The man described as the “architect” of global accounting standards will now campaign for global valuation standards as chair of the International Valuation Standards Council’s (IVSC) Board of Trustees.
As chairman, Sir David Tweedie will be responsible for the strategic direction of the IVSC, the private-sector body responsible for crafting and promoting international valuation standards. He replaces Roel Campos, who acted as an interim chairman following the departure of former chair Michel Prada in late 2011.
Sir David Tweedie
“David has been one of the most influential and respected players on the global financial stage in recent years. Regulators across the world know him and respect him,” said Campos in a statement.
In 2001 Tweedie became the first chairman of the International Accounting Standards Board, whose objective is to create accounting standards used worldwide. Throughout his ten year term as chair, Tweedie saw some 120 countries adopting (in some form) international standards, up from a handful of sovereigns at the start of his campaign.
“[His] experience will further support the IVSC in its work to promulgate truly effective valuation standards globally and to reduce diversity in the way in which they are applied in different countries,” the council said in a statement.
Commenting on his appointment, Tweedie stated: “The global financial crisis has highlighted the crucial role of valuation and its impact on financial markets. Standardised valuation practice, across all business sectors, is now vital in order to provide a consistent approach to portfolio and asset valuation and to improve the confidence of both investors and users of valuation services. Improved confidence will benefit capital markets and contribute to the growth of strong economies around the world.”
Tweedie will begin his role 29 October, after the IVSC’s annual general meeting.