International Advisory Council
Comprising private and public sector experts interested in regulatory affairs from around the world, the International Advisory Council (IAC) advises and informs the Board on general strategic direction and focus, and also on issues in their areas of expertise. While the IAC only meets periodically, its members are active participants in informal consultations as well as in events and forums relevant to their work and geography.
Members of the IAC
Arthur Docters van Leeuwen
Region: Europe
Sector: Regulatory / Exchanges
Biography: Arthur Docters van Leeuwen is Senior Research Fellow at the Dutch School for Public Administration (NSOB), since December 2007. In that capacity he performs several evaluations, including the evaluation of the regulatory system of the Dutch Bar Association.
In 2008 he was appointed as member of the Supervisory Board of Aegon N.V., at the request of the government. He helped create Holland Financial Centre in 2007 and was Chairman of the Board until 2009. From 1999 until 2007, Arthur Docters van Leeuwen was Chairman of the Board of the Financial Markets Authority (AFM). From 2001 to February 2007 he was Chairman of the Committee of European Securities Regulators. From 1995 to 1998 he was Chairman of the College of Procurators-General. From 1988 until 1995 he was Head of the Dutch Intelligence and Security Service.
Bob Wigley
Region: Europe
Sector: Banking
Biography: Currently Chairman of Yell Group plc and Sovereign Reversions plc. Also chairs the Global Advisory Board of the Oxford University Centre for Corporate Reputation and sits on the Advisory Council of Business for New Europe. Bob is a member of the Senior Practitioner Committee of the FSA, the Chairman’s Committee of the London Investment Banking Association, the Panel on Takeovers and Mergers and the Chancellor’s “wise men” group representing key financial stakeholders in London.
Previously:
Bob was senior VP and Chairman of ML Europe, Middle East and Africa Region Management Committee and sat on the Global Operating Committee and Client Coverage (2004-2009).
Bob was a Member of the Court of the Bank of England and a member of its Risk Policy Committee; a non-executive Director of LCH.Clearnet and of Euroclear PLC; Deputy Chairman of Business in the Community; a non-executive Director and Chairman of the Audit Committee of the board of Royal Mail Group plc; and Chairman of BITC’s Education Leadership Team (2006-2009).
Ethiopis Tafara
Region: Americas
Sector: Regulatory / Exchanges
Biography: Ethiopis Tafara is the Director of the Office of International Affairs. Mr. Tafara oversees the Commission's international regulatory policy and enforcement initiatives, working with foreign regulators and international organizations, as well as the US Securities & Exchange Commission's (SEC) other division and office directors with respect to the international aspects of the Commission's programs.
Over the past year, Mr. Tafara served as the Commission's Acting Director of the Office of International Affairs. He played a vital role in advising the Commission on the international implications of new Commission initiatives on corporate governance, auditor oversight and the creation of the Public Company Accounting Oversight Board, and attorney ethics. Mr. Tafara represents the Commission in the International Organization of Securities Commissions (IOSCO) and the Council of Securities Regulators of the Americas and has been a key player in the SEC's ongoing regulatory dialogue with the European Commission. He also worked to enhance the SEC's enforcement cooperation with its foreign counterparts through organizations such as the Financial Action Task Force and IOSCO's recent Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.
Mr. Tafara joined the Commission's staff in 1999 as an Assistant Director in the Office of International Affairs. Prior to joining the SEC, Mr. Tafara was counsel to the chairperson at the U.S. Commodity Futures Trading Commission and also served in the CFTC's Division of Enforcement. He began his legal career in Cleary, Gottlieb, Steen and Hamilton's Brussels office, where he worked on trade and competition matters. Mr. Tafara received his A.B. from Princeton University and his law degree from the Georgetown University Law Center.
Jane Diplock
Region: Australasia
Sector: Regulation
Jane Diplock is a globally recognised figure in the field of securities regulation, with diverse experience of the public and private sector. Most recently, she served as the Chairman of the Executive Committee of the International Organisation of Securities Commissions (IOSCO). She left the post in April 2011, having first been elected Chair back in 2004.
Jane has been a prominent figure in the Australasian market for over a decade. She served as Chairman of the New Zealand Securities Commission from September 2001 to April 2011, having been reappointed in 2006 to serve a 5 year second term. Earlier in her career, Jane was the National Director, (Infrastructure and Strategic Planning), for the Australian Securities and Investments Commission (ASIC). Her role also had a regional dimension, as she acted as the NSW Regional Commissioner at ASIC. Jane has also held senior executive positions with Westpac Banking Corporation, and was Managing Director of the New South Wales Technical and Further Education Commission.
