With the exception of matters requiring decision by ICMA's general meeting, issues concerning the Association fall within the competence of its 16-member board. The board is responsible, in particular, for deciding on major policy issues and approving amendments to ICMA's rules and recommendations. 15 of its members are elected by ICMA's membership at the Association's annual general meeting. ICMA's executive president is an ex-officio member of the board who heads the Association's secretariat.
 

Under the Association's statutes, one third of the total number of board members - excluding the executive president - must retire at each ordinary general meeting. Retiring members may be re-elected for not more than one additional consecutive term of office of three years.

The board of the Association is currently comprised as follows:

Marc Buckens
Dexia Holding
Brussels

Fermin Cifuentes
Banco Español de Credito S.A.
Madrid

Frank Czichowski
KfW Bankengruppe
Frankfurt am Main

Giuseppe Distefano
Fair Advisory SA
Chiasso

Robert B. Gray
Vice Chairman
HSBC Bank plc
London

Paul Hearn
BNP Paribas
London

René Karsenti
President
ICMA
Zurich

Brian M. Lawson
Nomura International plc
London

Martin Lee-Warner
Raiffeisen Zentralbank Österreich AG
Vienna

Andreas Luethi
Hinduja Bank (Switzerland) Ltd
Geneva

David Marks
J.P. Morgan Securities Ltd
London

Hans-Joerg Rudloff
Chairman
Barclays Capital Securities Limited
London

Martin Scheck
Chief Executive
ICMA
Zurich

Laurens Veldink
ING Bank N.V.
Amsterdam

Under ICMA's statutes, candidates for board membership must be experienced and suitable persons associated with one of ICMA's member firms. The selection of the candidates must reflect a balanced representation in the board of the geographical composition of the Association and the current importance in the international securities markets of particular regions or areas, and the various functions in the markets.