The Group of Thirty Leadership
Jacob A. Frenkel, Chairman of the Board of Trustees
Dr. Jacob A. Frenkel is Chairman of JPMorgan Chase International. He also serves as Chairman of the Board of Trustees of the Group of Thirty (G-30) which is a private, nonprofit, Consultative Group on International Economic and Monetary Affairs.
Dr. Frenkel served from 2001 to 2011 as Chairman and CEO of the G-30, from 2004 to 2009 as Vice Chairman of American International Group, Inc., and from 2000 to 2004 as Chairman of Merrill Lynch International, as well as Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups. Between 1991 and 2000 he served two terms as the Governor of the Bank of Israel. He is credited with reducing inflation in Israel and achieving price stability, liberalizing Israel’s financial markets, removing foreign exchange controls, and integrating the Israeli economy into the global financial system.
Between 1987 and 1991, he was the Economic Counselor and Director of Research at the International Monetary Fund, and between 1973 and 1987 he was on the faculty of the University of Chicago where he held the position of the David Rockefeller Professor of International Economics and served as Editor of the Journal of Political Economy.
He is a Fellow of the Econometric Society, a Foreign Honorary Member of the American Academy of Arts and Sciences, a member of the Board of Trustees of the New York Economic Club, a member of the Board of Directors of the National Bureau of Economic Research, of the Japan Society, and of the Peterson Institute for International Economics, a member of the Competitive Markets Advisory Council (CMAC) of the CME Group, a member of the Trilateral Commission, a member of the Boards of the Aspen Institute Italia and The Council for the US and Italy, a member of Temasek International Panel (TIP), of the G20 Eminent Persons Group on Global Financial Governance, and a member of the International Advisory Council of China Development Bank. He is also a member of the Board of Directors of Boston Properties, Inc. and Loews Corporation.
Dr. Frenkel is a Laureate of the 2002 Israel Prize in Economics, a recipient of the Scopus Award from the Hebrew University, the Hugo Ramniceanu Prize for Economics from the Tel-Aviv University, the Czech Republic’s Karel Englis Prize in Economics, the “Order de Mayo al Merito” (in the rank of Gran Cruz) decoration from the Government of Argentina, the “Order of Merit” (in the rank of Cavaliere di Gran Croce) decoration from the Republic of Italy, and the YIVO Lifetime Achievement Award. He is also a recipient of several Honorary Doctoral degrees and other decorations and awards, including the “1993 Economic Policy Award” by “Emerging Markets” and the “1997 Central Banker of the Year Award” by “Euromoney”.
Dr. Frenkel serves as Chairman of the Board of Governors of Tel Aviv University. He previously served as Chairman of the Board of Governors of the Inter-American Development Bank (1995-1996), as Vice Chairman of the Board of Governors of the European Bank for Reconstruction and Development (1999-2000), as Governor of the IMF and Alternate Governor of the World Bank for Israel (1991-2000), and a member of the Economic Advisory Panel of the Federal Reserve Bank of New York (1986-2014).
Dr. Frenkel is the author of numerous books and articles in the fields of International Economics and Macro-Economics. Dr. Frenkel holds a B.A. in economics and political science from the Hebrew University of Jerusalem, and an M.A. and Ph.D. in economics from the University of Chicago.
Tharman Shanmugaratnam, Chairman of the Group, Trustee
Tharman Shanmugaratnam is Senior Minister in the Singapore Cabinet. He was previously Deputy Prime Minister for eight years, from 2011. He is also currently Coordinating Minister for Social Policies, and advises the Prime Minister of Singapore on economic policies. He is, concurrently, Chairman of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator.
In addition to his responsibilities in the Government, he is Deputy Chairman of the Government of Singapore Investment Corporation (GIC) and chairs its Investment Strategies Committee.
Tharman chairs the Group of Thirty, an independent global council of economic and financial leaders. He also chaired the G20 Eminent Persons Group on Global Financial Governance which in Oct 2018 proposed reforms for a more effective system of global finance for development, sustainability and financial stability. He earlier led the International Monetary and Financial Committee (IMFC), the key policy forum of the IMF, from 2011-2014; he was its first Asian chair. He currently also co-chairs the Advisory Board for the UN’s 2019 Human Development Report, and serves on the World Economic Forum’s Board of Trustees.
