Investors should have a say in setting accounting standards according to the U.S. fund industry trade association, the Investment Company Institute.

The Financial Accounting Standards Board should include one or more representatives from the investor community, says ICI in a comment letter recently filed with the FASB. The ICI’s letter notes that investors are the ultimate consumers of financial information produced by issuers of securities, and that the FASB should be structured to ensure that their view are considered in the standard setting process, even if the size of the FASB is reduced to five members as proposed.

The current FASB is composed of three members from public accounting, two from industry, one from the investor community, and one from the academic community. “If the FAF decides to reduce the board from seven to five members, we strongly urge you to continue or increase representation from the investor community,” says ICI’s letter. “We believe the board should be structured to ensure that the views of investors are paramount in the standard setting process.”