BIS Board of Directors elects three new members
26 June 2006
The Board of Directors of the Bank for International Settlements (BIS) today announced the election of three additional central bank Governors as members of the Board of Directors of the BIS:
- Guillermo Ortiz, Governor of the Bank of Mexico;
- Jean-Claude Trichet, President of the European Central Bank; and
- Zhou Xiaochuan, Governor of the People's Bank of China.
The term of office of each elected Director of the BIS is for an initial period of three years, which may be renewed. This enlargement of the BIS Board is the first since 1994 and takes effect on 1 July 2006.
Jean-Pierre Roth, Chairman of the Board, welcomed the new members, saying that "they bring the global diversity of BIS membership to Board level". The Board's main responsibilities are to determine the Bank's strategy and policy direction and to supervise the Bank's Management.
The three new elections bring the BIS Board's membership more into line with the Bank's global role. Since 1996, the BIS has increased its membership from 36 to 55 central banks and, in the process, has raised the number of non-European and emerging market member central banks.
Directors are elected in a personal capacity. Mr Ortiz and Mr Zhou are the Governors of central banks with which the BIS has close relationships through the two BIS Representative Offices, located in Mexico City and in Hong Kong SAR. Mr Trichet, as President of the European Central Bank, has a central role in Europe and occupies an eminent position within the global central banking community.