Hans Hoogervorst, a historian by education, became VVD minister of Finance in the first Balkenende cabinet. In the second and third Balkenende cabinets, from 2003 onwards, he was minister of Health, Welfare and Sport. He was responsible for the introduction of a new healthcare system, which no longer differentiated between public and private insurance. During the general election in 2006, Hoogervorst was campaign leader for the VVD when he announced his retirement from politics after the election. In 2007, he became chairman of the Netherlands Authority for the Financial Markets. Since 2011, Hoogervorst has been chairman of the International Accounting Standards Board in London.