Thanks to Dr Kamal and Mr Stolojan for arranging this meeting, and for giving me the chance to represent the views of investors. I am somewhat overawed by the experience and skills of my fellow panellists.

My background is that I am a member of the FCA, a former auditor, now working with UK Shareholders’ Association.

UKSA represents its members who are private shareholders in quoted companies, who directly own around 12% of the UK market. That was worth about 220bn euros recently. I have been working with and am today representing a group of major UK investment institutions who jointly manage something over 250bn Euros of investments.

As well as the Swedish equivalent of UK shareholders, the European grouping of such bodies – called Eurofinuse- has also now expressed support. Brief summaries of the views of both our UK coalition and of Eurofinuse are available for you if required.

We all support the idea of international accounting standards so long as they produce the right answer but we are worried. We think accounts should
- show a true and fair view
- be drawn up on a prudent basis
- report on the stewardship, by the directors, of the shareholders’ money

When accounts are drawn up this way they can
- improve economic stability
- underpin responsible corporate governance
- help to rein in excessive pay and incentivise the longer term view from management.
We think those advantages are clearly in the public interest.

The G20 group of nations in 2009 endorsed the aim of establishing a single set of high –quality global accounting standards. They believe that such standards will strengthen the financial system and reduce the prospect of similar crises occurring in future.
[ICAEW Paper “The future of iFRS” Nov 2012]

True and fair