Banking & finance

New ICC Banking Commission governance to respond to industry needs

  • 11 December 2012
ICC Management

The International Chamber of Commerce (ICC) today announced the creation of an Advisory Board and Executive Committee to provide strategic direction for its Commission on Banking – a leading global policy and rule-making body for the banking industry.

The introduction of the Advisory Board is in line with the ICC Banking Commission’s objective to remain a relevant and recognized authority within the emerging trade industry and is part of a major overhaul of the commission known worldwide for its products and services, which include the most successful privately drafted rules for trade ever developed – the Uniform Customs and Practice for Documentary Credits (UCP).

“The launch of the Banking Commission Advisory Board is a major milestone. This body will advise the Banking Commission’s Officers and the ICC Secretariat on key strategic vision, issues and opportunities,” said Kah Chye Tan, Chair of the ICC Banking Commission. “In addition, the group of Officers will be reorganized and expanded into what will be the Commission’s Executive Committee. Such change at the very top of a commission is also an ideal opportunity to align the commission’s resources to new mandates and to strive to meet the aspirations of the commission’s renewed membership.”

The ICC Banking Commission Advisory Board will have to respond to increased policy, regulatory and market requests for greater transparency and standardization of trade finance products. Thierry Senechal, Executive Secretary of the commission said: “The Banking Commission Advisory Board will not only help us deal with mounting challenges faced by both the industry and policymakers but also to strengthen the coordination of stakeholders for greater effectiveness. Overall, the new governance structure will enable the Banking Commission to add new rule-writing, standardization and policy mandates, making us more innovative and market driven in response to a rapidly changing economic environment and new industry needs.”

The Advisory Board will consist of an international network of experts who have agreed to give ICC salient help and direction on a regular basis on issues including organizational development, policy, partnerships and outreach. “The Advisory Board will help ICC to diversify its work programme and create partnerships in order to address new and emerging aspects of the international trade industry, and to help ICC members pragmatically address the complexities they face,” said Jean-Guy Carrier, ICC Secretary General.

Mr Tan, who is Chair of the Commission, will also chair the Advisory Board. Mr Dan Taylor, Managing Director, Corporate & Investment Bank, Global Market Infrastructures, J.P. Morgan, will chair the Executive Committee in his capacity as Vice-Chair of the Banking Commission. The Senior Policy Manager of the Banking Commission acts as Executive Secretary for both the Advisory Board and Executive Committee and is delegated the responsibility for the day-to-day management of the commission by ICC.

Members of both the ICC Banking Commission Advisory Board and Executive Committee as of today are:

Advisory Board members:

The Executive Committee will comprise the following officers:

The ICC Banking Commission will seek to add new members in the future so that new areas of expertise can be fully covered.

For more information about their activities visit the ICC Banking Commission.