The International Valuation Standards Council (IVSC) made nine new appointments across its three boards. The appointees, which are replacing former board members who had come to the end of their terms, hail from seven different countries.
“These new board members add great expertise and drive to our boards as the IVSC pursues its core objectives of consistent global implementation of International Valuation Standards and recognition of a respected valuation profession,” said IVSC chairman Sir David Tweedie in a statement.
To its board of trustees, IVSC appointed Mark Gerold, who chairs the UK’s Royal Institution of Chartered Surveyors and is a valuation director with EY; Christian Mouillon, global vice chair of risk management at EY in France; and Tatsumi Yamada, partner at KPMG AZSA and head of IFRS, KPMG Asia Pacific in Japan.
To its standards board, which sets and updates the IVSC valuation standards, the council added Leigh Miller, who heads EY’s valuation practice in the US; Andreas Ohl, transaction services valuation measurement leader at PwC in the US; and Andrew Renshaw, lead director of valuation and advisory services at JLL in the UK.
To the IVSC professional board, which promotes the development of the valuation profession, IVSC has tapped Eleanor Joy, former chair of the Canadian Institute of Chartered Business Valuators and associate partner at PwC in Canada; C K Lau, director at JLL in Hong Kong; and Eric Teo, executive director of transaction advisory services at EY and CEO of the Institute of Valuers and Appraisers in Singapore.
The news comes just a few weeks after the IVSC signed a memorandum of understanding with 19 regional and national valuation standard setters that commits them to either adopt, or declare that their own standards are in compliance with, IVSC standards within the next three years. The work is expected to make valuation a less complicated exercise in the time ahead. Private fund managers especially would benefit from a more universal valuation standard due to the illiquid nature of their assets under management, which can be difficult and time-consuming to price.