For 88 years and counting, the Bank for International Settlements (BIS) has been constantly evolving. In today’s context, that evolution includes communicating better with our stakeholders and also the broader public.
To this end, we have decided to take a new approach to our Annual Report.
Starting this year, our commentary on the global economy and chapters on specific topics will be published under a new title, the Annual Economic Report, with an enhanced structure. The pages of the Annual Report will hence be dedicated to describing our activities, governance and organisation, and disclosing our annual financial statements.
We have come to this decision because readers’ feedback, along with our own experience, has suggested that a distinct annual flagship economic publication would allow us to better showcase our economic research and analysis. This also responds to a recommendation from the 2016 independent review of BIS research.
We also believe that the “corporate” side of the report, instead of being tucked away behind the economic chapters, should be given its own rightful space.
I am therefore pleased to present this newly redesigned Annual Report. With the new format, we hope to explain more vividly what we do and who we are as an institution.
Our core activities span three main areas:
- Economic research and statistics: Our analytical work helps to clarify the policy issues that matter for central banks and lends another perspective to the global economic debate. Our analysis is an input for the international meetings and cooperative efforts that take place at the BIS; it in turn is informed by the exchanges of ideas and views that ensue.
- Banking activities: We are a bank for central banks and international organisations. We also manage our own capital. Both aspects allow us to independently finance our activities and generate a return for our shareholders. For the financial year 2017/18, the Bank’s net profit was SDR 508 million. SDR 131 million is proposed as a dividend at SDR 235 per share.
- International cooperation: What distinguishes us is our longstanding and direct link to the central bank community. A forum for discussion and a platform for cooperation among policymakers, the BIS works for and with central banks and other financial authorities in the pursuit of monetary and financial stability.
Ultimately, the main asset that makes all this possible is the human capital of our staff. It is therefore fitting that, alongside the account of our activities, we also devote some pages in this report to portray the people behind the work: in other words, give a human face to the institution.
In closing, I hope you will enjoy reading our new Annual Report. Although the way we present our activities has changed, the purpose of what we do as an institution remains the same: to provide excellent service to the central bank community, to promote monetary and financial stability and to foster international cooperation in these areas.