Nout Wellink

Compensation Committee Chair

Industrial and Commercial Bank of China

Nout Wellink has served as a member of the executive board of the Dutch Central Bank (“DNB”) for almost 3 years, the last 14 years as its president. He retired from DNB on 1 July 211. Since the establishment of the European Monetary Union, Nout served as a member of the governing council of the European Central Bank (“ECB”). Starting from 1997, Nout served as a member of the board of directors of the Bank for International Settlements (“BIS”), which he chaired from 22 to 26. From 26 to 211 he also chaired the Basel committee on banking supervision. From 1997 to 211, Nout was a member of the Group of Ten Governors and a Governor of the International Monetary Fund (“IMF”). Prior to his appointment in 1982 as an executive director of DNB, Nout held several posts in the Dutch Ministry of Finance, including as the treasurer general from 1977 to 1982. After studying Dutch law at the Leyden University from 1961 to 1968, with a master’s degree obtained, Nout obtained a doctor’s degree in economics at the Rotterdam Erasmus University in 1975. In 28 he received an honorary doctorate from Tilburg University. From 1988 to 1998, Nout was an extraordinary professor at the Free University in Amsterdam. Nout has and had many secondary functions, and is currently an independent non-executive director of the Industrial and Commercial Bank (ICBC) of China. He was awarded a Knighthood in the Order of the Netherlands Lion in 198 and is since 211 Commander of the Order of Orange-Nassau.