Dr. Stavros B. Thomadakis has been appointed chair of the International Ethics Standards Board for Accountants® (IESBA®, the Ethics Board), beginning January 1, 2015 for a three-year term. Dr. Thomadakis’ appointment has been approved by the Public Interest Oversight Board* (PIOB).
Dr. Thomadakis’ professional career includes a 40-year tenure as professor of financial economics at the University of Athens, the City University of New York, and MIT, as well as a number of regulatory and oversight roles. He brings familiarity with the Ethics Board in an oversight capacity, having served as the first chair of the PIOB from 2005 to 2011. He is a current member of the Securities Markets Stakeholders Group of the European Securities Market Authority. Additionally, he has chaired both the Capital Market Commission of Greece and the European Regional Committee of the International Organization of Securities Commissions, and he is currently chair of the Board of the University of the Aegean.
As chair of the Ethics Board, Dr. Thomadakis will lead the board in the implementation of its newly published Strategy and Work Plan, 2014-2018 (see below). A key function of the chair is to enable and promote a deeper understanding by stakeholders and the public of the strategy and activities of the Ethics Board. The chair also coordinates the deliberative and consultative processes of the board; moreover, he develops and maintains effective relationships with regulators, the preparer, investor and corporate governance communities, national standard setters, the accountancy profession, and other key stakeholders.
“Ethics standards are a foundation of trust in the accounting profession and essential to its fulfilling the responsibility to act in the public interest. It is an honor to lead the work of the Ethics Board. I am looking forward to advancing the board’s agenda and particularly to continuing the extended outreach program initiated by the late chair, Jörgen Holmquist, whose dedication and leadership will not be soon forgotten,” said Mr. Thomadakis.
The Ethics Board also today released its Strategy and Work Plan, 2014-2018. The publication highlights the board’s priorities and planned actions toward achieving the objective of setting high-quality ethics standards for professional accountants that are widely adopted around the world.
The Strategy and Work Plan lays out four inter-connected strategic themes that articulate the board’s vision over the medium to longer term:
- maintaining a high quality Code of Ethics for Professional Accountants™ (the Code) for application by professional accountants globally;
- promoting and facilitating the adoption and effective implementation of the Code;
- evolving the Code for continued relevance in a changing global environment; and
- increasing engagement and cooperation with key stakeholders.
“The Code has now been adopted or used as the basis for national ethics standards in over 100 jurisdictions around the world. Continued strengthening of the Code, and thereby moving toward even greater acceptance of and global convergence with the Code, is at the heart of our five-year Strategy and Work Plan,” noted Interim Chair Wui San Kwok, adding, “Importantly, the board is determined through the Strategy and Work Plan to reinforce public trust in the Code and to ensure that it continues to remain relevant in supporting the diverse and vital roles that professional accountants play in the public interest.”
The Strategy and Work Plan was developed with input from a wide range of stakeholders, including a survey of stakeholders and a public Consultation Paper.
To access the entire Strategy and Work Plan and to learn more about the board’s projects, visit the Ethics Board’s website: www.ethicsboard.org.
*Note to Editors
The Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.
About the IESBA
The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
