BIS Board of Directors reappoints Weidmann
The Board of Directors of the Basel-based Bank for International Settlements (BIS) has re-appointed Bundesbank President Jens Weidmann as Chairman for a second three-year term, to begin on 1 November of this year. The Board thanked Mr Weidmann for his valuable contributions during his first term of office and praised his unflagging commitment to the BIS. The Bundesbank President’s first term as Chairman of the Board of Directors began on 1 November 2015.
"The central bank for central banks"
The BIS, also known as "the central bank for central banks", is the world's oldest international financial institution. The Bundesbank is one of currently 60 member institutions.
The Board of Directors determines the strategic and policy direction of the BIS, and also su-pervises BIS management. It meets at least six times a year. Its composition includes six ex officio members – the central bank governors of Belgium, France, Germany, Italy, the United Kingdom, and the United States. Each of these members may appoint another member of the same nationality to the Board. Pursuant to the BIS Statutes, up to nine governors of other member central banks may be elected to the Board of Directors.