22 October 2015
The International Accounting Standards Board (IASB) today announced that four new investors have joined the Investors in Financial Reporting
programme. The programme, launched in December 2014, was created
with the support of some of the world’s leading asset managers and
owners. It is designed to foster greater investor participation in
the development of International Financial Reporting Standards (IFRS).
The new participants to the programme are Aberdeen Asset Management,
Caisse de dépôt et placement du Québec, Insight Investment and Ontario
Teachers’ Pension Plan.
The four investment organisations join the original group of 10 asset
managers and owners from around the world: Allianz Global Investors, APG
Asset Management, AustralianSuper, BlackRock, Fidelity Worldwide
Investment, Henderson Global Investors, Hermes Investment Management,
Nomura Asset Management, PGGM Investments and UniSuper.
Listed companies in more than 100 countries are required to use IFRS
when they report on their financial performance and several other
countries permit the use of the Standards.
The IASB consults extensively with investors and other stakeholders
around the world to ensure that its Standards provide high quality
financial information. The Investors in Financial Reporting programme was developed to further extend investor participation in the standard-setting process.
Hans Hoogervorst, IASB Chairman, commented:
"Getting the users of financial statements more directly involved with the standard-setting process is critical to ensuring the Standards provide the high quality information they need to help make investment decisions.
Both the IASB and the original group of investors have greatly benefited from the closer cooperation resulting from this innovative programme. I am pleased to welcome the new joiners to the programme."
The Investors in Financial Reporting programme is founded on
an agreed Statement of Shared Beliefs which highlights the joint view
that high quality, transparent reporting is fundamental for building
trust in the capital markets and for making investment decisions; and
the commitment from the IASB and the representatives from the global
investment community to work collaboratively to develop high quality
financial reporting Standards.
End
Notes to editors:
Comments from the new joiners to the programme:
Hugh Young, Head of Direct Investments, Aberdeen Asset Management:
"We have long been supporters of countries and companies adopting IFRS to give us greater confidence in their financial reporting, and greater comparability between investment opportunities. Our participation in the Investors in Financial Reporting programme gives us the basis to take the next step and work more fully with the IASB in further improving standards for company reporting so that our understanding of their underlying business is enhanced."
Roland Lescure, Chief Investment Officer, Caisse de dépôt et placement du Québec (CDPQ):
"With a long-term investment approach and a business-owner mind set, CDPQ has an acute interest in having financial statements that best represent the underlying economic value of companies. To this end, we are happy to share our perspective through the IASB’s investor programme."
David Averre, Head of Credit Analysis, Insight Investment:
"Access to high quality, transparent financial and non-financial information is central to Insight’s investment research process. Initiatives that seek to enhance the integrity of financial information are in our clients’ best interests and can help mitigate some investment risks. As a responsible, long-term investor we support the Statement of Shared Beliefs’ objectives to provide greater comparability, consistency and relevance of business reporting and we are pleased to participate in this programme."
Michael Wissell, Senior Vice-President, Public Equities, Ontario Teachers’ Pension Plan:
"As a global investor and extensive user of financial statements, Ontario Teachers’ welcomes the opportunity to support IASB’s Investors in Financial Reporting programme to improve the quality and transparency of financial reporting."
Press enquiries:
Kirstina Reitan, Head of Communications, IFRS Foundation
Telephone: +44 (0)20 7246 6960
Email: kreitan@ifrs.org
Programme enquiries:
Barbara Davidson, Principal, Investor Liaison, IFRS Foundation
Telephone: +44 (0)20 7246 6907
Email: bdavidson@ifrs.org