In a joint letter to Michel Barnier, European Commissioner for Internal Market and Services, the three European Supervisory Authorities (ESAs) – ESMA, EBA and EIOPA – have voiced serious concerns regarding the voting model in the new EFRAG Board proposed in Philippe Maystadt’s report with recommendations for enhancing the EU’s role in promoting high quality accounting standards. The ESAs have announced to decline the offers of membership they have received should they not be given the sole right to decide on endorsement advice to the EU Commission on new and revised IFRSs.