MANILA, Philippines — Manila-based Asian Development Bank (ADB) yesterday said it has revised its code of conduct for board members and the president “to align with international best practices and standards of ethical conduct.”
The multilateral bank said the amendments were developed by a working group of board of directors created in July 2018 to review the code and identify possible revisions to ensure standards and procedures are in line with other international organizations.
“The revision reflects ADB’s institutional commitment to ensuring that its policies are aligned with the highest standards of ethical conduct essential to effectively and credibly deliver on its mandate,” the bank said in a statement.
It noted that the code of conduct applicable to staff was also revised in March 2017, and that it continues to strengthen the institutional mechanisms available to support a positive and professional workplace.
Established in 1966, the bank is owned by 68 members, of which 49 are from Asia Pacific.
New ADB president Masatsugu Asakawa has assumed office on Jan. 17, becoming the 10th president of the multilateral bank since its establishment in 1966.
Asakawa succeeds Takehiko Nakao who stepped down from his position on Jan. 16.
Before formally stepping down, President Duterte awarded Nakao the Order of Sikatuna, the Philippines’ highest civilian recognition, with the rank of Grand Cross or Datu.