The first recommendations of the SWP proposed that the organisation should retain
geographical dispersion as the main criteria for membership on the board. It was also
suggested that there would be a standards development committee, operating under
supervision of the board, in charge of the technical development of the standards, but
that the board would possess the power to veto any standard (SWP 1998, p. 12-15). In
their capacity as standard setters from countries with relatively developed standards,
the G4 representatives would be likely to serve on the proposed standards
development committee. However, G4 members were sceptical about serving on the
committee should the standards be subject to veto by the board (Street 2006).
An article by G4 member Warren McGregor, and staff observer/technical advisor to
the IASC, raised doubt as to whether the SWP’s (1998) proposal of a restructured
IASC would succeed in meeting the demands of the relevant groups. Should it fail,
McGregor (1999) proposed that a modified G4 could assume the role as the
international accounting standard setting body