JSE announces a change in chairmanship of the Financial Reporting Investigation Panel (FRIP)

November 08, 2013


 

Johannesburg, 7 November 2013– In line with the principles of good corporate governance, after more than a decade at the helm, Prof Wainer has decided to retire from the FRIP, effective 31 December 2013. He will be replaced by Linda de Beer, effective 1 January 2014.

The FRIP (previously called the GAAP Monitoring Panel) was formed in 2002 by the JSE as a joint venture with SAICA, as an advisory body to the JSE to enhance and enforce financial statement compliance with IFRS. It comprises a panel of 16 IFRS experts, and since its inception has been chaired by Prof Harvey Wainer of the University of the Witwatersrand.

Under Prof. Wainer’s leadership, the FRIP considered approximately 50 separate cases. Its advice to the JSE has played a major role in improving financial reporting in South Africa, and the results of the investigations have in certain instances, affected the financial reporting of virtually all of the listed companies on the JSE (and also contributed to necessary changes in IFRS).

“The JSE would like to express its gratitude to Prof. Wainer for the years of dedication and service,” says JSE Director of Issuer Regulation John Burke. “IFRS reporting in South Africa is highly regarded internationally - it is consistently ranked number 1 in the world for financial reporting in the World Economic Forum's Global Competitiveness Report, and we believe that this is, in part, due to Prof Wainer’s contribution to IFRS enforcement through his leadership of the FRIP.”

Linda de Beer has IFRS experience as a standard-setter, in her previous role of Senior Executive:Standards at the SAICA and her current membership of the Financial Reporting Standards Council; as lecturer at a post graduate level in Financial Accounting as well as ongoing practical exposure to IFRS as chairman of a number of audit committees of JSE listed companies.

-ENDS-

About JSE Limited
As South Africa’s only full service securities exchange, the JSE connects buyers and sellers in four different financial markets, namely equities, equity derivatives, commodity derivatives, currency derivatives and interest rate products. The JSE Ltd offers the investor a truly first world trading environment, with world class technology, surveillance and settlement in an emerging market context. It is amongst the top 20 largest equities exchanges in terms of market capitalisation in the world.
For further information, please visit www.jse.co.za  

FOR FURTHER INFORMATION PLEASE CONTACT:
Victoria Williams / Mari Blumenthal
Hill+Knowlton Strategies
Tel: +27 11 463 2198
Cell: +27 72 452 1772 / +27 82 381 0635
Email: victoria.williams@hkstrategies.co.za  / mari.blumenthal@hkstrategies.co.za  

Issued on behalf of the Johannesburg Stock Exchange
Tel: 011 520 7000