Pursuant to Article 27 of the Bank’s Rules of Procedure, Ms Beatrice DEVILLON-COHEN (former Managing Director – Head of Derivatives Trading, Société Générale, London) was proposed as a candidate to perform the duties of an observer to the Audit Committee.

On 22 June 2020, further to the receipt of a non-objection opinion from the Appointment and Advisory Committee, the Board of Governors was invited to vote on the proposed appointment of Ms DEVILLON-COHEN.

The decision to appoint Ms Beatrice DEVILLON-COHEN was taken on 9 July 2020, the date on which the requisite majority of Governors’ votes was reached. The observer to the Audit Committee is appointed for a non-renewable term of office of six (6) years, expiring in 2026, at the end of the day either of the Annual Meeting or of the approval of the financial statements for the previous financial year, whichever is later.