The XRB Board is the governing body of the XRB. It has three core responsibilities:
establishing and maintaining New Zealand’sfinancial reporting strategy
appointment and monitoring of the NZ Accounting Standards Board (NZASB) and the NZ Auditing and Assurance Standards Board (NZAuASB)
The XRB Board comprises nine members, appointed by the Governor General on the recommendation of the Minister of Commerce.
Meet the XRB Board
Michele is an independent director and current Chair of the External Reporting Board (XRB), the Independent Crown Entity responsible for establishing New Zealand’s financial reporting strategy and building trust in its capital markets.
Fergus Welsh is a Chartered Accountant with specialist knowledge of public benefit entity reporting issues. He has more than 25 years public sector financial management experience working across a number of government agencies.
Jacqueline has 25 years’ experience in financial audit and advisory services. She was a partner at Deloitte for 11 years in audit and assurance and also led the Corporate Responsibility and Sustainability services function for Deloitte New Zealand for nine years.
Julia started her career in audit and business advisory at Deloitte before moving to DIA Charities Services. Her role was to help charities to understand the newly introduced public benefit entity reporting standards.
Board members are part time and are remunerated in accordance with rates determined by the Remuneration Authority.
All functions and responsibilities of the XRB organisation rest with the XRB Board. However, the XRB Board has delegated the standard-setting function to the NZASB and NZAuASB. This arrangement allows the XRB Board to focus on the standards framework at the strategic level, while the standard-setting Boards focus on the standards' technical detail.
Key aspects of the XRB Board’s governance role and responsibilities include:
establishing the XRB’s strategic direction and publishing it
establishing the XRB’s annual performance objectives
monitoring the XRB’s performance against its performance objectives for the year
reporting on the XRB’s performance to the Minister and the public
approving operating policies, procedures, authorities and delegations for the XRB.
The Advisory Panel(XRAP)provides a forum where the XRBand its sub-boards can consult with individuals and representatives of organisations affected by their work. The XRAP is a key part of the XRB's strategy to enhance meaningful engagement with the sector.