Silvano Azzopardi appointed to Board of Directors of Global Legal Entity Identifier Foundation

Silvano Azzopardi has been appointed to Board of Directors of Global Legal Entity Identifier Foundation (GLEIF).

Mr Azzopardi, an experienced board director and finance leader, said that GLEIF, which is based in Switzerland, was established by the Financial Stability Board (FSB) with the G20 to support greater transparency, trust and efficiency across global financial markets.

GLEIF had been set up and tasked with developing a universal identifier for legal entities involved in financial transactions. GLEIF introduced the Legal Entity Identifier (LEI). This 20-character alphanumeric code serves as an international ID for businesses. The LEI system, maintained by GLEIF, ensures accurate and reliable identification of parties in transactions.

“As financial ecosystems become increasingly interconnected, the adoption of Legal Entity Identifiers (LEIs) continues to play a critical role in enhancing risk management, regulatory reporting and informed decision-making. It is a privilege to join an organisation that sits at the forefront of financial data standardisation and entity identification on a global scale,” he said.

“I look forward to working alongside Board Chair Dessa Glasser, CEO Alexandre Kech, my fellow Board members, and the talented GLEIF team as we continue to advance GLEIF's important mission.”

The GLEIF website explains that there are over 2.5 million LEI records in circulation, and that the world's regulators and market supervisors are now using LEI data to identify and expose criminal networks operating across borders and legal jurisdictions. “Many are also mandating the use of LEIs outside of capital markets to drive greater corporate transparency in related use cases, such as cross-border payments,” it reads.