In her new post, Lloyd will play an integral role in the development of new International Financial Reporting Standards (IFRS). She has been at the IFRS Foundation since 2009, as director of capital markets and senior director of technical activities before being appointed as a board member in 2014. Previous experience includes investment banking in both the UK and Australia, and she is a former member of the Australian Accounting Standards Board.

This is a two-year appointment which can be extended for a further term from 31 December 2018, and takes effect on 1 November. The second term can last between three and five years.

Michel Prada, chairman of the IFRS Foundation Trustees, said: ‘Sue’s leadership skills and broad experience both in accounting standard-setting and the financial sector make her the perfect candidate for the role as vice-chair.’

Commenting on her appointment, Lloyd said: ‘I am delighted to be appointed as vice-chair and look forward to working with my fellow board members, our staff and stakeholders all over the world to deliver on the priorities in our work plan.’

IASB members are appointed at the sole discretion of the Trustees of the IFRS Foundation. The requirements for members, including qualifications, background, length of term and criteria for selection are set out in the IFRSF constitution.

Mackintosh served as vice-chair from 2011 to 2016.