The current acting President of the EFRAG Board is Roger Marshall, inter alia a Board Member and the Chairman of the Accounting Committee of the UK Financial Reporting Council. The acting Vice-President of the EFRAG Board is Claes Norberg, Director of Accountancy at the Confederation of Swedish Enterprise and professor of Corporate Law.
The composition of the EFRAG Board makes EFRAG the legitimate European voice in the development of IFRS. The EFRAG Board includes in equal numbers representatives of European Stakeholder Organisations and National Standard Setters and is led by a President of the EFRAG Board nominated by the European Commission, after having heard the European Parliament and the Council of Ministers. The EFRAG Board is responsible for all EFRAG positions and operates on the basis of a consensus-based decision-making process with the objective of Europe speaking with one voice. The European Commission, the European Supervisory Authorities and the ECB participate in the EFRAG Board in an observer capacity.
The EFRAG Board does not rely solely on its broad representativeness, it adopts well-informed positions
The EFRAG Board is taking all its decisions after having considered the advice of the EFRAG Technical Expert Group(EFRAG TEG) and the results of EFRAG’s due process, and after having heard from the Accounting Regulatory Committee and made all assessments deemed relevant from a political perspective.
EFRAG TEG provides to the EFRAG Board expert advice best informed by EFRAG’s due process, in particular input received from the EFRAG Consultative Forum of National Standard Setters and its specialised EFRAG working groups, such as the EFRAG Financial Instruments Working Group, the EFRAG Insurance Accounting Working Group, and currently the EFRAG Rate-Regulated Activities Working Group. Essential to the work of EFRAG is input received from the EFRAG User Panel. This essential input is reinforced by hearing more broadly from users thanks to the User Outreach Programme launched in 2012.
The EFRAG secretariat provides support for all activities of the EFRAG Board.