WASHINGTON--(BUSINESS WIRE)--Tommaso Padoa-Schioppa, Chairman of Promontory Europe, has been appointed Chairman of the Trustees of the International Accounting Standards Committee Foundation, the independent body responsible for development and promulgation of global accounting standards. He will assume the role following a July 6-7 trustees meeting in Washington, D.C.

Mr. Padoa-Schioppa was selected for the post by the IASC Foundation’s Board of Trustees and appointed by its Monitoring Board, which consists of the International Organization of Securities Commissions, the US Securities and Exchange Commission, the European Commission, and the Financial Services Agency of Japan. He briefly served as chairman of the IASC Foundation in 2006, succeeding former Federal Reserve Chairman Paul Volcker, before being appointed Italian Minister of Economy and Finance.

“The selection underscores Mr. Padoa-Schioppa’s standing as one of the world’s most knowledgeable experts on regulatory, accounting, and control matters for financial institutions,” said Eugene A. Ludwig, Founder and CEO of Promontory Financial Group, the premier global financial services consulting firm. “The Monitoring Board could not have chosen more wisely. At a time of sweeping change in global finance, Tommaso is uniquely qualified to drive the creation and refinement of a single set of high quality accounting standards for the world’s capital markets.”

Mr. Padoa-Schioppa will retain his role as Chairman of Promontory Europe. He is leading Promontory’s expansion of operations in Europe and will continue to be available to Promontory clients in Europe to offer strategic advice and counsel on risk management, controls, regulatory advice on emerging standards, and other compliance issues.

In addition to his role with Promontory, Mr. Padoa-Schioppa is President of Notre Europe, an independent think tank based in Paris that focuses on European unity. He was Italian Minister of Economy and Finance (2006-2008) and Chairman of the Ministerial Committee of the International Monetary Fund (2007-08).

From January 2006 until his appointment as Italian Finance Minister five months later, he served as a Special Adviser to Mr. Ludwig in his role as CEO of Promontory. He was a member of the first Executive Board of the European Central Bank (1998-2005). Previously he was Chairman of the Commissione Nazionale per la Societa e la Borsa (1997-98), Deputy Director General of the Banca d’Italia (1984-97) and Director General for Economic and Financial Affairs at the Commission of the European Communities (1979-83).

He has been Joint Secretary to the Delors Committee (1988-89), Chairman of the Banking Advisory Committee of the EC (1988-91), Chairman of the Basel Committee on Banking Supervision (1993-97), and Chairman of the Committee on Payment and Settlement Systems (2000-05).

He is the author of a number of books and articles on economic and financial matters as well as on European and international affairs.

He graduated from Luigi Bocconi University and has an MSc from the Massachusetts Institute of Technology.

About Promontory Financial Group

Promontory Financial Group is the premier financial services consulting firm, and was founded in 2000 by former US Comptroller of the Currency Eugene A. Ludwig. Promontory is headquartered in Washington, D.C., and has 11 offices across North America, Europe, and Asia.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6334975&lang=en