Former PricewaterhouseCoopers partner is new Bank of Valletta chairman

Frederick Mifsud Bonnici has been appointed as Chairman of Bank of Valletta with effect from 24 July 2012 - as reported by MaltaToday back on 4 July.

The bank's chairman is appointed by the government, which owns over 25% of shares in the bank.

Mifsud Bonnici recently retired from PricewaterhouseCoopers, where as partner he headed assurance. He is now a director of the City Gate project special purpose vehicle, Malita Investments plc and also sits on the board of Atlas Insurance PCC. In the last five years, he was a director of Abacus Holdings Limited and Abacus (Nominees) Limited.

Mifsud Bonnici also served as deputy chairman and eventually chairman of the Malta Stock Exchange (1991-1999).

Since 1982 to date he has served, uninterruptedly, as an elected member on the Council of the Malta Institute of Accountants, and served on several committees including audit and accounting technical, corporate governance and anti-money laundering. He is also a senior lecturer at University of Malta. Between 1988 and 1992, he was a director of the Malta Freeport Corporation Limited.

Finance minister Tonio Fenech thanked outgoing BOV chairman Roderick Chalmers for his efforts in steering the bank throughout some challenging years in the midst of an unprecedented international financial crisis. "I'm confident that  Mifsud Bonnici has the expertise, commitment and reputation to continue this sterling work and to continue guiding the bank in its role as a major player in the Maltese financial services industry.

As chairman, Mifsud Bonnici is primarily responsible for the efficient working of the board, ensuring that the directors of the board receive appropriate, timely and objective information, so that it takes sound decisions and effectively monitor the performance of the bank. He is also responsible for encouraging active engagement by all members of the board, and for ensuring effective communication with the shareholders.