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Governing Board and Advisors
GBF’s current structure includes a Board of Directors (BoD) and several advisory groups. The advisory groups are composed of experienced leaders in the fields of international development, international finance, and academia. They help GBF with its oversight and strategy, continually refining and improving its approach. Members of the BoD include experienced leaders from the finance and development sectors. They are active participants in GBF’s planning and development. As GBF grows and its needs change, management will continue to make adjustments to the membership and mandate of these governance bodies to maximize value added.
Andrew Adelson, Chairman
Former Chief Investment Officer, Alliance Bernstein
Andrew S. Adelson held a series of positions at Sanford C. Bernstein & Co., Inc. He was the Chief Investment Officer of Global Value Investment Management Services, the chairman of the Global Value, Global Value Balanced and International Value Equity Investment Policy Groups of Alliance Bernstein’s Bernstein Investment Research and Management unit (“Bernstein Unit”), and a member of the U.S., Emerging Markets, Canadian, European and U.K. Value Equity Investment Policy Groups of the Bernstein Unit. He joined Bernstein in 1980, and until 1983 was a Research Analyst covering the aerospace industry. From 1983 until 1987, he was Research Director for Investment Management, and from 1987 through 1990, Managing Director of Institutional Services. Starting in 1990, he developed the international investment management services for Bernstein. Mr. Adelson is also member of the Board of Directors at The Hastings Center.
Mr. Adelson was named to the Institutional Investor All-America Research Team in 1982. He earned a B.S. and an M.B.A. from the Wharton School of the University of Pennsylvania in 1977 and 1978, respectively.
Stephen is a private investor with interests in impact investing, education and mental health. He was founding Chairman of NFTE UK, now NTYE (Network for Teaching Young Entrepreneurs) and is a director of responsAbility Social Investment Services AG and the Schwab Foundation.
Currently Held Positions:
- NTYE UK: Trustee
- NFTE Germany: Chairman
- Social Stock Exchange, London: Chairman
- ResponsAbility Social Investments AG, Zurich: Board Member
- Schwab Foundation Geneva: Board Member
- Accion Investments Washington DC: Investor
- Phorms Schools Berlin: Investor
- U-Center Holland: Board Member and Shareholder
- Social Venture Fund Germany: Investor
- People Tree London: Investor
- Fair Finance London: Investor
- Bridges Social Ventures London: Investor
Mary Houghton was a Cofounder in 1973 of ShoreBank Corporation, a regulated commercial bank holding company organized for purposes of community development and, later, environmental protection. She was the senior lender of its lead bank in Chicago, managed expansions, including formation of ShoreCap International in 2003. She continues as a director of two of four non‐profit small business loan funds that became independent when the $2 billion asset ShoreBank closed its doors in 2010.
She is a director of several regulated financial institutions: Basix and BSFL in Hyderabad, India and Citizens Bank, a wholly owned subsidiary of Vancity Credit Union in Vancouver, British Columbia. She is also a director of several non‐profit organizations focusing on financial exclusion issues internationally: Calvert Foundation, Womens World Banking. A graduate of the School of Advanced International Studies of Johns Hopkins University, she was a Visiting Scholar there in 2011.
Chief Executive Director, GBF
In May, 2004, Harold Rosen founded and led IFC's Grassroots Business Initiative-which spun off into a new nonprofit, the Grassroots Business Fund in 2008.
Prior to his work with GBI and GBF, Harold created and served as Director of the Small and Medium Enterprise department, a joint IFC/World Bank department established in March 2000. During his time at IFC, he has also served as an Investment Officer in IFC's Latin America and Africa Departments; IFC's Manager for Financial Planning and Policy; Member of task force starting IFC's operations in the former Soviet Union; Manager in IFC's Asia Department; and Director of IFC's Central and Southern Europe Department. He has both funded and managed large investment portfolios, and played a major role in starting IFC's microfinance and SME activities, including creation and management of the Mekong and Southeast Europe Small Enterprise Facilities, two of the field-based, SME oriented technical assistance initiatives funded by the IFC and other donors and managed by IFC.
Harold joined the World Bank Group in 1978 through the Young Professionals Program. He holds an M.B.A. from Harvard, and Bachelors and Masters in regional science degrees from the University of Pennsylvania.
