Yesterday, the IVSC announced that Michel Prada, former chair of the Autorité des Marchés Financiers in Paris, will chair its restructured International Valuation Standards Council. Also on the IVSC Board are: Patrick Gounelle, former 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 in Hong Kong; Roel Campos, partner in charge of the Washington, D.C. office of law firm Cooley Godward Kronish, and former Commissioner of the US Securities and Exchange Commission; 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 with American Appraisal Associates Inc.; and Madame Liu, Secretary General of the China Appraisal Society.
Following the first meeting of the Board of Trustees held in January, Prada said:
Now more than ever, there is a global need for clarity around valuation standards, across all business sectors. [Standardized] 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.” Prada 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 [organizations.]
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