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An elected Director is initially appointed for a three-year term, which may be renewed. Mr Lee's appointment, which takes effect in January 2019, is in line with changes to the BIS's Statutes announced in June 2017, with a view to enhancing the diversity of regional representation within the BIS.
Jens Weidmann, Chairman of the Board, welcomed Mr Lee's election: "This appointment recognises the importance of Asia in the global financial system and in the BIS's activities and governance. Moreover, it reflects the important role played by Korea in the global economy."
Directors are elected in a personal capacity. Mr Lee was appointed Governor of the Bank of Korea in 2014. Earlier this year, his tenure was renewed for a second term until March 2022.