NEWS RELEASE 03/01/22
FAF TRUSTEES OPEN SEARCH FOR NEXT BOARD CHAIR
Norwalk, CT—March 1, 2022—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has formally opened the search for the next chair of the FAF Board of Trustees. The current chair, Kathleen L. Casey, will complete five years of service on the Board including three as FAF chair at the end of 2022.
The chair of the FAF Board of Trustees plays a crucial role in preserving the integrity of the independent standard-setting process. They are involved in all major Trustee decisions related to strategy, appointments, oversight, and governance, and represent the entire organization with high-level stakeholders and regulators.
“The FAF Board chair is a staunch advocate for independent standard setting and demonstrates a deep concern for the public interest as well as an appreciation for the varying interests and perspectives of all FAF stakeholders,” said Lynnette Kelly, chair of the Appointments Committee of the FAF Board of Trustees. “The Chair ensures effective oversight of the independent standard-setting bodies of the FASB and GASB and provides leadership to the 18-member FAF Board of Trustees, the FASB Chair, the GASB Chair, and the FAF Executive Director. It’s an important opportunity for the right leader,” noted Kelly.
The new chair will be appointed for a three-year term beginning January 1, 2023 through December 31, 2025, Kelly noted, and can stand for reappointment to a second three-year term beginning in 2026.
A full description of the FAF Board Chair opportunity can be found on the FAF website. Persons interested in nominating themselves or others for consideration as FAF Board Chair can apply for consideration by emailing 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.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut 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 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. For more information, visit www.accountingfoundation.org.