The FINANCIAL — As of 1 June, NIB’s Board of Directors (BoD) has been appointed for the next four years.
According to the Bank’s Rules of Procedure for the BoD, each member country appoints a Director and an Alternate Member for a term of up to four years at a time. This year, two new Directors, Esther Finnbogadóttir (Iceland) and Pekka Morén (Finland), and a new Alternate Member, Guðmundur Pálsson (Iceland), are joining the Board. The Director for Norway, Silje Gamstøbakk, has been reappointed after a year of study leave.
At the Board meeting on 7 June, Kaspars Āboliņš (Latvia) was appointed the Chairman and Sven Hegelund (Sweden) the Deputy Chairman of the Board for the next two years.
NIB’s BoD makes policy decisions in lending, borrowing, and administrative questions. It approves the financial transactions proposed by NIB’s President and is responsible for the financial statements. The Board usually meets eight times a year.