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The Asian Infrastructure Investment Bank (AIIB) to Transition to New Model For Project Approvals 2018.07.11

Beijing, China - July 09, 2018 - The Asian Infrastructure Investment Bank's (AIIB) Board of Directors has approved a new governance model that will strengthen its role in establishing the policies and strategies of the bank and its ability to hold the President accountable for the management of AIIB. It will also delegate authority to the President to approve a select group of projects based on predetermined criteria. This new model is expected to enhance efficiency and make the President more responsible and accountable to the shareholders for AIIB's operations.

Good governance is our hallmark and we strive to operate at the highest possible standards in transparency and accountability.
All powers of the Bank are vested in our Board of Governors, which is the highest decision-making body under the Articles of Agreement
.
Photo courtesy of AIIB
 

Beijing, China - July 09, 2018

• Clearer accountabilities, operational efficiencies at the heart of innovative approach

The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a new governance model that will strengthen its role in establishing the policies and strategies of the bank and its ability to hold the President accountable for the management of AIIB.
It will also delegate authority to the President to approve a select group of projects based on predetermined criteria.

Photo courtesy of AIIB
 
This new model is expected to enhance efficiency and make the President more responsible and accountable to the shareholders for AIIB’s operations.

A strong risk culture, coupled with an oversight mechanism, is currently being established at AIIB as part of the transition to a new governance framework.

Photo courtesy of AIIB
 
The framework also lays out clear reporting and performance guidelines to reinforce the Board’s oversight role.

Jin Liqun, President of AIIB.
Mr. Jin Liqun is the inaugural President and Chairman of the Board of Directors.
Before being elected as the Bank’s first president, Mr. Jin served as Secretary-General of the Multilateral Interim Secretariat tasked with establishing the Bank.

Photo courtesy of AIIB
 
"AIIB was envisioned to be a new kind of multilateral development bank with twenty-first century governance," said Jin Liqun, President of AIIB.
"We drew upon international best practices in developing our new accountability framework that places more responsibility for decision-making on management and staff. We believe this will embed a culture of accountability at the bank, which will in turn lead to more rigor and ownership placed on project outcomes."

Sir Danny Alexander, Vice President and Corporate Secretary, AIIB.
Sir Danny Alexander is responsible for the Bank’s relations with its members, the Board of Governors, the Board of Directors and other aspects of governance, including the admission of new members
.
Photo courtesy of AIIB
 
"The accountability framework strengthens and clarifies the respective responsibilities of Management and the Board. It reinforces the Board’s strategic role and enhances its ability to hold Management accountable," said Sir Danny Alexander, Vice President and Corporate Secretary, AIIB.
"Getting to this point was a very collaborative process, and as a result, I believe we are now in an even stronger position as an institution to succeed in our mission to support sustainable economic development for people in Asia."

New Model For Project Approvals
Photo courtesy of AIIB
 
Further details about the framework can be found on AIIB’s website.


https://www.aiib.org/en/about-aiib/governance/accountability-framework/index.html  


About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.


 
 
Headquartered in Beijing, we commenced operations in January 2016 and have now grown to 87 approved members from around the world.

By investing in sustainable infrastructure and other productive sectors today, we will connect people, services and markets that over time will impact the lives of billions and create a better tomorrow.



Source: AIIB

https://www.aiib.org/en/index.html  



ASTROMAN Magazine - 2018.07.06

The third Belt and Road Summit Attracted 5,000 Participants, fostered concrete cooperation under the theme “Collaborate for Success”


http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2543  


ASTROMAN Magazine - 2018.07.03

USD15 billion China-invested refinery and petrochemical complex seen as essential part of the economic future of Brunei


https://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2538  


ASTROMAN Magazine - 2018.06.18

The Belt and Road Blockchain Consortium: The Way Forward. The Belt and Road Summit 2018 in Hong Kong on 28 June, 2018


https://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2533  


ASTROMAN Magazine - 2018.06.11

A flagship Indonesian Belt and Road site, the Morowali Industrial Park, received an extra USD1.22 billion in mainland investment


https://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2529  



Editor-in-Chief of ASTROMAN magazine: Roman Wojtala, Ph.D.


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