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October 17, 2019

Oct. 17, 2019, Washington D.C. — Today, the Institute of International Finance (IIF) named Singapore’s Senior Minister and Coordinating Minister for Social Policies, and Chairman of the Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam, and Bank of England Governor Mark Carney as the inaugural recipients of the IIF’s Distinguished Leadership and Service Award.  

The award was created to recognize individuals who have made distinguished and sustained contributions to the health of the global economy and financial system through their leadership. Awards will be presented annually at the IIF’s Annual Membership Meeting, taking place this year in Washington, D.C. from October 16-19.  

“Governor Carney and Senior Minister Tharman are two of the brightest and most capable people I’ve had the honor to work with. Both are world-class public servants, and even better, they are world-class people,” said IIF President and CEO, Timothy D. Adams. “The success and stability of today’s international financial system would not be possible without their foresight and steady hands.”

Senior Minister Tharman currently serves as Chairman of the MAS, Singapore’s central bank, and under his leadership, Singapore has strengthened its role as one of the world’s leading financial centers. Previously, he led the G20 Eminent Persons Group on Global Financial Governance, which proposed reforms for a more effective system of global finance for growth, sustainability and financial stability. His career also includes distinguished service as Singapore’s Deputy Prime Minister, Minister for Finance, and Minister for Education.

“A visionary, Tharman has been a leading proponent of global reforms to derisk and grow development finance, and to achieve more resilient capital flows,” noted Adams. “His ability to see around the corner and consider both the economic implications and the possibilities from a central banker’s lens provides a unique and highly valuable perspective in our ever-evolving and increasingly digital world.” 

Beyond his current role as Governor of the Bank of England, Governor Carney’s extensive career in public service also includes his tenure as Chairman of the Financial Stability Board and Governor of the Bank of Canada. Additionally, he served in Canada’s Department of Finance. Under Governor Carney’s leadership, the Bank of England has moved the financial industry forward on critical issues like sustainability and improving diversity. 

“Mark has a well-earned reputation, on both sides of the Atlantic, for being a thoughtful and pragmatic leader,” said Adams. “His guidance has helped two major economies navigate perilous periods of uncertainty and economic strain, in turn helping to steady the course of the global economy. We have all benefitted from having Mark’s voice, wisdom, and spirit of service for the last decade." 

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The Institute of International Finance is the global association of the financial industry, with more than 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.