The Asian Infrastructure Investment Bank (AIIB) has appointed Ms. Ai Phing Cheng and Ms. Elisabeth Stheeman as external members of the Audit and Risk Committee (ARC) of the Board of Directors, as part of the succession plan for the ARC. Cheng’s term followed the end of the three-year term of Mr. Chaly Mah on April 13, while Stheeman will take office in April 2021 once Mr. Jan Engström’s term of office ends.
“Including external members on our Audit and Risk Committee provides us with valuable independent judgement on how effective and robust our risk management and internal control systems are,” said AIIB’s Vice President and Corporate Secretary Sir Danny Alexander. “As the first two external members of the ARC, Mr. Chaly Mah and Mr. Jan Engström made significant contributions over the past three years, helping AIIB continuously enhance financial reporting and internal controls, and improve the effectiveness of the ARC. With their rich experience in financial reporting, risk management and internal controls, Ms. Ai Phing Cheng and Ms. Elisabeth Stheeman will support the Board of Directors to maintain a high standard of governance and a strong culture of accountability within the Bank.”
Ms. Ai Phing Cheng was previously a Senior Partner in Assurance at Deloitte & Touche LLP for 36 years, where she served large listed and non-listed domestic and international clients in industries ranging from real estate to banking and complex financial instruments. She was also the Chair of the Firm’s Governance Committee for several years before her retirement from the Firm in August 2015.
Currently, Cheng sits on various governmental bodies and professional associations in Singapore. She is a member of the Accounting Standards Council of Singapore and a member of the Financial Reporting Committee of the Institute of Singapore Chartered Accountants (ISCA).
Cheng is also an independent non-executive director of Fortune Real Estate Trust (Fortune REIT) and Prime US Real Estate Trust (Prime US REIT) listed in Hong Kong, China and Singapore respectively. She is the Chair of the Audit Committee of Fortune REIT and a member of the Audit Committee of Prime US REIT. She is also an independent non-executive director of Citibank Singapore Ltd, one of the Domestic Systemically Important Banks in Singapore.
Cheng is a Fellow Chartered Accountant of the ISCA and a Fellow of CPA Australia. She holds a bachelor’s degree in Accountancy from the University of Singapore.
Ms. Elisabeth Stheeman has been an external member of the Financial Policy Committee of the Bank of England since February 2018, as well as an external member of the Financial Market Infrastructure Board of the Bank of England since July 2017.
Stheeman is currently a member of the Supervisory Board of Aareal Bank AG, the third largest listed bank in Germany, the deputy chair of its Risk Committee, and a member of its Technology and Innovation Committee. She is also a non-executive director of the Edinburgh Investment Trust plc, a FTSE 250-listed investment trust.
Previously, Stheeman was a Senior Advisor to the Bank of England’s Prudential Regulation Authority (2015-2018). In this role, she focused on governance across the UK’s financial services sector.
She was previously a non-executive director of the Board of Korian SA, the largest provider of retirement homes in France and Germany, as well as a member of the Supervisory Board and Audit Committee of TLG Immobilien, a publicly listed real estate company based in Germany.
In her last executive role, Stheeman was Global Chief Operating Officer for LaSalle Investment Management, having previously worked for Morgan Stanley for over 20 years (1988-2012).
Stheeman is a member of the London School of Economics (LSE) Council and the deputy chair of the LSE Finance and Estates Committee.
The Audit and Risk Committee (ARC) comprises four Director members and two external members and is one of the committees of Board of Directors of AIIB. The terms of reference for the ARC is available here, and the ARC’s annual reports are available here.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 102 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.