External Reporting Board – Member

About the External Reporting Board 

The External Reporting Board is an independent Crown entity under the Crown Entities Act 2004, initially established under the Financial Reporting Act 1993, with continued existence under section 11 of the Financial Reporting Act 2013.

The External Reporting Board’s vision is that New Zealand prospers through effective decision making, informed by high-quality, trusted, and integrated reporting. The External Reporting Board’s outcomes are achieved through its core functions:

• developing and implementing reporting strategies and frameworks for standard setting activities, including the development of an integrated reporting framework that is relevant for New Zealand
• preparing and issuing financial reporting standards
• preparing and issuing auditing and assurance, and other related services standards
• preparing and issuing professional and ethical standards that govern the professional conduct of auditors
• preparing and issuing climate standards
• preparing and issuing authoritative notices for the purposes of the definition of generally accepted accounting practice or the definition of climate-related disclosure framework
• preparing and issuing non-binding guidance on a wider range of environmental, social and governance and other non-financial matters.

The External Reporting Board's website has further information about the External Reporting Board and its activities.

External Reporting Board(external link) - xrb.govt.nz

Board membership and responsibilities

The External Reporting Board has a governing body (the Board). The Board has three core responsibilities:

• Governance of the External Reporting Board’s strategic direction and performance
• Establishing and maintaining New Zealand’s financial reporting strategy
• Appointing and monitoring the New Zealand Accounting Standards Board and the New Zealand Auditing and Assurance Standards Board.

The Financial Reporting Act states that the Board must consist of no fewer than four and no more than nine members.

Board members are appointed by the Governor-General on the recommendation of the responsible Minister for terms of up to five years.

Collective and individual duties of members

The Crown Entities Act and the Financial Reporting Act set out a consistent and coherent framework for the governance, reporting and accountability arrangements of the External Reporting Board. 

Crown Entities Act(external link) - legislation.govt.nz

Financial Reporting Act(external link) - legislation.govt.nz

The individual duties of members are to ensure that the Board:

• acts consistently with its objectives and functions
• performs its functions efficiently, effectively and in a manner consistent with the spirit of service to the public
• acts in a financially responsible manner

Time commitment and remuneration

The expected time commitment, including meeting preparation, for a Board member is approximately 20 days annually. The Board meets approximately eight times a year or more often as necessary to carry out its responsibilities. This will normally include at least one annual strategic planning meeting.

Fees for members of the Board are set by the Remuneration Authority. Board members are entitled to be reimbursed for reasonable travelling expenses incurred in carrying out their office as a Board member.

Person specifications

Specific skills required

At this time, the Minister of Commerce and Consumer Affairs is seeking candidates who wish to be considered for appointment to one of the three member roles on the External Reporting Board:

Role One – Legal and Regulatory Expertise

• Background in administrative, financial services law, corporate governance law or regulatory compliance relevant to the Board’s standard setting obligations. 
• Experience with regulatory bodies or legislative reform.

Role Two – Risk Management

• Skilled in enterprise risk, ethical governance and public accountability.
• Audit and risk committee experience including evaluating effectiveness of internal controls.
• Ability to identify systemic risks in reporting and anticipating emerging threats. 

Role Three – Capital Markets and Investors Perspective

• Insight into the need and priorities of capital providers, including institutional investors. Experience in investment management, finance or equity research.
• Credibility within capital markets and connections with investors.
• Understands global investor expectations and capital market flows.

General skills and capabilities

Ideally candidates will have one or more of the following:

• Previous governance experience
• Experience of preparation and use of financial statements and other reports about the governance and performance of an entity, such as within a financial institution
• Capability to provide intellectual leadership in the development of financial reporting standards, climate standards, auditing and assurance standards, or environmental, social and governance guidance.

Additional information

For further enquiries about the position, email: boardappointments@mbie.govt.nz