On 16 June 2014, in an EFRAG General Assembly meeting, EFRAG’s existing 7 Member Organisations have approved the revised EFRAG Statutes and Internal Rules and admitted 8 new members. The effective date of 31 October 2014 was chosen because the European Commission will only be able to nominate the President of the EFRAG Board after having heard the European Parliament and the Council of Ministers, which is expected to to take place in early autumn.