New MFSA Board of Governors appointed

The Malta Financial Services Authority's new Board of Governors has been appointed, with former Finance Minister Edward Scicluna being appointed as a member ex officio due to his Central Bank role, and John Mamo being reconfirmed as the authority’s chairman.

Scicluna is one of six members on the Board of Governors, and takes up the role just months after he resigned from Parliament and became the Governor of the Central Bank of Malta. The Governor of the Central Bank is automatically on the MFSA Board.

He was recently under fire after, in his last days as minister, he increased the yearly salary for the role he would be taking on at the Central Bank by €11,000 to €100,000 per annum, something which was justified because of an “anomaly” elsewhere in the government’s pay scales.

John Mamo meanwhile will remain the chairman of the authority, a post he has held since 2018 when he replaced Joe Bannister. This was already known: Mamo faced parliament’s public appointments committee two weeks ago.

The remaining members on the board are economist Philip von Brockdorff, Mark Galea, Charles Zammit, Stephanie Vella, and Carmel Cascun.

Von Brockdorff is the head of the Faculty of Economics, Management & Accountancy at the University of Malta, Galea is the head of the public finance unit at the National Statistics Office, Vella is an economist, while Cascun is a lawyer.

Their appointments were announced in the Government Gazette on Tuesday and are valid from 4 February 2021.

They will remain valid for the period of one year.