March 07,2009

Valuation Council Restructured amid Global Asset Value Collapse

By CSC staff, Shanghai
 

The International Valuation Standards Council has announced the appointment of a new Board of Trustees, chaired by Michel Prada, formerly chairman of the Autorité des Marchés Financiers in Paris. A representative from China joins the new board.

The International Valuation Standards Council (IVSC) develops robust and transparent procedures for performing international valuations through a single set of globally recognized valuation standards. The Board of Trustees is responsible for the strategic direction and funding of the organization.

Joining Michel Prada on the Board are:

¨         Patrick Gounelle - Global Managing Partner at Ernst & Young and vice chairman of the board of Trustees of the IVSC

¨         Nicholas Brooke - Chairman of Professional Property Services Limited, Hong Kong

¨         Roel Campos - Partner in charge of the Washington, DC office of law firm Cooley Godward Kronish, and former Commissioner of the US Securities and Exchange Commission between 2002 - 2007

¨         Brad Dalgliesh ?recently retired as senior partner of KPMG’s Canadian Valuation Services Practice and currently senior counsel to the firm

¨         Lee Hackett - Executive Vice President, Global Operations, American Appraisal Associates Inc

¨         Madame Liu Ping - Secretary General of the China Appraisal Society

¨         Carlos Arenillas Lorente ?Former Vice-Chairman of the Spanish Securities and Exchange Commission (CNMV) between 2004 and 2008

¨         Jens Røder - Senior Partner in PricewaterhouseCoopers (PwC), Denmark.

Following the first meeting of the Board of Trustees held in late January, Michel Prada, Chair, said: "Now more than ever, there is a global need for clarity around valuation standards, across all business sectors. Standardised valuation, delivered under the auspices of an independent and global body, is vital for reducing investment risk, adding confidence to financial reporting, and providing a consistent approach to portfolio and asset valuation."

He added: "Unless such standards are established through a strong global standard setter there is a fear of disparate responses arising from the current crisis ending up with multiple sets of standards ?for different asset classes and for different purposes. The IVSC intends to work in close cooperation with other standard setters and international regulatory organisations."

The governance structure of the IVSC, a non-profit organisation incorporated in the US, includes two independent technical Boards ?the International Valuation Standards Board and the International Valuation Professional Board ?and a global Board of Trustees responsible for the overall strategic direction and funding of the IVSC. The IVSC works co-operatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of the IVSC and have an important role to play in advising the Boards on agenda decisions and priorities in the work of the IVSC. 

 

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