Or there is a new body, to which a body like the LAPFF might lend support. I have not asked the LAPFF if they might want to take on such a role, but that option of a body linked to that investor forum which has a unique role of being engaged with real investors, being diverse in location, having political representation upon it and having been technically heavily engaged on accounting issues seems to me the preferred way of going forward.
However such a body would then need membership. This would need to reflect a wide range of interests. I would suggest that the IASF be excluded for reasons already noted but that some or all of the following would need to be present:
1) Business, probably via the CBI or the like;
2) Unions, probably via the TUC but they might nominate someone else;
3) NGOs, and a sample of those who have been engaged on this issue would have to be represented;
4) Accounting bodies, but without having the chance to outvote others;
6) The Financial Reporting Council – the current body with oversight on accounting issues, but only as a representative as it has shown no inclination to engage on this issue to date.
7) Academics with a noted interest in this issue;
8) Politicians, maybe via the APPG on Responsible Taxation;
9) Journalists, to include a representative of those engaged in reporting on corporate issues over the years when such matters have sprung to public attention.
I do not see a reason for lawyers to be involved. Nor do I see a reason for individual companies or firms to be engaged but very clearly they should from the earliest stagaes of the work of this body be asked to submit evidence and hearings may also be required, although time would be of the essence.
So finally, who might fund it? The biggest source should be the government, by far. Research foundations should be approached to fund the remaining costs. Bloat should be avoided, of course. The Financial Reporting Council might also be expected to make a contribution.
3) and 7) give him a chance to get his oar in, no? Or perhaps his ladle into the gravy.