Jane has recent experience that extends beyond Australasia and to a number of global regulatory bodies. She is a member of the Financial Crisis Advisory Group, set up in December 2008 by the International Accounting Standards Board and the United States Financial Accounting Standards Board. The group examines financial reporting issues arising from the global financial crisis and is of important transferable reference to the remit of the ICFR.
Until recently, Jane was also a member of the Steering Committee set up by, among others, HRH The Prince of Wales to establish an International Integrated Reporting Committee. This body is developing a financial reporting model to support the information needs of long-term investors and sustainable investment.
Katherine Tsang
Region: Asia
Sector: Banking
Biography: Katherine Tsang joined Standard Chartered Bank in 1992 and has held various positions in the Bank since then. She has a strong track record in consistently delivering superior business performance and in developing and managing people to achieve their potential. In her career, she has held global and regional roles focused on the Asia Pacific region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
She is currently Chairperson for Greater China, Standard Chartered Bank and plays an important leadership role in driving the Bank’s strategic growth in the region. Concurrently, she is Chairperson of the Boards of Standard Chartered China and Taiwan and a Board Member of Standard Chartered Hong Kong. Katherine also sits on the Boards of Baoshan Iron & Steel Co. Limited and Gap Inc and is a member of the City of London Advisory Council for China and the London based International Centre for Financial Regulation’s International Advisory Council.
Prior to her current appointment, Katherine was Executive Vice Chairman and CEO of Standard Chartered Bank in China. The Bank’s China franchise grew significantly and achieved unprecedented financial performance under her leadership. She successfully implemented a series of key projects which helped the Bank to establish a sustainable business in China.
From 1992 to 2005, Katherine held different global and regional Human Resources roles where she was responsible for the management and development of the Bank’s key, critical resource – its people.
Before joining Standard Chartered, Katherine worked in a number of organizations in both the public and private sectors including Acro Chemical Asia Pacific, Kowloon-Canton Railway and the Hong Kong Government.
Born in Hong Kong and educated in Hong Kong and Canada, Katherine holds a Bachelor of Commerce Degree from the University of Alberta, Canada.
Malcolm Knight
Region: North America & Europe
Sector: Banking and Regulation
Biography: Dr. Knight is Vice Chairman of Deutsche Bank Global Group, where he is responsible for developing and coordinating a coherent Group-wide approach to global issues in financial regulation, supervision and stability. He is also Visiting Professor in Finance at the London School of Economics and Political Science. During 2003-2008, Malcolm served as General Manager and Chief Executive Officer of the Bank for International Settlements. Before that he held posts as Senior Deputy Governor of the Bank of Canada and as a Deputy Director of the International Monetary Fund. Dr. Knight is a member of the Board of Directors of Swiss Reinsurance and a Trustee of the International Valuation Standards Council.
Margaret Cole
Region: UK
Sector: Financial Services
Margaret Cole is currently a Managing Director and Board Member of the Financial Services Authority.
From 1990 to 1995 Margaret was a Partner with Stephenson Harwood, where she was responsible for the recovery actions in relation to the Maxwell Pension Funds on behalf of the Pension Funds Trustee. In 1995 she joined the London Office of international law firm White & Case to found and head its Dispute Resolution Department. In 2009 Margaret took over responsibility for the FSA’s Financial Crime Division which merged with the Enforcement Division.
In 2010 she joined the FSA’s Board as Managing Director, Enforcement and Financial Crime. From April to October 2011 she assumed Interim responsibility for the new Conduct Business Unit which will form the core of the new Financial Conduct Authority. She was made Deputy Head of the Conduct Business Unit from October 2011. Until 2011 she also served as a Non-Executive Director of the National Skills Academy Financial Services.
Mark Tucker
Region: Europe/Asia
Sector: Insurance
Biography: Mark Tucker is the Group Chief Executive and President of AIA Group Limited. AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group in the world. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited.
Prior to joining the AIA Group, Mark served as group chief executive of Prudential plc from 2005 to 2009 and as group finance director of HBOS plc from 2004 to 2005. He was the founder and chief executive of Prudential Corporation Asia Limited from 1994 to 2003. Mark qualified as a Chartered Accountant (ACA) in 1985 and joined Prudential plc in 1986, where he held senior management positions across different business units and geographies.
