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Maktoum bin Mohammed issues decision appointing new members to Dubai Financial Services Authority’s Board of Directors

Maktoum bin Mohammed issues decision appointing new members to Dubai Financial Services Authority’s Board of Directors
12 May 2024 20:04

DUBAI (WAM)

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre, issued a decision appointing four new members to the Board of Directors of the Dubai Financial Services Authority (DFSA).


The decision enables the DFSA Board to benefit from the diverse expertise of Robert Ophèle, Andrew Procter, Javan Herberg KC, and Sock Koong Chua, further strengthening the Authority’s goal of enhancing the financial sector in Dubai.


Sheikh Maktoum said: “The new appointments to the DFSA’s Board of Directors reinforce the emirate's approach to consolidating its position as one of the world's leading financial and business centres, aligning with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”


The DFSA appointments are among sustained efforts across various spheres inspired by the vision of Sheikh Mohammed to build on Dubai’s global brand, Sheikh Maktoum said, highlighting how this focus was exemplified by ambitious targets of the Dubai Economic Agenda (D33) that seek to transform Dubai into one of the world’s top three urban economies by the year 2033. The move also reflects the DFSA’s unstinting quest to attract the best global talent to help realise the ambitious economic blueprint pursued by Dubai and the UAE.


His Highness praised the rich expertise of members of the Board of the DFSA and their key role in helping shape the financial system and policy discourse in Dubai with an approach that combines flexibility, diversity, and innovation. His Highness said it was this capacity for enterprise that had enabled the sector to go from strength to strength while also living up to the expectations of leading financial institutions. Further bolstering global confidence in Dubai and its ability to attract investors and international financial companies was its success in promoting a competitive work environment governed by the best regulatory frameworks, he added.


The DFSA’s Board of Directors is chaired by Fadel Al Ali and its existing members include Julie Dickson, Sabine Lautenschläger, Abdullah Sharafi, and Rupert Keeley, alongside DFSA Chief Executive Ian Johnston.

Robert Ophèle has more than 40 years of experience in the financial sector. He is currently the Chairman of the Board of the Autorité des Normes Comptables, the French Accounting Standards Authority. Until 2022, he served as the Chairman of the Autorité des Marchés Financiers, the French Financial Markets Authority. He has contributed significantly to various French and European boards, including serving on the boards of the Autorité de Contrôle Prudentiel et de Résolution (the French Prudential Supervision and Resolution Authority), the High Council for Financial Stability, the European Systemic Risk Board, the European Securities and Markets Authority, and the International Organisation of Securities Commissions (IOSCO).


Andrew Procter has more than 30 years of experience in legal and regulatory affairs. He was a partner at international law firm Herbert Smith Freehills LLP for many years, where he provided strategic advice to financial institutions, listed companies, and executives on regulatory and risk-related issues. He contributed to the development of regulatory policy at both global and European levels. He served as a member of the European Banking Authority Stakeholder Group and the European Commission Group of Experts in Banking Issues. Additionally, he chaired the committee on Implementation of IOSCO Objectives and Principles of Securities Regulation.


Javan Herberg KC is a pre-eminent practitioner in financial services regulation who has been awarded the King’s Counsel status in recognition of his wealth of experience and expertise. He contributes to the Advisory Board of the Financial Services Lawyers' Association and has authored numerous publications on financial services and commercial law matters. Having acted for and against financial services regulators such as the UK’s Financial Conduct Authority and Prudential Regulation Authority, large financial institutions, as also individuals, in a number of jurisdictions, Herberg's expertise encompasses issues related to public law and constitutional law, and he has made significant contributions in this field.


Sock Koong Chua is a leading businesswoman in Asia currently serving as Senior Advisor at Singapore Telecommunications Limited (Singtel), Singapore’s largest telecom provider, after being its Group CEO for 13 years. She is a non-executive director on several other boards including the board of Prudential PLC. She is currently a member of the Council of Presidential Advisers, the Securities Industry Council, the Public Service Commission of Singapore, as well as the Supervisory Board of Royal Philips.

Source: WAM
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