Standard Chartered Bank appoints Dr Ngozi Okonjo-Iweala as director

Standard Chartered

The Board of Directors of Standard Chartered PLC has announced the appointment of Dr Ngozi Okonjo-Iweala as an independent Non-Executive Director with effect from 1 November 2017. Ngozi will also join the Board’s Brand, Values and Conduct Committee.

Ngozi (aged 63) has 30 years of economic development and financial expertise. She is an internationally renowned economist and a prominent African leader, who twice served as Finance Minister in Nigeria, Africa’s largest economy and one of our largest African markets. She has played an important role in public finance transparency and has in-depth knowledge of Africa and international affairs.

Dr Ngozi Okojo-Iweala spent 25 years working at the World Bank in various positions. After leaving in 2003, she served as the Finance Minister of Nigeria from 2003 to 2006. She returned to the World Bank in 2007, serving as a Managing Director until 2011, when she was appointed to the role of Minister of Finance and Coordinating Minister of Economy in the Nigerian government, a position she held until 2015. During her time in government she spearheaded Nigeria’s successful program to obtain debt relief and is credited with developing reforms that helped improve governmental transparency to stabilise and grow the Nigerian economy.

Ngozi sits on a number of prestigious international advisory boards including the Asian Infrastructure Investment Bank and is Chair of the Global Alliance for Vaccines and Immunizations (GAVI). She has a Bachelor’s degree from Harvard University and a Masters and PhD from Massachusetts Institute of Technology.

José Viñals, Group Chairman said “Ngozi is a globally recognised African and international figure. She has significant geopolitical, economic, risk and development experience and expertise at a national governmental level and in international organisations, which will provide significant insight and value to the Board. She also has deep knowledge of Africa as well as emerging and developing markets. I am delighted to welcome her to Standard Chartered.”

The company said in the statement that independent Non-Executive Directors do not participate in any of the Group’s incentive arrangements. Dr Ngozi Okonjo-Iweala will receive a fee of GBP100,000 per annum for her services as an independent Non-Executive Director, with an additional fee of GBP30,000 per annum as a member of the Brand, Values and Conduct Committee. This is disclosed in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”).

Dr Okonjo-Iweala has no relationship with any other Director, member of senior management or substantial or controlling shareholder of Standard Chartered PLC.

Standard Chartered disclosed that Dr Ngozi Okonjo-Iweala does not have any interests in shares of the Company.

According to her profile:

Dr. Ngozi Okonjo-Iweala, Ph.D. has been Senior Advisor of Lazard Ltd. since September 21, 2015. Dr. Okonjo-Iweala is the Coordinating Minister for the Economy and Honourable Minister of Finance of Nigeria. Dr. Okonjo-Iweala is also a Member of the Governing Council of Nigeria Sovereign Investment Authority in which capacity she provides advice and counsel to the Board of Directors.

She is also an Adviser to World Bank on the Stolen Assets Recovery initiative. She served as a Managing Director at The World Bank Group from December 1, 2007 to August 2011. She founded NOI-Gallup polls. She served as Minister of Foreign Affairs of Nigeria from 2003 to 2006. Before taking up her Ministerial appointment, she served in a number of important positions at the World Bank including Vice President and Corporate Secretary, Director of Operations in the Middle East and North Africa region, and Country Director for the South East Asia and Mongolia Country unit.

She joined the World Bank in 1982. She serves as a Governor of Islamic Development Bank. She serves as a Director of World Resource Institute. Dr. Okonjo-Iweala is active in numerous boards and advisory groups in the public, private and non-governmental sectors including the Rockefeller Foundation, the ONE Foundation, the Center for Global Development, the Nelson Mandela Institution, and the African Risk Capacity. She served as a Member of the Board of Governors at African Development Bank and International Monetary Fund. She is a member or Chair of numerous boards and advisory groups in the public, private and non-governmental sectors including DATA, the Clinton Global Initiative, the Nelson Mandela Institution and the African Institutes of Science and Technology, and Friends of the Global Fund Africa.

She is a member at several high level panels and commissions including the UN Secretary General’s High Level Panel on the Post-2015 SDGs and the New Climate Economy. She is author of several books and articles including Reforming the UnReformable: Lessons from Nigeria, published by the MIT Press, 2012. In 2014, Time named her one of the 100 most influential people in the world and Forbes has named her one of the 100 most powerful women in the world for 5 years consecutively since 2011 and one of the three most powerful women in Africa.

She is a recipient of numerous awards and honors including Time Magazine European Hero 2004, Euromoney Magazine Global Finance Minister of the year 2005, Financial Times/The Banker African Finance Minister of the year 2005, and This Day Nigeria Minister of the Year 2004 and 2005. In 2015, she was named one of the World’s 50 Greatest Leaders by Fortune. Dr. Okonjo-Iweala is the recipient of numerous awards including honorary doctorates from some of the world’s most prestigious universities such as Yale University, University of Pennsylvania and Amherst College.

Dr. Okonjo-Iweala graduated with an A.B. magna cum laude in Economics from Harvard University and holds a Ph.D. in Regional Economics and Development from the Massachusetts Institute of Technology. She has Honorary Doctorate of Laws from Colby College 2007, and Brown University 2006 and Honorary Doctorate of Humane Letters from Northern Caribbean University, Jamaica.