Mark has been a non-executive director of the Court of The Bank of England and a member of both its Financial Stability Committee and its Audit and Risk Committee since 2009. Mark is a member of International Centre for Financial Regulation (ICFR) International Advisory Committee since January 2010. He is also a non Executive Director of the Edinburgh International Festival.
Peter Praet
Region: Europe
Sector: Banking
Biography: Peter Praet is a member of the ECB's Executive Board. He is also head of the ECB's economics' division. In 2000, Peter Praet was appointed executive director of the National Bank of Belgium. In 2002, he was also appointed to the Management Committee of the Belgian Banking, Finance, and Insurance Commission (CBFA), looking after prudential policy for banking and insurance.
Before joining the National Bank of Belgium, Mr. Praet served as chief of cabinet for the Belgian Minister of Finance from 1999-2000, as chief economist of Générale de Banque and Fortis Bank from 1988-1999, as professor of economics at the Université Libre de Bruxelles from 1980-1987, and as economist at the International Monetary Fund from 1978-1980. Mr. Praet earned a Ph.D. in economics from the Université Libre de Bruxelles in 1980. He currently teaches money and banking at the Université Libre de Bruxelles, and from 2001-2004 he held the Chair of Business Ethics at the Faculté polytechnique and the Solvay Business School of the Université Libre de Bruxelles.
Mr. Praet serves on several high-level international committees, including the Basel Committee on Banking Supervision, the Committee on Payment and Settlement Systems, the Committee on the Global Financial System, the Committee of European Banking Supervisors, and the Banking Supervision Committee of the ESCB as Chair. He is an alternate director of the Committee of G10 Governors and the International Monetary and Financial Committee. He is also co-chair of the Research Task Force of the Basel Committee on Banking Supervision.
Mr. Praet is a member of the board of the European think tank Bruegel (Brussels European Global Economic Laboratory).
Richard A. Lumb
Region: Global
Sector: Financial Services
Richard A. Lumb is group chief executive of Accenture’s Financial Services operating group.
Prior to assuming his current position in December 2010, Mr. Lumb was senior managing director of Accenture’s Financial Services operating unit in Europe, Africa, the Middle East and Latin America. In that role he was responsible for setting the overall vision and strategy, for sales and revenue growth, and for client relationship management for the operating group in those geographies. Prior to taking on that role in June 2006, Mr. Lumb was managing director of business and market development for the Financial Services operating group, responsible for leading the origination and closure of the largest client contracts within the operating group.
Mr. Lumb has more than 25 years experience at Accenture, developing strategies and business models and implementing business change programs and systems for some of the world’s leading financial institutions.
Mr. Lumb has focused solely on the financial services industry since 1994 and has worked extensively in the insurance industry, where he has led major multi‐year, technology-based restructuring programs at several global insurance companies. Other leadership roles Mr. Lumb has held at Accenture include managing partner of the Insurance industry group for the United Kingdom and Ireland and managing partner of Accenture’s Change Management and Human Performance service line in Financial Services for the EMEA (Europe / Middle East / Africa) region.
Mr. Lumb joined Accenture in 1984 and became a partner in 1995. He earned a degree in mechanical engineering and an MBA from Bradford University in the United Kingdom.
Usha Thorat
Region: India
Sector: Banking
Mrs. Usha Thorat, former Deputy Governor, Reserve Bank of India, has been Director of the Centre for Advanced Financial Research and Learning (CAFRAL) since January 2011.
After a distinguished service of nearly four decades with the Reserve Bank of India, Mrs. Usha Thorat retired in November 2010 as its Deputy Governor, a post which she held for five years. As Deputy Governor, Mrs. Thorat’s specific responsibilities included banking regulation and supervision, rural and urban cooperative banks and currency management. She was also responsible for the developmental role of the RBI for facilitating inclusive growth, especially in regard to rural credit, SME and financial inclusion. Until she relinquished office, she represented the Reserve Bank of India on the Basel Committee on Banking Supervision (BCBS). The other important positions held by Ms. Thorat during her tenure as Deputy Governor included Member on the Board of Securities Exchange Board of India (SEBI), Chairperson of the Bharatiya Reserve Bank Note Mudran Private Limited, Chairperson of the Deposit Insurance and Credit Guarantee Corporation (2005‐09) and Director on the Board of National Bank for Agriculture and Rural Development (2005‐09).