Social Governance

NGFS Announces Appointment of Former Chief of MAS as New Chair of Climate-Focused Central Bank Coalition

Published on: 19 January 2022 06:15 PM
by KnowESG

A Brief Summary

The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) announced the appointment of Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), as Chair and Sabine Mauderer, as Vice-Chair of the organisation. Ms Mauderer is a member of the Deutsche Bundesbank's Executive Board. Both roles will be filled for two years, starting in January 2022.

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The NGFS was founded in 2017 to assist in the global response required to meet the Paris Agreement's goals, as well as enhancing the role of the financial system in risk management and capital mobilisation for green and low-carbon investments in the broader context of environmentally sustainable development. The group has evolved from eight central banks and supervisors to over 105 members and 16 observers across five continents since its inception.

Menon has been the Managing Director of MAS since 2011. Before that, he served as Singapore's Permanent Secretary at the Ministry of Trade and Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF). He has worked on monetary policy, econometric forecasting, organisational development, banking regulation and liberalisation, and integrated supervision of complex financial institutions throughout his career at MAS.

Mauderer joined Deutsche Bundesbank in 2018 as a Member of the Executive Board, where he was responsible for Markets and Human Resources. Mauderer worked at KfW Banking Group as First Vice President: Director Strategic Investments/Supervisory Board & Management Board Office before joining the central bank.