Ex-Moody's chief rejoins standards setter

Michel Madelain has been named the new managing director of the International Financial Reporting Standards (IFRS) Foundation, effective 9 September 2024.

Madelaine was previously president and chief operating officer for credit ratings and research provider Moody's Investor Services and a former partner at EY.

He will take over from acting managing director Andrea Pryde, who will continue at the foundation in her capacity as executive operations director.

Lee White was the previous managing director. He moved to the International Federation of Accountants (IFAC) earlier this year to become CEO.

Previously serving as trustee and chair of the IFRS nominating committee from 2018 to 2023, Madelain played a role in establishing the International Sustainability Standards Board (ISSB), and led the consolidation of the Climate Disclosure Standards Board and the Value Reporting Foundation into the IFRS Foundation.

The IFRS is the parent of the ISSB, the independent private-sector body responsible for setting IFRS Sustainability Disclosure Standards.

This comes as the International Finance Corporation (IFC), a member of the World Bank Group, and the IFRS Foundation, recently signed an agreement to strengthen sustainable capital markets by improving sustainability and climate reporting in emerging markets and developing economies.

More than half (55%) of the world economy by GDP is moving to align with the ISSB's sustainability standards.

Trustee chair Erkki Liikanen commented on the appointment: "I am grateful to Michel for agreeing to serve as managing director of the IFRS Foundation. His vast operational experience as a COO and significant familiarity with the IFRS Foundation gained as a Trustee will allow him to immediately contribute to the success of the organisation."

Madelain said: "I am pleased to be able to serve once again in support of the IFRS Foundation, this time as managing director, and look forward to working closely with the trustees, the [International Accounting Standards Board] and the ISSB."