Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-454"
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"en.20080924.37.3-454"2
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"Madam President, Commissioner, when it comes to financial reporting standards this Parliament now knows that you have a certain capacity for creativity, for setting up ‘do nothing’ committees. When at the start of this legislative term we questioned you about the statutes and role of EFRAG you invented the Roundtable and everybody now knows that it has not fulfilled its remit.
What is more, we are telling you that the IASB and IASCF work programmes include a second phase in which the entire instrument has to be reviewed, including the conditions under which the IASCF is to be set up, and we would suggest that you make the most of this moment to lay down clear conditions for the stability and governance of this entire mechanism so that we will finally have a system of governance that is equal to the issues that we are faced with today. Or to put it in clearer terms, what accounting standards do we need in order to establish a financial market where the interpretation of the financial reporting standards is on the same wavelength as the economic reality of the situation that is facing us here and elsewhere?
Faced with proposals from the IASCF trustees about establishing a monitoring group, and as soon as some of the members failed to agree with your plans, you put forward the idea of setting up an international accounting advisory group.
Parliament has now got used to your practices. When we informed you of this, by taking the initiative for a report on questions relating to IASCF governance, you rushed off to officiate, with your Japanese and American colleagues and with IOSCO, by preparing a press release on 7 November 2007 in which you claimed to be arbitrating in all the problems of governance, rather than awaiting the opportunity to be able to act on the legitimacy and authority of a position taken by the democratic representation of the European Union, or to spell it out the European Parliament.
When Parliament drew up this position on the initiative of our rapporteur, Mr Radwan, you preferred in March to put the debate back to April for reasons that concern you and for which you take sole responsibility.
When, on the strength of the April proposals, you had the momentum and the opportunity to officiate on what could have been the European Union’s position on the international stage, and to do so on the basis of paragraph 9 of this resolution, which I now read: ‘notes that in the abovementioned combined statement of 7 November 2007 the Commission seeks – as it did when it concluded a roadmap with the US authorities in April 2006 – to preempt solutions where it would be preferable, in the interests of effectiveness and legitimacy, to have an open consultation process and debate, to which this resolution could be a contribution’, you preferred, in the secrecy of your private cabinets and departmental offices, to devise a solution without consulting either the Council or this Parliament.
Commissioner, what have you been doing since 24 April, when we voted on this resolution? Back then we asked you about the role of the IMF and the World Bank. Other Members since have questioned you about the activities of the Basel Committee, the European supervisors, in the monitoring-group structures for the IASCF. Faced with such a problem you have yet again come up with a ‘do nothing’ committee, namely the international accounting advisory group.
You tell us that this monitoring group should not be increased in size because that would dilute its authority and we would no longer have the power to guide the trustees. The proposal from the trustees rests on a line-up of seven members. Your proposal is based on a team of five, plus one observer and two members whom you would put on this consultative body, this international committee of auditors.
Our proposal is to consolidate the group of seven being suggested by the trustees by including what is necessary. The argument as to the number is irrelevant since, at the same time, there is a further proposal to increase the number of members on the International Accounting Standards Board itself, thereby taking it from 14 to 16.
We therefore have two things to say to you today, Commissioner. Firstly, if you really want to reform the governance of the IASB then we are in agreement, for we were the ones that asked you to do it, but please consult us, involve us, and do it from the start, not at the last moment. Do not tell us that you had urgent work to do in August, when we have been asking you for this since last autumn and you have been aware of Parliament’s position since April."@en1
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