Tharman has spent his working life in public service, in roles principally related to education and economic policies. Besides serving as Deputy Prime Minister from 2011 till May 2019, he also served as Coordinating Minister for Economic and Social Policies for four years (from 2015). Prior to that, he was Minister for Finance for eight years (from 2007), and Minister for Education for five years (from 2003).
He also chairs the Economic Development Board’s International Advisory Council, and the International Academic Advisory Panel that advises the Government on strategies for the university sector.
Tharman led the ‘SkillsFuture’ programme, launched in 2014 with the aim of developing the skills of the future, and opportunities for life-long learning and job upskilling among Singaporeans. He subsequently chaired the tripartite Council for Skills, Innovation and Productivity (CSIP) until May 2017.
After his schooling in Singapore, he studied at the London School of Economics and Cambridge University. He later obtained a Master’s in Public Administration at Harvard University, where he was named a Lucius N Littauer Fellow, in recognition of outstanding performance.
Guillermo Ortiz, Treasurer, Trustee
Guillermo Ortiz is currently Partner and Member of the Board of BTG Pactual. During 2015 he served as Chairman of the Advisory Board of Grupo Financiero Banorte. He was Chairman of the Board of Grupo Financiero Banorte from March 2010 to December 2014.
Dr. Ortiz is Chairman of the Per Jacobsson Foundation, a member of the Group of Thirty, of the Advisory Board of the Center for Financial Stability, of the Advisory Board of the Globalization and Monetary Policy Institute of the Federal Reserve Bank of Dallas and a board member of the China’s International Finance Forum. He founded GO & Asociados (an economic advisory and consulting firm created in 2009) and is a member of the Quality of Life Advisory board of the Government of Mexico City.
He is a Board member of Weatherford International (a large oilfield and equipment company based in Geneva), and of several Mexican companies (including Mexichem, ASUR, and VITRO). He is also a member of the Advisory Council of Bombardier Inc. in Mexico.
He was Governor of Banco de Mexico from January 1998 to December 2009, serving two consecutive six-year terms. From December 1994 to December 1997, Dr. Ortiz served as Secretary of Finance and Public Credit in the Mexican Federal Government. He served in the Board of Governors of the International Monetary Fund, the World Bank and the Interamerican Development Bank.
In 2006 he was appointed to the Board of the Bank for International Settlements (BIS) and was elected Chairman of the Board in 2009. At the BIS he also chaired the Central Bank Governance Forum (2006 – 2009). At the BIS, while Governor of Banco de Mexico he was a member of the Financial Stability Board. From 2010 to 2011, he chaired the External Panel for the Review of the Fund’s Risk Management Framework at the International Monetary Fund (IMF). He also was a member of the Committee to Study Sustainable Long-term Financing of the IMF (2006-2007) and of the Committee on IMF Governance Reform (2008-2009). More recently, he participated in the IMF’s 2014 Triennial Surveillance Review as a member of the External Advisory Group. He was commissioned a study (together with Malcolm Knight) on multilateral surveillance.
Prior to heading the Ministry of Finance in Mexico, Dr. Ortiz served briefly as Secretary of Communications and Transportation. Previously he served as Undersecretary of Finance and Public Credit from 1988 to 1994. As Undersecretary of Finance he was President of the Bank Privatization Committee. He was the Chief Negotiator for Mexico during the NAFTA negotiations (1991 – 1993). Before holding those positions, he was Executive Director at the IMF (1984-1988) and Manager as well as Deputy Manager in the Economic Research Department of the Bank of Mexico (1977-1984). He was also an economist in the Ministry of the Presidency of Mexico.
Dr. Ortiz earned a BA degree in Economics from the Universidad Nacional Autónoma de México and a PhD in Economics from Stanford University. He has taught at universities in Mexico and the United States. He has published two books and numerous papers on economics and finance in specialized journals in Mexico and abroad as well as op-eds in major newspapers and journals. He has received several honors and awards.
