From November 1, 2017, which is less than two weeks, former Minister of Finance and Coordinating Minister, Dr. Ngozi Okonjo-Iweala, has joined the Board of Directors of Standard Chartered Plc as an independent Non-Executive Director according to a statement from the bank. She joined the Board’s Brand, Values and Conduct Committee of the bank.
Following the appointment, Okonjo-Iweala, we gathered would 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 of the international bank, in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. The independent non-executive Directors do not participate in any of the Group’s incentive arrangements.
Okonjo-Iweala who is 63 has about 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.
She 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 for the Economy in the Nigerian government, a position she held until 2015. She has a Bachelor’s degree from Harvard University and a Masters and PhD from Massachusetts Institute of Technology.