BIS amends Statutes to streamline governance

An Extraordinary General Meeting of the Bank for International Settlements (BIS) today decided to revise the BIS Statutes.

The decision streamlines the governance of the BIS. This is the most recent step in a review that the Bank has been undertaking to enhance the transparency of its operations and structure.

As a result, the position of President of the BIS has been abolished. The positions of Chairman of the Board and President had been vested in one person since 1948. The change becomes effective from today.

The Board of Directors and its Chairman will continue to focus on determining the strategic and policy direction of the Bank and supervising its management.

In November 2004, Mr Nout Wellink, President of the Netherlands Bank, was re-elected for a second three-year term as Chairman of the Board and President of the BIS, commencing 1 March 2005. Following today’s decision, Mr Wellink will continue to serve in his capacity as Chairman of the Board.

The BIS General Manager, Mr Malcolm Knight, as the Bank’s chief executive officer, is responsible for implementing the policies determined by the Board and for managing the Bank.

Today’s Extraordinary General Meeting was held in conjunction with the BIS Annual General Meeting.