The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has appointed Tiff Macklem, Governor of the Bank of Canada, as its new chairman, effective immediately.

Macklem succeeds François Villeroy de Galhau, governor of the Bank of France, who has chaired the GHOS since November 2019. He stepped down from GHOS after being elected chairman of the board of directors of the Bank for International Settlements (BIS) in January. GHOS members expressed their thanks to Villeroy de Galhau for his leadership over the past three years, and look forward to working with Macklem.

Villeroy de Galhau said, “It has been a privilege to chair the GHOS since 2019. During this period, GHOS members have collaborated closely, with regards to the regulatory response to the COVID-19 pandemic and the full, consistent and timely implementation of Basel III. I am delighted that Macklem has been appointed to chair the GHOS and wish him the very best in this new role”.

Macklem said, “It is an honour to be appointed chairman of the GHOS. I look forward to continuing its important work of providing strategic direction to the Basel Committee, as it works to promote full Basel III implementation, address new challenges facing banks and supervisors, and enhance global financial stability”.

Macklem’s term as GHOS chair is for three years.

Re-disseminated by The Asian Banker