The International Accounting Standards Board has named two new board members from Germany and South Africa to replace a pair of departing members.

The new members are Dr. Elke König, a former member of the executive board and CFO of the reinsurance company Hannover Re Group in Germany, and Darrel Scott, CFO of the FirstRand Banking Group of South Africa. König and Scott will begin their five-year terms as full-time members of the IASB in July and October 2010, respectively.

König is currently serving in non-executive capacities as chairperson of Hannover Finanz GmbH and as a member of the supervisory board of Deutsche Hypothekenbank AG. She has been a member of the CFO Forum of European insurers, where she has been actively engaged in the IASB’s project on insurance contracts.

At FirstRand Banking Group, Scott has responsibility for both statutory and regulatory financial reporting under the Basel II Accords. He serves on various governance, risk, operation and strategic committees of the group. He is also a member of the IASB’s International Financial Reporting Interpretations Committee, a position from which he will resign to become an IASB member, and was formerly a member of the IASC Foundation’s Standards Advisory Council.


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