4 April 2011 — DFSA Board Extends Chief Executive's Contract to 2013
Dubai, Monday, 4 April 2011: The Dubai Financial Services Authority (DFSA) today, announced the DFSA Board's decision to extend the employment contract of its Chief Executive to December 2013.
Mr Abdullah M Saleh, Chairman of the DFSA Board of Directors said, “Paul Koster has served as Chief Executive of the DFSA since December 2008 and I am very pleased that he has accepted the Board's offer. Extending his employment contract to December 2013 will allow him to continue to drive the aims and goals of the Authority during this important period in the regulation of financial services globally.”
Mr Paul M Koster, Chief Executive of the DFSA said, “I am honoured that the DFSA Board has given me the opportunity to further shape and attune financial services regulation that best meets the dynamics and development of the Dubai International Financial Centre (DIFC). I am very happy that they have entrusted me to continue working with this professional team and for such a distinguished Board.”
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For further information please contact:
Angharad Irving-Jones (Ms)
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purposebuilt financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.
Abdullah M Saleh was appointed as Chairman of the DFSA Board of Directors on 17 June 2007, having served as a Director of the DFSA since 2004.
Mr Saleh is former Vice Chairman of Emirates NBD PJSC, the largest banking entity in the Middle East. Emirates NBD PJSC was formed by the merger of National Bank of Dubai (NBD) and Emirates Bank International (EBI). Mr Saleh was one of NBD's founders in 1963, the Managing Director from 1982 until January 2004, and Chairman from 2005 until the merger with EBI.
Mr Saleh is a former adviser on financial matters to the Late Ruler of Dubai, HH Sheikh Rashid Bin Saeed Al Maktoum. Mr Saleh served as an Arbitrator on the Paris-based High Board of the Euro- Arab Arbitration Centre, from 1988 to 2000. He has been a Member of the Board of Qatar Fuel Additives Company since 1990 and has been Chairman of International Octane Limited since 1990. He is the Deputy Chairman and major shareholder of Dubai Transport Company LLC (DUTCO), the holding company of the DUTCO Group of Companies. He has been Chairman of MARSH INSCO (insurance brokers) since 1976. He is a Director of K S Energy Services Limited.
He was educated in Sharjah and London and also attended the Institute of Bankers after completing his academic studies.
Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), the national, integrated conduct of business financial services regulator for the Netherlands, where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe.
For the previous two years he had chaired CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the IOSCO Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.
Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics 1998 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Mr Koster is a licensed Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.
In May 2009, Mr Koster joined the Advisory Board of the Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009, he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).
In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.