Ngozi Okonjo-Iweala, former minister of finance, has been named an independent non-executive director at Standard Chartered PLC.
Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, and with presence in 70 countries.
The company said her appointment is effective from November 1, 2017. The independent Non-Executive Directors do not participate in any of the Group’s incentive arrangements.
She 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.”
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.”
Okonjo-Iweala spent 25 years working at the World Bank in various positions. According to the bank, Okonjo-Iweala “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”.
The 63-year-old 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.