Paul Volcker, Chairman Emeritus
In the course of his career, Paul A. Volcker worked in the Federal Government for almost 30 years, culminating in two terms as Chairman of the Board of Governors of the Federal Reserve System from 1979 to 1987. He divided the earlier stages of his career among the Federal Reserve Bank of New York, the Treasury Department, and the Chase Manhattan Bank. Upon leaving the Government, Mr. Volcker became the Chairman of Wolfensohn & Co., Inc. and Frederick H. Schultz Professor of International Economic Policy at Princeton University (now Emeritus). He was the first Henry Kaufman Visiting Professor at the Stern School of Business at NYU.
Mr. Volcker chaired the Board of Trustees of the International Accounting Standards Committee overseeing a renewed effort to develop consistent high-quality accounting standards acceptable in all countries. In 2003 he headed a private Commission on the Public Service recommending a sweeping overhaul of the organization and personnel practices of the Federal Government. In April 2004, Mr. Volcker was asked to Chair the Independent Inquiry into the United Nations Oil for Food Program, a responsibility that is continuing.
Pursuing his many continuing interests in public policy, Mr. Volcker is associated with the Japan Society, the Institute of International Economics, the American Assembly, and the American Council on Germany. He is Honorary Chairman of the Trilateral Commission and the Group of 30. He is also Chairman of the Trustees of International House in New York City.
Educated at Princeton and Harvard Universities and the London School of Economics, Mr. Volcker holds honorary degrees from those and other universities. Mr. Volcker is the author or co-author of a number of essays and books, including The Triumph of Central Banking; and Changing Fortunes: The World’s Money and the Threat to American Leadership.
Jean-Claude Trichet, Honorary Chairman
Former President of the European Central Bank and Honorary Governor of Banque de France, Jean-Claude Trichet is presently Director of AIRBUS Group, Chairman of the European Group of the Trilateral Commission, and Chairman of the Board of the Bruegel Institute.
Born in Lyon, Jean-Claude Trichet is a graduate of the Ecole nationale supérieure des Mines de Nancy, of the Institut d’études politiques de Paris, of the Université de Paris (in economics) and of the Ecole nationale d’administration.
Jean-Claude Trichet was made an adviser to the cabinet of the Minister of Economic Affairs in 1978, and an adviser to the President of the Republic in the same year. In this capacity, he worked on issues relating to energy, industry, research and microeconomics from 1978 to 1981. He was Chairman of the Paris Club (sovereign debt rescheduling) from 1985 to 1993. In 1986, he directed the Private Office of the Minister of Economic Affairs, and in 1987 he became Undersecretary of the Treasury. In the same year, he was appointed Alternate Governor of the International Monetary Fund and the World Bank. He was Chairman of the European Monetary Committee from 1992 until his appointment as Governor of the Banque de France in 1993. He was a member of the Council of the European Monetary Institute from 1994 to 1998 and thereafter a member of the Governing Council of the European Central Bank. At the end of his first term as Governor of the Banque de France, he was reappointed for a second term.
Jean-Claude Trichet was elected Chairman of the Group of Ten (G10) Governors on 29 June 2003. He was successively elected Chair of the “Global Economy Meeting” and Chair of the” Group of Governors and Head of Supervision” (GHOS) in Basel. He served as President of the European Central Bank for a eight years from November 2003 to 2011, and was Chair of the European Systemic Risk Board in 2010 and 2011.
He was named “Person of the Year” by the Financial Times (2007), was named twice “Policy Maker of the Year” by the International Economy Magazine (1991, 2007), was n° 5 of the “World Most Powerful” in Newsweek list in 2008, and was one of the most “Influential People of the World” in Time Magazine in 2011.
