European Central Bank clarifies ECB President's BIS Board role and discloses CHF 104001 to CHF 130457 annual BIS remuneration

In a letter to a Member of the European Parliament, the European Central Bank clarified that Christine Lagarde's membership of the Bank for International Settlements Board of Directors forms part of her official mandate as ECB President, but is a BIS-specific ad personam assignment rather than a core Governing Council responsibility. The ECB disclosed that the annual remuneration paid to her by the BIS between 2020 and 2025 ranged from CHF 104,001 to CHF 130,457. The letter says BIS Board membership involves governance decisions, supervision of BIS management and personal legal liability, with no directors and officers insurance in place. The Board meets at least six times a year, usually in person in Basel, and requires preparation and follow-up between meetings. The ECB also said its Code of Conduct for high-level officials allows members of the Governing Council to pursue official mandates in their official capacity as long as this does not hinder their independence. Because the BIS role is not remunerated by the ECB, it is not included in the ECB Annual Accounts, although it has been disclosed in Lagarde's annual Declarations of Interests. The Governing Council has nevertheless decided that the 2025 Annual Accounts will make remuneration data easier to access by showing the percentages of basic salary applied to functional allowances.