Beijing, April 28, 2017
Mr. Jan Engström and Mr. Chaly Mah Have Been Appointed as External Members of AIIB’s Audit Committee
The Asian Infrastructure Investment Bank announced today that Mr. Jan Engström and Mr. Chaly Mah have been appointed by President Jin Liqun as external members of the Audit Committee of the Board of Directors. The innovative combination of the board directors and the external members as members of the Audit Committee is designed to enhance good governance and accountability within the Bank.
"Both Mr. Jan Engström and Mr. Chaly Mah bring with them decades of highly relevant experience that will serve the Bank well in the years ahead," said President Jin. "Their participation will contribute greatly to the Bank’s overall efforts to build a first-class multilateral development institution with the highest standards of 21st century governance."
External Members of the Audit Committee
Mr. Jan Engström served, from 2004 to 2014, as a member of the International Accounting Standards Board (IASB), the independent international standard-setting body for financial reporting. In this position, he engaged with investors, regulators, accountancy professionals, analysts, stakeholders and others as the primary liaison for Scandinavia, European industry and Latin American countries. He previously worked for the Volvo Group, for over 30 years in a variety of positions including Chief Financial Officer. He holds extensive experience in treasury, risk, planning, and restructuring functions, among others. Mr. Engström is currently lecturing and engaged on a non-executive basis in business in Sweden. Mr. Engström received his Bachelor Degree from the School of Business, Economics and Law at the University of Gothenburg. He is a national of Sweden.
Mr. Chaly Mah was the Chief Executive Officer at Deloitte Asia Pacific and Deloitte Southeast Asia. During his 38 years at this firm, he used his extensive experience to serve multinational and local companies across a wide spectrum of industries, including telecommunications and technology; financial services; private equity; manufacturing; and real estate. Mr. Mah is the Chairman of Singapore Tourism Board, Singapore International Chamber of Commerce and the Singapore Accountancy Commission. He is a member of the National University of Singapore Board of Trustees and Chairman of the National University of Singapore Business School Accounting Advisory Board. He also serves on the Boards of the Singapore Economic Development Board, Netlink NBN Management Pte. Ltd and CapitaLand Limited. Mr. Mah graduated with a Bachelor of Commerce degree from the University of Melbourne. He is an associate member of the Institute of Chartered Accountants in Australia and a fellow member of CPA Australia as well as the Institute of Singapore Chartered Accountants. He is a national of Singapore.
The Terms of Reference for the Audit Committee
In January 2017, the Board of Directors approved the establishment of the Audit Committee. The Terms of Reference for the Audit Committee is as follows:
- Review the Bank’s financial statements and accounting, auditing and financial reporting practices, procedures and issues;
- Review the selection procedures for and the qualification and performance of the external auditors; and review the annual report from the external auditors and ensure appropriate action are taken in respect of major improvement areas identified;
- Review the scope of work and internal audit plan; and review the effectiveness of the internal audit function and the internal control systems related to financial reporting and process; and
- Review the effectiveness and integrity of the risk management processes and policies, information technology security and control.
Members of the Audit Committee
The Audit Committee consists of three Directors and two external members:
- Sulaiman M. Al-Turki (Chair)
- Timur Maksimov
- Rionald Silaban
- Jan Engström (external member)
- Chaly Mah (external member)
Beijing, December 19, 2017
AIIB Approves Membership of Cook Islands, Vanuatu, Belarus and Ecuador
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving four applicants to join the Bank, bringing AIIB’s total approved membership to 84. This round of approved applicants includes two regional and two nonregional prospective members.READ MORE
Beijing, December 16, 2017
UK Government Pledges US$50 million to AIIB Project Preparation Special Fund
Asian Infrastructure Investment Bank (AIIB) President Jin Liqun and United Kingdom (UK) Chancellor of the Exchequer Rt Hon Philip Hammond have signed an agreement for the UK to contribute US$50 million to AIIB’s Project Preparation Special Fund which provides grant support primarily to low income developing member countries to prepare high quality projects.READ MORE
Beijing, December 12, 2017
Together Major Development Finance Institutions Align Financial Flows with the Paris Agreement
The global development agenda is being transformed in fundamental ways. The Sustainable Development Goals (SDGs), agreed upon by the international community, constitute a universal compass, highlighting the need for systemic and collective action for sustainable, equitable and inclusive development for everyone on this planet. The imperative for mobilizing and shifting financial flows, public and private, towards sustainable development was highlighted by the 2015 Addis-Ababa Financing for Development Conference. The Paris Agreement reached at COP21 recognized that all countries and stakeholders must act to combat climate change. Since the Agreement’s entry into force in 2016, the momentum for climate action has become irreversible.READ MORE