At the annual general meeting of the International Valuation Standards Council (IVSC) in Singapore, the organization, its members, and sponsors thanked Sir David Tweedie as he stepped down after seven years and two terms as chair of the board of trustees. Tweedie joined the IVSC in 2012, following more than a decade leading the International Accounting Standards Board from its inception in April 2001. “His commitment and dedication to standard setting has seen the International Valuation Standards now translated into ten languages and applied in more than 100 countries,” says the IVSC in a statement. “We are immensely grateful to Sir David for his energy and dedication to the IVSC and the global valuation profession over the last seven years,” says IVSC CEO Nick Talbot. “He departs with the IVSC in a great position, working with our members and sponsors, to further elevate the valuation profession in the public interest.”

Former UK Chancellor of the Exchequer Alistair Darling will be the new board chair. Darling brings further celebrity and visibility to the business valuation and financial instruments standards world, having served as chancellor during the last economic crisis from 2007 to 2010. And he embodies the organization’s commitment to building confidence in valuations. When he joined the board earlier this year, Darling’s initial response to the appointment was this: “Getting valuation right matters,” he said. “Valuation data plays a vital role in so many aspects of the global financial system. It acts as an enabler for prudent business and investment decisions, as an important element of company financial reporting, and as part of the mechanism for managing macro prudential risk.” Darling also held UK ministerial roles at Treasury, as Secretary of State for Work and Pensions (1998-2002); Transport (2002-06); and Trade and Industry (2006-07). He was appointed to the House of Lords in 2015.