He has received a number of awards, including the “Zerilli Marimo” prize from the Académie des Sciences Morales et Politiques (1999), the “Prix franco-allemand de la Culture/Deutsch-Französischer Kulturpreis” (2006) and the “Ludwig Erhard Memorial Coin in Gold” (2007). He was also named “Central Banker of the Year” by The Banker (2008), and “Central Bank Governor of the Year 2008” by Euromoney. He was awarded the “2011 International Charlemagne Prize of Aachen” for his contribution to European unity, the “2011 Global Economy Prize” from the Kiel Institute, the “Collier du Mérite Européen” in Luxembourg (2013), the National Association of Business Economists (NABE) “Lifetime Achievement Award”, Washington (2014), and the “Prize for Achievement of the Monetärer Workshop”, Frankfurt (2016). He has been awarded honorary doctorates by several universities (Montreal, Stirling, Liège, Tel Aviv, Bologna, Sofia).
Jean-Claude Trichet is a Commandeur de la Légion d’Honneur and has been awarded several foreign honours.
Geoffrey Bell, Founder
Geoffrey Bell is President of Geoffrey Bell and Company which advises a wide range of central banks and governments on their international reserve asset and liability management programmes.
He was financial adviser to the Central Bank of Venezuela for over twenty five years and has acted as financial advisor to the Government of Barbados for more than twenty years and the Government of Jamaica for almost a decade. The company acts as a consultant to major corporations and banks in the United States, the United Kingdom, Europe and South America providing advice on capital market transactions as well as undertaking economic, financial and country risk analysis. The company also specializes in bank regulation and has worked closely on issues relating to the Basel Banking Committee. Geoffrey Bell was Chairman of Guinness Mahon Holdings, one of London’s oldest merchant banks, from October 1987 to April 1993 and negotiated its sale to the Bank of Yokohama in 1989.
Born in Grimsby in 1939 and educated at the London School of Economics, he joined H.M. Treasury after graduation. In 1963 he was a Visiting Scholar with the Federal Reserve System mainly based at the Federal Reserve Bank of St. Louis.
During 1964 and 1965 he lectured on monetary economics at the London School of economics. Between 1966 and 1969 he was Economic Advisor to the British Embassy in Washington.
In 1969 he joined one of London’s leading merchant banks, Schroders, as Assistant to the then Chairman, Gordon Richardson, who later became Governor of the Bank of England. He became a director of the company as well as an Executive Vice President of J. Henry Schroder Bank in New York working on the international expansion of the group.
Geoffrey Bell formed his own company in 1982. He was the Founder and is a member of the Board of Directors of the Consultative Group of International Economic and Monetary Affairs known as the Group of 30. His book, “The Euro-Dollar Market and the International Financial System” has been translated into French and Japanese and he writes frequently in the International Herald Tribune and in other financial journals. Geoffrey Bell was appointed a Governor of the London School of Economics in 1994.
Roger W. Ferguson, Jr., Trustee
Roger W. Ferguson, Jr., is President and Chief Executive Officer of TIAA, the leading provider of retirement services in the academic, research, medical, and cultural fields and a Fortune 100 financial services organization.
Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. He represented the Federal Reserve on several international policy groups and served on key Federal Reserve System committees, including Payment System Oversight, Reserve Bank Operations, and Supervision and Regulation. As the only Governor in Washington, D.C. on 9/11, he led the Fed’s initial response to the terrorist attacks, taking actions that kept the U.S. financial system functioning while reassuring the global financial community that the U.S. economy would not be paralyzed.
Prior to joining TIAA in April 2008, Mr. Ferguson was head of financial services for Swiss Re, Chairman of Swiss Re America Holding Corporation, and a member of the company’s executive committee. From 1984 to 1997, he was an Associate and Partner at McKinsey & Company. He began his career as an attorney at the New York City office of Davis Polk & Wardwell.
Mr. Ferguson is a member of the Smithsonian Institution’s Board of Regents and serves on the New York State Insurance Advisory Board. He is a fellow of the American Academy of Arts & Sciences and co-chairs its Commission on the Future of Undergraduate Education. He serves on the boards of Alphabet, Inc.; General Mills, Inc.; and International Flavors & Fragrances, Inc.
He is Chairman of The Conference Board and serves on the boards of the Institute for Advanced Study and Memorial Sloan Kettering Cancer Center. He is a fellow of the American Philosophical Society and a member of the Economic Club of New York, the Council on Foreign Relations, and the Group of Thirty.
