BIS Board of Directors Has Onboarded Three New Senior Appointments

The Bank for International Settlements (BIS) Board of Directors announced that it has made three new senior appointments, including naming Stefan Ingves as its new Vice-Chairman.

Finance Magnates recently learned in an official press release that Stefan Ingves, the Governor of Sveriges Riksbank, has been named by the Board of Directors at BIS, a Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term for central banks, financial regulators and supervisory authorities, as its new Vice-Chairman.

Ingves, who served many years as the company chairman, will transition to his new post as Vice-Chairman. In addition, the Board has lengthened the terms of office for two other senior management. The press release stated that Agustín Carstens, the GM, and Luiz Awazu Pereira da Silva, the Deputy GM will stay on until June 2025 and August 2023, respectively. On completion, both Carstens and Pereira da Silva will reach the respectable retirement age of 67.

In 2006, the Governor of Sveriges Riksbank became a member of the Board at BIS. The following year, the organisation elected him to serve as the chair of the Banking and Risk Management Committee. He continued to serve since that time. In the new position of Vice-Chairman, Ingves will extend his contract by an additional three years.

Shaping the Strategic Direction and Policies of the Bank

The Board itself is in charge of shaping the strategic direction and policies of the Bank. The members meet six times yearly which involves supervising management and completing necessary objectives as required by the Bank’s Statutes.

Jens Weidmann, the current Chairman of the Board, stated: “Stefan is currently the longest-serving member of the BIS Board. I would like to welcome him in his new role as Vice-Chairman and thank him for his continued service to the BIS Board, as I prepare to complete my chairmanship.”

Additionally, Weidmann was extremely appreciative of Carstens and Pereira da Silva. He specifically mentioned their input and contribution to the organisation over the last decade and their ongoing service.

“Both Agustín and Luiz have provided outstanding leadership as the Bank transforms itself under the Innovation BIS 2025 strategy and in the midst of the challenges caused by the pandemic. The Board is very pleased that they have agreed to stay on to lead the BIS through future challenges and opportunities,” Weidmann added.