Third Meeting
9 February 2000
Outcomes of meeting held at Level 40, 242 Exhibition Street, Melbourne on 9 February 2000.
Attendance
Members:
Mr Paul Rizzo (Chairman)
Ms Elizabeth Alexander, AM
Mr Don Challen
Mr Leigh Hall, AM (participating by phone)
Mr David Jackson (participating by phone)
Mr Jeffrey Lucy (participating by phone)
Mr Charles Macek
Ms Jan McCahey
Mr Graeme McGregor, AO
Mr Robert Nottle, CBE
Mr Gary Potts
Mr Michael Ullmer (participating by phone)
Dr Diana Wright
FRC secretariat:
Mr Michael Kooymans
Adoption of agenda
Agenda item 1: Appointments to the Australian Accounting Standards Board
The Council considered expressions of interest sought by the Commonwealth for appointment as Chair of the new Australian Accounting Standards Board (AASB) and agreed to recommend to the Treasurer that Mr Keith Alfredson be appointed for a three year term.
The Council also considered further nominations by stakeholder organisations for appointment to the Board and agreed to offer appointments to:
- Dr Neil Conn, AO, Administrator of the Northern Territory, Darwin; and
- Dr Doug McTaggart, Chief Executive Officer, Queensland Investment Corporation, Brisbane.
Subject to the secretariat obtaining appropriate declarations of interest from Dr Conn and Dr McTaggart, it was agreed that the Chairman would announce the nine FRC-appointed members of the Board as soon as possible.
It was also agreed that the two appointees who were members of the outgoing Public Sector Accounting Standards Board, Mr Mackintosh and Professor Peirson, would have terms of two years, and that the terms of appointment of the remaining seven FRC-appointed members would be determined by ballot, with three being appointed for two years and four for three years.
- It was noted that, assuming the Chair is appointed for three years as recommended by the Council, half the Board would thus hold three year terms and half two year terms, assisting future transition.
It was further agreed, in relation to the nine FRC-appointed members, that re-appointments would be possible on the expiration of their current terms.
Agenda item 2: Possible nominations for appointment as Trustees of the restructured International Accounting Standards Committee
The Council considered a secretariat paper on this issue and agreed to nominate the Chairman as an At-Large Trustee of the restructured International Accounting Standards Committee (IASC), subject to the Chairman confirming his availability in light of further information about the time commitment involved.
It was also agreed that, once the secretariat had determined the full list of Australian nominees for At-Large Trustees being put to the IASC by stakeholder bodies, the Chairman, in consultation with other Council members as necessary, would decide the names of other FRC members the Council might nominate as At-Large Trustees, and particular nominees of stakeholder bodies the Council might support.
The Council also agreed that the question of Australian nominations for positions on the IASC Technical Standards Board should be put on the FRC agenda at an appropriate time.
Agenda item 3: Other business
It was confirmed that the next meeting of the Council would be held on 28 February 2000.