CIC appoints former ICBC VP as chairman of its board of supervisors
28 May 2013
By Hui Ching-hoo
China Investment Corporation (CIC) has appointed Industrial & Commercial Bank of China Ltd’s (ICBC’s) former Vice President Li Xiaopeng as its chairman of the board of supervisors of CIC. He replaces Jin Liqun in the position.
The supervisory board of CIC is responsible for monitoring the behaviour of the fund's directors and executives.
In a statement, the sovereign wealth fund said it highly commends the excellent leadership and service of Mr. Jin during his five-year tenure as chairman of the board of supervisors, and his efforts in promoting international engagement between CIC and various stakeholders.
“In his capacity as chairman of the International Forum of Sovereign Wealth Funds (IFSWF), Jin Liqun has played a central role in the sound development of the forum, and ably led institution-wide efforts to advance dialogue and communication among IFSWF members, and elevate global awareness and confidence in sovereign wealth funds, including CIC,” the statement acknowledged.
Separately, CIC has yet to replace its former chairman, Lou Jiwei, who left the fund in March 2013 to become China’s current finance minister.
According to Xinhua, since being founded in September 2007 with US$200 billion in registered capital from the country's huge foreign reserves, CIC has expanded its footprint to over 100 countries, with its overseas portfolio accounting for some 40% of its total assets.
More News >