The Trustees of the Financial Accounting Foundation (FAF) announce the opening of the nominations process for candidates for the Chair of the FAF Board of Trustees for a three-year term from January 1, 2023 through December 31, 2025 with eligibility to seek reappointment for a second three-year term.
The Foundation is governed by a Board of Trustees, an independent body of leaders with diverse personal and professional backgrounds and experience, including accounting, business, investment, capital markets, accounting and business academia, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members and current stands at 18 members.
The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the Board of Trustees.
The Chair of the Foundation leads the FAF Board of Trustees, with primary responsibility to support the Trustees in the performance of their duties and responsibilities. The Chair is appointed by the Trustees, presides at all meetings of the Trustees, and reports and is responsible to the Board of Trustees. The Chair works closely with the FAF Executive Director, and the Chairs of the FASB and the GASB in the establishment and execution of the strategic goals and objectives of the Foundation. The position of FAF Chair is a non-executive role. The Executive Director of the Foundation, who is appointed by the Trustees, is the principal executive officer of the Foundation. The Executive Director reports and is responsible to the Board of Trustees for the day-to-day management and operation of the Foundation and its administrative policies and procedures. The Executive Director also works closely with the FAF Chair in the Chair’s internal and external roles in establishing and promoting the mission of the FAF, the FASB, and the GASB. The Foundation Executive Director, the FASB Chair, and the GASB Chair share the responsibility to foster a tone among and within the three groups of collaboration, communication, and commitment to excellence in achievement of the entire organization’s mission and operations. The FAF Chair facilitates the collaborative relationship of the Foundation Executive Director, the FASB Chair, and the GASB Chair. The FAF Chair also facilitates the direct reporting relationships of the FASB Chair and the GASB Chair with the Board of Trustees.
The Chair of the Financial Accounting Foundation’s Board of Trustees ensures the effective oversight of the independent standard-setting bodies of the FASB and the GASB and provides leadership to the 18-member FAF Board of Trustees, the FASB Chair, GASB Chair and FAF Executive Director. An experienced business leader, the Chair has credibility with the organization’s diverse stakeholder groups, and the experience and business acumen to strategically lead a complex organization. The Chair, working with the Appointments Committee, supports the appointments process for FAF Trustees, the FASB and GASB Boards, and designated advisory groups, ensuring a diverse set of backgrounds and perspectives resulting in the ability to open doors throughout the entire stakeholder community. A staunch advocate for the independence of standard-setting, the Chair supports the Board of Trustees’ efforts to proactively and regularly engage in strategic, purposeful outreach in national, state and international settings. The Chair’s strong leadership skills channel Trustee resources to help when needed and ensures coordination among the FAF, the FASB and the GASB to retain a unified focus on the organization’s mission.
Major Responsibilities
The position of Chair of the FAF Board of Trustees is a senior and prestigious appointment, demanding strategic vision; credibility in the domestic and global financial markets; substantial understanding of the political landscape in the U.S. and in key global financial markets with respect to financial reporting issues; a high level of leadership and judgment; and significant public relations and communications skills and experience. The Chair ideally should possess the following experiences and skills:
To apply for consideration, interested individuals can email a resume and/or CV to a confidential and dedicated email address at Spencer Stuart, our executive search firm: FAF@spencerstuart.com by April 8, 2022.
The Foundation is governed by a Board of Trustees, an independent body of leaders with diverse personal and professional backgrounds and experience, including accounting, business, investment, capital markets, accounting and business academia, financial, government, regulatory, and investor advocate. The size of the Board is a flexible range of 14 to 18 members and current stands at 18 members.
The FAF is committed to diversity and actively seeks nominations of candidates who will provide diverse personal and professional backgrounds and perspectives to the Board of Trustees.
Position Summary
The Chair of the Foundation leads the FAF Board of Trustees, with primary responsibility to support the Trustees in the performance of their duties and responsibilities. The Chair is appointed by the Trustees, presides at all meetings of the Trustees, and reports and is responsible to the Board of Trustees. The Chair works closely with the FAF Executive Director, and the Chairs of the FASB and the GASB in the establishment and execution of the strategic goals and objectives of the Foundation. The position of FAF Chair is a non-executive role. The Executive Director of the Foundation, who is appointed by the Trustees, is the principal executive officer of the Foundation. The Executive Director reports and is responsible to the Board of Trustees for the day-to-day management and operation of the Foundation and its administrative policies and procedures. The Executive Director also works closely with the FAF Chair in the Chair’s internal and external roles in establishing and promoting the mission of the FAF, the FASB, and the GASB. The Foundation Executive Director, the FASB Chair, and the GASB Chair share the responsibility to foster a tone among and within the three groups of collaboration, communication, and commitment to excellence in achievement of the entire organization’s mission and operations. The FAF Chair facilitates the collaborative relationship of the Foundation Executive Director, the FASB Chair, and the GASB Chair. The FAF Chair also facilitates the direct reporting relationships of the FASB Chair and the GASB Chair with the Board of Trustees.
