The International Valuation Standards Council (IVSC) has announced the appointment of new Chairs to its International Valuation Professional Board (IVPB) and International Valuation Standards Board (IVSB).
Jean-Florent Rérolle, Managing Director and European co-head of Financial Advisory Services at Houlihan Lokey, becomes Chair of the IVPB and Steven J. Sherman, Chair of KPMG's Global Valuations practice, will chair the IVSB.
Michel Prada, Chairman of the IVSC Board of Trustees, comments: "The financial crisis has provoked serious debate about the role and reliability of valuations and their impact on financial markets. The ambition of the IVSC is clear to provide standards and guidance that improve the quality and reliability of valuations globally and lead to greater confidence in the valuation process. I am delighted that two such eminent professionals share the IVSC's ambition and are prepared to accept the responsibility to chair the technical Boards.
"Jean-Florent has extensive experience of valuation and will be a huge asset to the IVPB's work as it seeks to support the global valuation profession in delivering quality services. Equally, Steve's global knowledge will help the IVSB meet the challenge of developing a comprehensive set of international valuation standards. I would also like to thank Brad Wagar and Chris Thorne for their work as the previous IVPB and IVSB Chairs."
Jean-Florent Rérolle adds: "I look forward to chairing the IVPB, which is made up of experienced valuation professionals dedicated to building a more cohesive and coherent international valuation profession. This is a huge challenge but a necessary task to complement the work performed by the IVSB in making sure that skilled professionals apply clear standards."
Steve Sherman comments: "I am thrilled to have the opportunity to chair the Standards Board over the next three years. There is a tremendous need in the valuation profession to reduce diversity and bring greater clarity through standards that are more explicit about objectives and methodology. The IVSC is well positioned to help this take place while also leveraging some of the excellent thought leadership developed by other organizations."