related to purchase price allocations, impairment testing, and IFRS/U.S. GAAP conversions. He lectures extensively to various organizations, including the AICPA, the Illinois CPA Society, the American Society of Appraisers, Kellogg Graduate School of Management, the NRF and the Economic Development Council of Chicago.

About the IVSC
The International Valuation Standards Council (IVSC) is charged with developing robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards, acceptable to the world’s capital markets organizations market participants and regulators, which will meet the challenges of a fast-changing global economy.

The governance structure of the IVSC, a non-profit organization incorporated in the US, includes two independent technical Boards – the International Valuation Standards Board and the International Valuation Professional Board – and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC.

For more information please visit: www.ivsc.org