The Chair of the Financial Accounting Foundation’s Board of Trustees ensures the effective oversight of the independent standard-setting bodies of the FASB and the GASB and provides leadership to the 18-member FAF Board of Trustees, the FASB Chair, GASB Chair and FAF Executive Director. An experienced business leader, the Chair has credibility with the organization’s diverse stakeholder groups, and the experience and business acumen to strategically lead a complex organization. The Chair, working with the Appointments Committee, supports the appointments process for FAF Trustees, the FASB and GASB Boards, and designated advisory groups, ensuring a diverse set of backgrounds and perspectives resulting in the ability to open doors throughout the entire stakeholder community. A staunch advocate for the independence of standard-setting, the Chair supports the Board of Trustees’ efforts to proactively and regularly engage in strategic, purposeful outreach in national, state and international settings. The Chair’s strong leadership skills channel Trustee resources to help when needed and ensures coordination among the FAF, the FASB and the GASB to retain a unified focus on the organization’s mission.
Major Responsibilities
- Serves as Chair of the Board of Trustees, enabling the Trustees to fulfill their oversight and governance roles.
- Strongly advocates for independent standard-setting; works with the FAF Trustees, the FASB and the GASB to support, protect, and defend in person in Washington, D.C. and elsewhere, the standard-setting Boards’ independence.
- Working with the Appointments Committee, supports the organization’s appointments process for FAF Trustees, FASB and GASB Boards, and designated advisory groups; ensures a diverse set of backgrounds and perspectives resulting in ability to develop and facilitate relationships throughout the entire stakeholder community.
- Ensures the FAF, the FASB and the GASB have a proactive, coordinated outreach strategy to build and nurture relationships with a multitude of key stakeholders in Washington, D.C. and elsewhere.
- Maintains relationships with elected and appointed officials including (but not limited to) regulators, members of Congress, SEC Commissioners and staff, PCAOB leaders, Treasury Department and Department of Labor officials, banking regulators and industry groups, international standard-setters, and governmental organizations.
- Personally interacts with SEC Chair and Commissioners and PCAOB Chair.
- Channels Trustee resources to help when needed; helps everyone focus on accomplishing main mission.
- Ensures effective Board of Trustees oversight of FASB and GASB standard-setting process.
- Oversees development of strategic plan by FASB and GASB Chairs and FAF Executive Director.
- Commitment to the mission of the FAF, the FASB, and the GASB; demonstrates a concern for the public interest
- Executive presence, stature, nationally recognized leader in field
- Possesses an understanding of the U.S. and global financial and capital markets
- Has a strong appreciation for the importance to the markets, the investment community, and the public at large of independent standard setting for financial accounting and reporting
- Has the highest level of personal and professional ethics, integrity, and values
- Articulate communication skills, good public speaker
- Collaborative interpersonal skills with ability to lead, build relationships, drive consensus and resolve conflicts
- Strategic and forward thinker, open-minded with good listening skills and ability to focus on the right issues
- Ambassadorial and well respected, with ability to call on all major stakeholders and key constituencies, including investors, preparers, practitioners, regulators, policy makers and other standard setting bodies to open doors and ensure FAF/FASB/GASB can tell its story
- Commands respect of key stakeholders and ensures sustainability of independence
- Have the willingness to devote the required time to the duties and responsibilities of the FAF Chair.
The position of Chair of the FAF Board of Trustees is a senior and prestigious appointment, demanding strategic vision; credibility in the domestic and global financial markets; substantial understanding of the political landscape in the U.S. and in key global financial markets with respect to financial reporting issues; a high level of leadership and judgment; and significant public relations and communications skills and experience. The Chair ideally should possess the following experiences and skills:
- Extensive global professional experience and significant executive leadership accomplishments in business, investment, finance, accounting, government, financial regulation, capital markets, or related sectors. An individual who is recognized and respected in the global financial community and possesses an immediate ability to influence his/her peers.
- Exposure to and knowledge of the key issues and perspectives of stakeholders of the financial accounting and reporting process—particularly as it relates to users of financial statements but also preparers, auditors, regulators, and educators.
- A record of constructive engagement with such organizations and/or groups as boards of directors, investor groups, domestic and international financial regulators (such as the Securities and Exchange Commission and the U.S. Treasury), and other key external audiences in the U.S. and globally. The Chair appointment is for an initial three-year term, with the eligibility for reappointment to successive terms as Chair.
To apply for consideration, interested individuals can email a resume and/or CV to a confidential and dedicated email address at Spencer Stuart, our executive search firm: FAF@spencerstuart.com by April 8, 2022.