Hoogervorst semi-retired from national politics and became active in the public sector, in August 2007 he was nominated as chairman of the executive board of the Authority for the Financial Markets (AFM), taking office on 15 September 2007. In May 2008 Hoogervorst was nominated as vice chairman of the supervisory board of the International Organization of Securities Commissions (IOSCO), taking office on 29 May 2008. In June 2010 Hoogervorst was elected as chairman of the supervisory board of the International Organization of Securities Commissions, taking office on 9 June 2010. In June 2011 Hoogervorst was nominated as the chairman of the executive board of the International Accounting Standards Board (IASB), he resigned as chairman of the Authority for the Financial Markets and chairman of the International Organization of Securities Commissions the same day he was installed as chairman of the International Accounting Standards Board, taking office on 1 July 2011.
From 3 August 1998, Hoogervorst was State Secretary for Social Affairs and Employment in the second Kokgovernment. On 22 July 2002 he was appointed minister of finance in the first Balkenende government. From 16 October 2002 he was also responsible for the Dutch Ministry of Economic Affairs. On 27 May 2003 he was appointed Minister of Health, Welfare and Sports in the second Balkenende government. In this position, Hoogervorst introduced a basic health insurance policy, mandatory for all registered inhabitants, but executed by private insurers.
In 2007 Hoogervorst succeeded Arthur Docters van Leeuwen as director of AFM, the Dutch financial market supervisory organization.
On 1 July 2011 he became chairman of the IASB upon the retirement of Sir David Tweedie.[1]
Hoogervorst is faced with many challenges as the new IASB chairman. For instance, countries such as the U.S. and Japan have not yet adopted IFRS.[2]