Mr. Ferguson served on President Obama’s Council on Jobs and Competitiveness as well as its predecessor, the Economic Recovery Advisory Board, and he co-chaired the National Academy of Sciences’ Committee on the Long-Run Macro-Economic Effects of the Aging U.S. Population.
Mr. Ferguson holds a B.A., J.D., and a Ph.D. in economics, all from Harvard University.
Arminio Fraga, Trustee
Mr. Arminio Fraga is the founding partner at Gavea Investimentos, an investment management firm he founded in August 2003, based in Rio de Janeiro, Brazil.
Mr. Fraga was the Chairman of the Board, BM&F Bovespa, Brazil’s securities, commodities and derivatives exchange, from April 2009 to April 2013, and was the President of the Central Bank of Brazil from March 1999 to December 2002.
From 1993 until his appointment as Governor of the Central Bank, he was Managing Director of Soros Fund Management in New York. From 1991 to 1992, he was the Director responsible for international affairs at the Central Bank of Brazil. Earlier in his career, he held positions with Salomon Brothers and Garantia Investment Bank.
Mr. Fraga has taught at the Catholic University of Rio de Janeiro, the Graduate School of Economics at Getulio Vargas Foundation, the School of International Affairs at Columbia University and the Wharton School.
He is a trustee of Princeton University, and a member of the Group of Thirty and of the Council on Foreign Relations, and serves on the boards of several NGOs. Mr. Fraga has published widely in the areas of international finance, macroeconomics, and monetary policy.
Mr. Fraga earned his Ph.D. in Economics from Princeton University in 1985, and his BA/MA in Economics from the Catholic University of Rio de Janeiro, in 1981.
Kenneth Rogoff, Trustee
Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University. From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly has been very widely cited by academics, policymakers and journalists. One regularity that Reinhart and Rogoff illustrate is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. Rogoff’s most recent book is The Curse of Cash, which looks at the past, present and future of currency from the first standardized coinage to negative interest rate policy to the impact of cryptocurrencies on the global financial system. Rogoff is also known for his seminal work on exchange rates and on central bank independence. His treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide. His monthly syndicated column on global economic issues is published in over 50 countries. He serves on the Economic Advisory Panel of the New York Federal Reserve. He is a member of the Council on Foreign Relations.
Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top eight on RePec’s ranking of economists by scholarly citations. He is also an international grandmaster of chess.
For more on Professor Rogoff’s research, opinion pieces, and bio, see http://scholar.harvard.edu/rogoff
Axel A. Weber, Trustee
Axel A. Weber was elected to the Board of Directors (BoD) of UBS AG at the 2012 AGM and of UBS Group AG in November 2014. He is Chairman of the BoD of both UBS AG and UBS Group AG. He has chaired the Governance and Nominating Committee since 2012 and became chairperson of the Corporate Culture and Responsibility Committee in 2013. He is Chairman of the Institute of International Finance, a Board Member of the Swiss Bankers Association and the International Monetary Conference, and a Member of the Group of Thirty as well as the Trilateral Commission, among others.
Mr. Weber was President of the German Bundesbank between 2004 and 2011, during which time he also served as a Member of the Governing Council of the European Central Bank, a Member of the Board of Directors of the Bank for International Settlements, German Governor of the International Monetary Fund and as a member of the G7 and G20 Ministers and Governors.
He was a Member of the steering committees of the European Systemic Risk Board in 2011 and the Financial Stability Board from 2010 to 2011.
On leave from the University of Cologne from 2004 to 2012, he was a Visiting Professor at the University of Chicago Booth School of Business from 2011 to 2012.
From 2002 to 2004, Mr. Weber served as a Member of the German Council of Economic Experts. He was a Professor of international economics and Director of the Centre for Financial Research at the University of Cologne from 2001 to 2004, and a Professor of monetary economics and Director of the Center for Financial Studies at Goethe University in Frankfurt am Main from 1998 to 2001. From 1994 to 1998, he was a Professor of economic theory at the University of Bonn.
Mr. Weber holds a PhD in economics from the University of Siegen, where he also received his habilitation. He graduated with a master’s degree in economics at the University of Konstanz and holds honorary doctorates from the universities of Duisburg-Essen and Konstanz.