Wolf Klinz
EFRAG FRB Chair
He previously served as a Member of the European Parliament (MEP) with the Free Democratic Party of Germany (FDP), part of the Alliance of Liberals and Democrats for Europe (ALDE), from 2004 until 2014 and from 2017 until 2019.
He studied economics and business administration in Paris and Vienna. He graduated with an M.Com in 1963 from the Hochschule für Welthandel (now Vienna University of Economics and Business), a PhD in 1965, and an MBA from INSEAD, Fontainebleau, in 1966.
Wolf Klinz was a Partner with McKinsey & Company in the United Kingdom, Germany and France. Subsequently, he served as a Member of the Executive Board of a Swiss Corporation. After German reunification he joined the Executive Board of Treuhandanstalt, the German Government's agency for privatisation of the former East German industry. He finished his business career as CEO of a large German corporation in 2004 when he decided to go into European politics.
From 2000 to 2004, he held the (honorary) position of President of the Chamber of Commerce and Industry (IHK) Frankfurt am Main. From 2003 to 2004 he was the Vice-President of Eurochambres in Brussels.
EFRAG Financial Reporting Board
Areas of interest in this section:
Role of the EFRAG Financial Reporting Board
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Composition of the EFRAG Financial Reporting Board
The composition of the EFRAG Financial Reporting Board makes EFRAG the legitimate European voice in the development of IFRS Standards. The EFRAG Financial Reporting Board is composed by members belonging to the European Stakeholders Chapter (five) and the National Organisations Chapter (National Standards Setters) (up to 10 members) and is led by its Chair, who is nominated by the European Commission after having heard the European Parliament and the Council. The European Commission, the European Supervisory Authorities and the European Central Bank (ECB) participate in the EFRAG Financial Reporting Board in an observer capacity.
There are up to six seats for National Standard Setters that are not permanently represented on the EFRAG Financial Reporting Board.
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How the EFRAG Financial Reporting Board operates
EFRAG Financial Reporting Board members are expected to have a thorough understanding of how financial reporting requirements are likely to impact the constituency they represent. They make however their decisions independently so as to have EFRAG work solely in the public interest and operate on the basis of consensus to the extent feasible. They make a formal commitment of working in the public interest when coming into office and are governed by EFRAG's conflict of interest policy.
The EFRAG Financial Reporting Board does not rely solely on its broad representativeness, it adopts well-informed positions. The EFRAG Financial Reporting Board is taking all its decisions after having considered the advice of the EFRAG Financial Reporting TEG and the results of EFRAG’s due process. It also hears from the Accounting Regulatory Committee and makes all assessments deemed relevant from a macro-economic perspective. It can seek further advice on issues in relation to the European public good by forming its own working groups. To date none has been formed.
The EFRAG Financial Reporting Board has the following official observers of the European Institutions with speaking rights: European Commission - Sven Gentner; ECB (European Central Bank) - Kallol Sen; EBA (European Banking Authority) - Delphine Reymondon; EIOPA (European Insurance and Occupational Pensions Authority) - Sandra Hack; and ESMA (European Securities and Markets Authority) - Isabelle Grauer-Gaynor. In addition, Jean Medernach, representing Better Finance, is at present the observer with speaking rights for European Organisations representing private investor.
The EFRAG Financial Reporting Board is supported in all its activities by the EFRAG secretariat.
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Membership of the EFRAG Financial Reporting Board
The current Members of the EFRAG Financial Reporting Board are (please click on Members' names to view their profiles):
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| Name | Job title |
|---|---|
| Wolf Klinz | EFRAG FRB Chair |
| Serge Pattyn | EFRAG FRB Vice-Chair |
| Michael Fechner | EFRAG FRB Member |
| Emmanuelle Guyomard | EFRAG FRB Member |
| Silvie Koppes | EFRAG FRB Member |
| Carlos Moreno | EFRAG FRB Member |
| Sven Morich | EFRAG FRB Member |
| Sadi Podevijn | EFRAG FRB Member |
| Gerhard Prachner | EFRAG FRB Member |
| Gerard van Santen | EFRAG FRB Member |
| Roman Sauer | EFRAG FRB Member |
| Simone Scettri | EFRAG FRB Member |
| Martin Thygesen | EFRAG FRB Member |
| Anna Vidal | EFRAG FRB Member |
| Fredrik Walmeus | EFRAG FRB Member |
