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Thomas Lee announced as new Chair of the IVSC’s Financial Instruments Board

31 March 2022

Lee takes over from HSBC CFO, Gavin Francis, who steps down after a three-year term and will remain on the board

KPMG Canada Partner and current IVSC board member, Thomas Lee, will take over as Chair of the IVSC’s Financial Instruments Board next month when Gavin Francis steps down after three years in the role.

Thomas has over 20 years of experience in public practice and leads the KPMG Valuation Services’ Financial Instruments Team. He has been a member and Vice Chair of the IVSC’s Financial Instruments Board since its inception in 2019.

Gavin Francis has led the work of the board through a critical period in the evolution of IVS 500.  During his time as Chair he has overseen efforts to fundamentally review and redraft the international standards for valuing financial instruments. Gavin will continue as a member of the Board as they work towards the publication of the new IVS 500 standards in 2023.

Thomas Lee

Chair, IVSC Financial Instruments Board

“I have been honoured to Chair the IVSC Financial Instruments Board over this formative stage in the evolution of IVS 500. During the last three years the board has worked collaboratively and with great commitment to advance the international standards for valuing financial instruments. Feedback to our recent consultation gives confidence that we are heading in the right direction, and that the marketplace sees the need for consistent and internationally-agreed standards in this area. I would like to thank all my board members for their energy and dedication to this initiative. Collectively, they are at the forefront of a major and positive evolution in valuation. While my time as Chair is coming to a close I look forward to continuing my involvement in the work of the board as a board member as we work towards publishing the final standards in 2023.

My successor, Thomas Lee, has been a prominent member of the FI board over recent years and will, I am sure, continue to lead the group’s efforts with great diligence and drive.”

Gavin Francis

“I would like to thank my fellow board members, and by extension the broader membership of the IVSC, for the trust that has been placed in me as the incoming Chair of the FI Board. I believe in the importance of IVS 500 and the role that it will play in the IVSC’s pursuit of high-quality international valuation standards and I am honoured by the opportunity to lead this part of the objective.

I would especially like to extend a sincere thank you to Gavin for everything he has helped the FI Board to achieve during his tenure as Chair. Through Gavin’s leadership, the Board has been able to establish many of the core principles that underpin IVS 500 and build the roadmap that has and will continue to guide our path forward.

I look forward to working with Gavin and the rest of the FI Board members in my new capacity as Chair and I am truly excited for what is to come.”

Thomas Lee

Find out more about our standards

Bank of England PRA

The Bank of England's, Ragveer Brar, discusses the importance of international standards for financial instruments.

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There are more than 180 member organisations
of the IVSC, operating in 137 countries worldwide. Join them.

Become part of a global network working to enhance valuation standards and professionalism.