PRESS RELEASE
European Federation of Financial Analysts Societies (EFFAS)
10 March 2026 | Frankfurt am Main
The European Federation of Financial Analysts Societies (EFFAS) announces the appointment of three of its leading commission members to prominent international advisory, editorial, and standard-setting boards. As European financial regulation enters a critical phase of implementation, with sustainability reporting standards being applied and governance expectations rising, these appointments ensure that the practical, analytical perspective of financial market users is strongly represented.
Over more than six decades, EFFAS has strengthened its role in this dialogue, ensuring that the analytical perspective of financial market users is represented where standards are shaped and refined.
Current priorities include:
- Contributing structured user feedback to European and international standard-setting processes.
- Bridging analytical practice with regulatory development across reporting, assurance and governance.
- Strengthening the visibility of practitioner expertise within policy and academic forums.
We are pleased to highlight recent appointments of members active within EFFAS commissions to advisory and editorial roles across Europe and internationally:
Financial Reporting and Assurance
Javier de Frutos, Chair of the EFFAS Commission on Financial Reporting, has recently joined the User Advisory Group supporting the IAASB and IESBA.
With over two decades of experience in investment banking and international principal investments and currently serving as Managing Partner and CEO of Jdf Advisors in New York, he brings direct market expertise to discussions on audit, ethics and reporting standards.
As a former member of the IFRS Advisory Council and EFRAG Board, he has long been engaged in representing the perspective of financial statement users in international reporting debates.
“Representing EFFAS is an opportunity to transmit analysts and investors’ views in the definition of the audit and ethics standards. Corporate reporting has significantly evolved in the past three years. Having a more comprehensive opinion from auditors about the financial risks associated with environmental changes will provide investors with additional comfort to make decisions.
The Users Advisory Group (UAG) has been created to address the need within the IAASB and IESB standard-setting process and to strengthen the Boards’ engagement with users of financial statements and other forms of external reporting of entities.’’ Javier de Frutos
Capital Markets, Governance and Restructuring
Raffaele Carnevale, member of the EFFAS Capital Markets Commission, has joined the EFRAG User Panel in a non-executive capacity.
His background in fixed income analysis, corporate restructuring, governance and sustainability assessment contributes to discussions where credit risk, capital structure resilience and reporting standards intersect.
His work supporting analysis of responses to revised sustainability standards illustrates the increasingly technical nature of user engagement in regulatory development.
“I am pleased to be appointed member of EFRAG’s User Panel, hence contributing the financial analysts’ views in support of EFRAG’s efforts to develop European Sustainability Reporting Standards and to endorse the international financial reporting ones for implementation in the EU.
Particularly from the debt perspective and rating experience I bring the user focus on cash-flow generation as it underpins timely debt repayment of issuers amid renewed interest for the growth of the European Capital Market Union.” Raffaele Carnevale.
Academic and Policy Dialogue
Prof. Dr. Stefano Zambon, member of the EFFAS Commission on ESG and Chair of the Gasperini Awards Pre-Selection Jury, has joined the Editorial Board of Accounting in Europe.
As Professor of Accounting and Business Administration at the University of Ferrara and Secretary General of the Italian Foundation for Business Reporting (O.I.B.R.), his academic and professional work has consistently focused on corporate reporting and sustainability accounting.
“Joining the Editorial Board of such an important academic journal as Accounting in Europe is a great opportunity to provide a contribution to the growth of the accounting studies and at the same time to the reinforcement of the bridge between academia, financial and accounting profession, and regulators and standard setters.
I am grateful to the Editors of the journal and the European Accounting Association for this occasion of close and constructive collaboration.” Stefano Zambon.
About EFFAS
EFFAS is a not-for-profit organisation set up in 1962 with 15 national member associations in Europe, representing more than 18,000 financial analysts, asset managers, pension fund managers, corporate finance specialists, risk managers, treasurers among many other professional profiles from the investment profession. EFFAS is a leading certification body with over 27,000 certificate holders worldwide, offering prestigious designations such as the Certified European Financial Analyst by EFFAS, the EFFAS Certified ESG Analyst® (CESGA), and the EFFAS Climate Risk Analyst (ECRA).
For any further information, please contact:
Álvaro Wagener Díez | Marketing & Communications Manager
E-mail: a.wagener@effas.com | Phone Number: +49 69 98959519
