The board’s function is to determine ICMA’s strategy and major policy matters of the Association and to supervise the Chief Executive, the executive committee and the functions of ICMA generally.

The following board committees assist it in performing its supervisory role:

  1. the audit, compliance and governance committee oversees compliance by the Association with all laws, rules and regulations applicable to it in order to enable the board to conduct appropriate supervision of the Association's regulatory affairs and for overseeing, controlling and reporting on the budgetary process and financial control of ICMA;
  2. the oversight committee supervises the executive committee and any committee established by the executive committee; and
  3. the compensation committee reviews and recommends the compensation of the Association’s senior executives to the board.

The board comprises 22 members, 21 of which are normally elected by the general meeting and one of which, the Chief Executive, is appointed by the board. The term of office of each of the 21 elected board members is three years. At each ordinary general meeting one-third of the 21 elected board members (i.e. seven) must retire. Retiring board members may be re-elected for one additional consecutive term of office of three years. When a board member leaves the board prior to the expiry of his/her term of office the nomination committee appoints a successor to the board who completes the predecessor’s term of office. The Chief Executive is an “ex-officio” board member during the tenure as Chief Executive. The statutes stipulate that when considering the nomination of candidates for the board elections at the general meeting, the nomination committee’s selection of the candidates must reflect a balanced representation in the board of:

  • the geographic composition of the Association and the current importance in the international capital markets of particular regions or areas; and
  • the various functions in the markets.

A candidate for board membership is typically expected 

  • to be involved in the capital markets’ business;
  • to exercise a function at a senior level (managing director or equivalent) within his/her member firm;
  • to be able to commit resources of his/her member firm in capital markets for ICMA activities; and
  • to be able to participate in ICMA committees and working groups as chairman or otherwise and to represent ICMA at conferences and other  public events from time to time.

The current board members are:

Mandy DeFilippo (Chair)
Citadel Securities
term: until the AGM 2023

Janet Wilkinson (Vice Chair)
RBC Europe Limited
term: until the AGM 2025
Jean-Luc Lamarque (Deputy Chair)
Crédit Agricole Corporate and Investment Bank
term: until the AGM 2025
Gareth Allen
term: until the AGM 2023
Amine Bel Hadj Soulami
BNP Paribas
term: until the AGM 2024
Adam Bothamley HSBC Adam Bothamley
term: until the AGM 2024
Jonathan Brown
Barclays Capital Securities Limited
term: until the AGM 2023
Dr. Frank Engels
Union Asset Management Holding AG
Frankfurt am Main
term: until the AGM 2025
Stephen Fisher
BlackRock Investment Management (UK) Limited
term: until the AGM 2025
Jérôme Jean Haegeli
Swiss Re Management Ltd
term: until the AGM 2024
Reiko Hayashi
Bank of America Merrill Lynch
term: until the AGM 2023
Kun Hu
Bank of China Limited
term: until the AGM 2025
Eila Kreivi
European Investment Bank
term: until the AGM 2023

Marc Lewell

J.P. Morgan SE, Paris Branch
term: until the AGM 2024
Ingo Ralf Mainert
Allianz Global Investors GmbH
Frankfurt am Main
term: until the AGM 2023
Chris Muyldermans
KBC Bank N.V.
term: until the AGM 2024
Bryan Pascoe (ex-officio as ICMA’s Chief Executive)
term: n/a
Henrik Raber
Standard Chartered Bank
term: until the AGM 2025
Heleen van Rooijen
Nederlandse Waterschapsbank N.V.
The Hague
term: until the AGM 2023


Christophe Roupie
Chair of ICMA's Market Infrastructure Advisory Group


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