IVSC AGM Nominations Committee Paper 8.1 Update regarding Trustees

1) Proposed new trustees The Trustee Nominating Committee considered numerous candidates for the open trustee positions. The Trustee Nominating Committee met and agreed to look at the candidates in the categories of securities background, banking background and other background which has valuation standards/practice effects and implications. In all categories we also considered their ability to directly or indirectly raise funds for the IVSC, a major responsibility of a trustee.

The Trustee Nominating Committee also considered numerous excellent candidates for a further trustee with extensive VPO leadership experience and understanding.

Whilst difficult to select from a skilled pool of candidates the following candidates are proposed by the Nominations Committee for approval to become a Trustee:

Lord – UK

Past: Alistair Darling was UK Chancellor of the Exchequer from 2007 to 2010. Prior to this, he held a number of Cabinet positions, being one of only three people to have served in Cabinet continuously since Labour was elected in 1997.

He entered Parliament at the 1987 General Election in Edinburgh Central and, following the 1997 General Election, he entered Cabinet as the Chief Secretary to the Treasury. From then on he served as Secretary of State for Work and Pensions (1998‐2002), for Transport (2002‐06), for Scotland (2003‐06) and Secretary of State for Trade and Industry (2006‐07).

In June 2007, Prime Minister appointed him Chancellor of the Exchequer. As Chancellor of the Exchequer, he was in charge of the UK response to the financial crisis, creating a fiscal stimulus package to support the economy and ensuring that the banks could start lending into the economy again. The Brown government has been praised for its prompt and measured reaction to the 2008 financial crisis.

Present: Alistair continues to serve in the as well as on not for profit boards and private sector boards such as Morgan Stanley.

Ranjit Singh – Malaysia

Past: Ranjit Ajit Singh is an experienced international capital market regulator with 25 years experience in global regulation and market development with a strong focus towards emerging market countries and Asia.

He has been Vice Chairman of the Board of IOSCO and Chairman of its largest committee on Growth and Emerging Markets. He has also been Chairman of the ASEAN Capital Markets Forum. He was the former Executive Chairman of the Securities Commission Malaysia.

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Present: He is currently on the International Advisory Boards for capital markets of several countries, member of the Leadership Council of the United Nations Sustainable Development Solutions Network (M), member of the Board of the Institute of Integrity, Member of the Advisory Board of the Salzburg Finance forum, Fellow of the Institute of Corporate Directors Malaysia as well as an expert advisor to the International Monetary Fund.

Zhang Genghua – China

Past: Mr. Zhang Genghua has successively served as Staff, Chief of Staff and Deputy Director in the Department of Culture and Education (renamed as Department of Public Expenditure in 1998). During this period, he engaged in budgetary, financial, accounting and asset management, formulation of major fiscal and financial management reforms, policies research on fiscal investment, establishment of financial management systems and various spending standards, management of the assets allocation, use and disposal for public institutions. As key personnel in charge of fiscal management in education sector, he was responsible for the management of budget, finance, accounting and asset on education institutions at all levels, participated in the major reform and development of policies and the research on fiscal investment policies in education sector. He also engaged in the formulation of financial management systems and spending standards and management of assets allocation, use and disposal for all forms of education institutions at all levels.

From June 2000 to July 2012, he served as a Deputy Director, Director and Deputy Director General in the Department of Administration, Politics and Law. He engaged in budgetary, financial, accounting and asset management, formulation of major fiscal and financial management reforms, policies research on fiscal investment, establishment of financial management systems and various spending standards for governmental units, management of the assets allocation, use and disposal for governmental units. Furthermore, he participated in national major research projects with respect to the state- owned asset management of governmental units, and formulated rules and regulations for the state-owned asset management.

Prior to joining China Appraisal Society, Mr. Zhang Genghua was the Director General in the Beijing Supervisory Bureau of the Ministry of Finance. He participated in supervising the implementation of the central government fiscal policy, and financial management rules and regulations in central governmental units, public institutions, enterprises, financial institutions in Beijing City. He also engaged in managing the budget, finance, and accounting, and asset of the Second-class central governmental budget units in Beijing City

Present: Mr. Zhang Genghua serves as Vice President and Secretary General (Director General) of China Appraisal Society.

2) The following trustees are proposed to continue for a second term:

a. Alan Johnson

b. Senator Howard Wetston

c. Jay Fishman

d. Anton Colella

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3) The following trustees are resigning due to new roles which require independence:

a. Tom Seidenstein

b. Zhang Guochun

4) Proposed new Chair of the IVSC Board of Trustees

As anticipated in prior announcements Sir David Tweedie is retiring from the Board of Trustees.

The Board of Trustees is proposing Lord Alistair Darling as the new Chair of the IVSC Board of Trustees.

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