KUCHING: The International Organization of Securities Commissions (IOSCO) has recently re-elected Greg Medcraft as the chairman of its board.
IOSCO in a statement said Medcraft, who is the chairman of Australian Securities and Investment Commission (Asic) was re-elected at the inaugural meeting of the newly constituted board, during IOSCO’s annual conference in Rio de Janeiro, Brazil earlier this month.
IOSCO added the board has also re-elected Howard Wetson, the chairman of the Ontario Securities Commission, as its vice chairman.
Meanwhile, IOSCO said Securities Commission Malaysia’s chairman Datuk Ranjit Ajit Singh, who was re-elected as the chairman of IOSCO growth and emerging market (GEM) committee recently will continue as the board’s vice chairman.
On Medcraft’s re-appointment as IOSCO’s chairman, he said he was committed to working with the board ‘with a clear focus on our work in building trust and confidence in the global markets we regulate’.
“I am keen to ensure we build on our achievements over the last 18 months,” he said.
In the meantime, IOSCO revealed that Medcraft assumed the position of IOSCO chairman in March 2013, one year after the organization created its first board through a three-way merger of the IOSCO technical committee, the executive committee and the emerging markets committee advisory board.
The move was aimed at streamlining IOSCO’s organisational structure over a two-year transitional period.
On another note, IOSCO said the new board for the organisation currently has 34 members – two more than the previous board which better represents the geographical diversity of IOSCO’s membership.
IOSCO pointd out that the constitution marked the end of the transitional period that began with the creation of the first board in 2012.
Moreover, IOSCO said Comissão de Valores Mobiliários of Brazil’s chairman Leonardo P. Gomes Pereira was elected as a vice chairman of the GEM committee while he is joined by Bert Chanetsa of the South African Financial Services Board, who was re-elected as GEM committee vice chairman.
IOSCO stated that all appointments are for a two-year term.