Okonjo-Iweala Named Director Of Standard Chartered

Former Nigeria Minister of Finance, Ngozi Okonjo-Iweala has been appointed an independent non-executive director at Standard Chartered PLC.

Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries.

The bank in a statement released on Thursday, by Jon Tracey, its media specialist, said her appointment is effective from November 1, 2017.

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 former Managing Director of the World Bank will earn an annual pay of £130,000.

The statement read: “The independent Non-Executive Directors do not participate in any of the Group’s incentive arrangements.

“Dr 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”.

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.”

After spending 25-years at the World Bank, Okono-Iweala currently chairs the Board of the Global Alliance for Vaccines and Immunization (GAVI) and the African Risk Capacity (ARC). She is also a Senior Adviser at Lazard.

The former Nigeria coordinating minister of economy has a Bachelor’s degree from Harvard University and a Masters and PhD from Massachusetts Institute of Technology.

She is married to Dr. Ikemba Iweala, a neurosurgeon from Umuahia, Abia State, and they have four children.