International Federation of Accountants

“The organization's members/stockholders: ifac is composed of professional accountancy organizations that meet the member admission criteria and obligations set forth in its constitution and bylaws. The council approves the admission of members, upon recommendation of the board.”

“Under ifac's constitution, each full member in good standing has one vote, which may be cast at any council meeting.”

“The governing bodies of ifac are the council and the board. The officers of ifac are the president, the deputy president, the chief executive officer, and such other officers as the board shall deem necessary. The council is the supreme authority of ifac and is vested with the ultimate governance authority over ifac. The council delegates the power to govern and oversee the operations of ifac to the board. The council has the exclusive right, power, and authority to, upon recommendation of the board, approve the appointment of members of the nominating committee as set forth in section ix of the constitution and the bylaws and subject to any approval by the relevant public interest oversight authority; the amendment or repeal of bylaws or the enactment of new bylaws; and amendments to the constitution. Upon recommendation of the nominating committee, as endorsed by the board, approve the appointment and removal of the president and the deputy president, and the appointment and removal of the members of the board.”

“A review of the final version of the form 990 was performed by a member of the audit committee who is a us cpa and resides in the united states, as well as, members of the ifac's finance management team.”

“The ifac bylaws require each board member to sign an independence (conflict of interest) declaration at the beginning of each year. Board members are sensitive to any interests they may have in a decision to be made by the board and, to the extent possible, recognize such interest prior to the discussion or presentation of such matter before the board. Upon recognizing the existence of the conflict, regardless of the degree of materiality, the board member discloses the conflict to the board before the board takes action on the matter. The conflicted board member does not participate in the boards deliberation and abstains from all votes relating to the matter at conflict.”

“The remuneration of the chief executive officer is recommended by the human resources and compensation committee (hrcc) and is approved by the ifac board. The hrcc consists of at least three (3) members of the board, including the president, deputy president, and the chair of the audit committee. The hrcc is responsible for reviewing and providing feedback on an annual report of both the salaries and bonuses for ifac executive staff, all determined by the ceo in accordance with the ifac compensation policies.”

“The public can access these documents listed by visiting the organization's website at http://www.ifac.org and/or upon request.”