Established in September 2008, the Independent Advisory Board (IAB) provides advice to the World Bank Group on a range of governance and anti-corruption measures, fulfilling a recommendation made by the Independent Review of the World Bank’s Integrity Vice-Presidency, led by former U.S. Federal Reserve Chairman Paul Volcker. The IAB has had one full three-year term and is currently finishing its final term, which ends in June 2014.
The IAB helps protect the independence and strengthens the accountability of INT by giving advice on policies and procedures and on the department’s interactions within the World Bank Group. It also provides advice to President Kim and the World Bank Group Audit Committee on the performance of INT and the implementation of the related Volcker Panel report recommendations.
IAB Members: Peter Costello, Chester Crocker, Simeon Marcelo, and Mark Pieth.
Costello was Australia’s Treasurer from 1996 to 2007 and chaired the APEC and G-20 Group of Finance Ministers; Crocker was U.S. Assistant Secretary of State for African Affairs from 1981-89 and also chaired the board of the United States Institute of Peace; Marcelo served the Philippines as Ombudsman and as a prosecutor in the impeachment of former President Joseph Estrada; and Pieth chairs the OECD Working Group on Bribery in International Business Transactions and is a professor at Basel University.
The IAB is supported by a Secretariat located in OPSOR.