NEWS RELEASE 11/15/22
Financial Accounting Foundation Trustees Appoint Edward C. Bernard as Next Board ChairNorwalk, CT, November 15, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) announced today that it has elected Edward C. Bernard as the new chair of the Foundation’s Board of Trustees. Mr. Bernard’s three-year appointment begins on January 1, 2023, and ends on December 31, 2025, when he will be eligible for a second three-year term. Mr. Bernard succeeds Kathleen L. Casey, who completes her service as FAF chair at the end of this year.
Mr. Bernard is a director at LPL Financial Holdings, Inc. (NASDAQ: LPLA), where he is a member of the Audit and Compensation committees. He is also a director at UTI Asset Management Company Ltd. (NSE: UTIAMC), where he chairs the Stakeholders Relationship committee and is a member of the Nominating & Remuneration and Social & Corporate Responsibility committees.
Mr. Bernard spent most of his career at T. Rowe Price Group, Inc. (NASDAQ: TROW), which he joined in 1988 as the head of marketing for the firm’s retail business. He was elected to the firm’s board of directors in 1999, beginning a two-decade senior executive role during a period when the firm’s assets under management grew from $269 billion to approximately $1 trillion. He served as vice chair of the T. Rowe Price corporate board (2007-19), chair of T. Rowe Price Mutual Funds (2006-18), chair & CEO of TRP International, Ltd. (2009-18) and a member of the firm’s Management committee. In these roles, he led major elements of the firm’s strategy and operations and was involved, among other duties, with global distribution, operations, client services, technology, and legal and compliance matters.
Mr. Bernard’s industry leadership roles include a two-year term as chairman of the Asset Management Advisory committee of the U.S. Securities and Exchange Commission from 2019-21 and, from 2006 to 2018, service on the Investment Company Institute’s (ICI) Board of Governors and Executive committee. He was ICI’s board chair from 2009-2011.
“Ed Bernard is an outstanding choice to lead the FAF Board of Trustees,” said outgoing FAF Chair Kathleen L. Casey. “He brings decades of knowledge and industry leadership experience to this role and aligns perfectly with our mission to oversee the accounting standard-setting Boards as they work to provide useful information to investors and others who rely on accurate, comparable financial reports.”
“I am honored by the opportunity to lead this important organization,” Mr. Bernard said. “Investors and other users of financial reports all over the world rely on information based directly on the financial accounting standards that emerge from our Boards’ robust and inclusive process. I look forward to working with my FAF colleagues as we oversee the Boards in the fulfillment of their vital mission.”
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The FASB and GASB (collectively, “the Boards”) establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.
The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions, select and appoint FASB and GASB members and their advisory councils, oversee the Boards’ activities and due process, and promote and protect the independence of the Boards. For more information, visit www.accountingfoundation.org.