Rick Waugh, president and CEO of Bank of Nova Scotia, has been elected a vice chairman of the board of the Institute of International Finance, the bankers lobby group.

Waugh, who first joined the IIF’s board in 2007, co-chaired the IIF’s committee on market best practices, which was established as the financial crises developed in October 2007. The committee’s report set standards in such areas as risk management, governance, and compensation.

Since then, Waugh has co-chaired the IIF special committee on implementation, which is encouraging industry best practices. He’s also a trustee of IIF’s principles for stable capital flows in emerging markets.

Josef Ackermann, chairman of the IIF’s board and chairman of Deutsche Bank AG, said, “We are delighted that Rick Waugh, who has been in key leadership positions on important IIF committees, is now becoming a board vice chairman.”

Charles Dallara, IIF managing director, said, “Rick Waugh has made exceptional contributions to our work and I am delighted at the new role that he has agreed to assume in the leadership of the IIF.”

IE