Philippine Deposit Insurance Corporation (PDIC) President Jose C. Nograles was recently appointed as Chairman of the Audit Committee of the International Association of Deposit Insurers (IADI) by the Executive Council of the said organization. Nograles is the first PDIC President to hold the Chairmanship of an IADI Committee.

The IADI is an international association of deposit insurers aimed at contributing to the stability of financial systems worldwide. It promotes guidance on international best practices in deposit insurance. The association is composed of 59 members from all over the world, including among others, the Federal Deposit Insurance Corporation (FDIC), the Canada Deposit Insurance Corporation, Japan Deposit Insurance Corporation, Financial Services Authority of the United Kingdom and the Deposit Protection Fund of the Association of German Banks.

As Chairman of the Audit Committee, Nograles will oversee the committee that monitors the integrity of the financial statements of the IADI. He shall steer the committee in reviewing the effectiveness of Association’s internal controls and risk management systems. He shall also make recommendations to the Executive Council, the IADI’s policy making body, regarding the appointment of the Association’s external auditor, as well as review the effectiveness of the external audit.

Nograles’ appointment is in cognizance of his extensive experience in finance and in good corporate governance. A former investment banker and Assistant Minister of Natural Resources, the PDIC President holds a Bachelor Degree in Economics, Cum Laude from the Ateneo de Manila University and an MBA from the Asian Institute of Management. He is a Fellow of the Institute of Corporate Directors (ICD), a non-governmental organization that conducts training and advocacy work for corporate governance and corporate social responsibility.

The PDIC President was earlier elected to the Executive Council of the IADI in 2008.