10 September 2021
AFI’s Membership Council has ratified four new board members at the network’s 6th annual general meeting (AGM) on 8 September 2021, including two women deputy governors, reflecting a widespread push for greater gender balance and support for a stronger pipeline of women leaders.
Banque Centrale de la République de Guinée Governor Dr. Lounceny Nabe, Central Bank of Tunisia Deputy Governor Nadia Gamha, National Bank of Cambodia Deputy Governor Neav Chantana and Reserve Bank of Fiji Governor Ariff Ali join AFI’s board, which is currently made up of 11 members, representing nine countries, one non-voting funding partner and AFI Executive Director.
The confirmation of deputy governors Gamha and Chantana upheld amendments to AFI’s articles of association made in 2020 that require at least three women among the nine voting members of the board. Sheila M’Mbijjewe, deputy governor of Central Bank of Kenya, is also represented on the Board as alternate delegate of Governor Dr. Patrick Njoroge.
Gender inclusiveness is one of the key evaluation criterion for membership on AFI’s board and board committees, in addition to professional qualifications and balanced geographic representation. To date, the leadership (Chair and Vice-Chair) of AFI’s board committees have achieved a gender balance.
AFI’s four new board members replace Banque Centrale des Etats de l’Afrique de l’Ouest Governor Tiémoko Meyliet Koné, Central Bank of Samoa Governor Maiava Atalina Ainu’u-Enari and Financial Regulatory Commission of Mongolia Chair Bayarsaikhan Dembereldash, all of whom served the maximum two-term limit. Each term is two years long.
AFI’s new board will be chaired by the president of Mexico’s Comisión Nacional Bancaria y de Valores (CNBV), Juan Pablo Graf Noriega, who took up the role during the AGM from Central Bank of Egypt Governor Tarek Amer. Noriega, previously the board’s vice-chair, will assume the top job for its two-year-tenure.
AFI Board of Directors (2021-2023):
New committees added
Also ratified at the AGM were two new governance committees, bringing the total to five permanent committees and one temporary committee. Members also updated the Articles of Association to recognize the Investment Committee as a permanent committee of AFI.
The Investment Committee will monitor the effectiveness of investments made from the AFI Endowment Fund in line with the Policy and Investment Guidelines for the AFI Endowment Fund, as approved by the Board.
Meanwhile, the Intergovernmental Organization (IGO) Special Committee will oversee the process of transitioning AFI to IGO status and to provide strategic guidance to the Board and Management Unit on the legal form and structure of the prospective IGO.
The committee will be made up of members from Bangladesh Bank, Bank Al-Maghrib, Banco Nacional de Angola, Banque de la République du Burundi, Central Bank of Nigeria, Centrale Bank van Suriname and Ecuador’s Superintendente de Bancos. The Committee’s term will end after AFI gains IGO status.