Through her consultancy practice, Wise Solutions LLC, Holly brings international development, corporate social responsibility, public-private alliance, and business development expertise to corporations, foundations and non-profits. She serves as a senior fellow at Harvard’s Kennedy School of Government, and a senior associate at the Center for Strategic and International Studies. She teaches enterprise development and social entrepreneurship at Georgetown University School of Foreign Service, and sits on the boards of WRAP, GlobalGiving, LivingGoods, FHI and CDS. Ms. Wise is a member of the Council on Foreign Relations.
Holly Wise spent 26 years in the foreign service with the US Agency for International Development (USAID), achieving the diplomatic rank of Minister Counselor. She is the founder and first Secretariat Director of the Global Development Alliance, USAID’s business model that forges strategic alliances between public and private partners in addressing international development issues. Under her leadership 300 alliances were formed with $1.1 billion in USAID funding leveraging $3.8 billion in private resources for the world’s poor. In addition to overseas tours in Uganda, Kenya, Barbados, the Philippines and China, Ms. Wise served as USAID chair at the National Defense University where she taught political science, environmental courses, and published research on China.
Ms. Wise is a Phi Beta Kappa graduate of Connecticut College and holds advanced degrees from Yale University and the National Defense University.
Mwaghazi Mwachofi joined the Aga Khan Agency for Microfinance (AKAM) in November 2008 and manages microfinance banks and microfinance institutions in 11 countries in South Asia, Central Asia, Middle East and Africa.
Prior to joining AKAM, Mwaghazi Mwachofi was for two years a Vice President in a mobile phone group (Celtel and later re-branded to Zain) operating in 16 countries in Middle East and Africa. He joined this mobile phone group after a 25-year career at IFC in Washington DC. Before he retired from IFC, he served as Director of IFC’s Trust Funds Department where he led the mobilization of concessionary funding from donors around the world to finance feasibility studies for large projects, piloting of new initiatives, and provision of support and technical assistance to SMEs. Prior to this role, he served as associate Director of IFC’s Micro, Small and Medium Enterprise department for the Sub Sahara Africa region.
Mwaghazi Mwachofi began his career in IFC as an investment officer in IFC's Africa Departments; served as a senior Investment Officer in IFC’s Latin America Department, served as a principal investment officer in IFC’s Chemicals Petrochemicals and Fertilizers Department, served as principal investment officer in IFC’s Privatization Department, and also served as IFC’s Regional Representative in Southern Africa. While in IFC, Mwaghazi Mwachofi also served for three years as the Permanent Secretary in the Ministry of Finance in the Government of Kenya while on secondment from the World Bank Group.
Mwaghazi Mwachofi joined the World Bank Group in 1980 after an intensive four year commercial banking experience and training at Citibank. He holds an M.B.A. from Wharton Business School, University of Pennsylvania, is a graduate of the Advanced Management Program at Harvard Business School, and holds a Bachelors’ degree in Accounting and Finance from the University of Nairobi.
Sari has been a lead investor in numerous start-ups and social ventures, and an entrepreneurial leader of large financial services companies. She was the first angel investor in LeapFrog Investments and Grassroots Business Fund, and serves on their Advisory Boards. LeapFrog and GBF are leading impact investment funds that support businesses providing economic opportunities to millions of people living at the bottom of the economic pyramid. Sari was also the first angel investor in Purpose Global, a company that builds movements to help propel large scale and purposeful action. She is a founder and member of the board of directors at Nexii, a company that is building the marketplace infrastructure for impact investing, including the world's first publicly regulated Impact Investment Stock Exchange. In addition, she serves on the Board of Directors of Digital Divide Data, a social enterprise which trains and employs over 900 people in Cambodia, Laos and Kenya. Sari was a founding investor in Switch & Data Facilities, which was acquired by Equinix in 2010 for $800+ million. She also led the team that sold another company to AIG, in which she was a Partner, an Executive Vice President and the Chief Financial Officer. Prior to that, Sari founded a publicly traded insurance company that grew to hold assets in excess of $1 billion, serving on its Board of Directors and chairing the Executive and Investment Committees. Sari holds a B.A. from Barnard College, Columbia University and an M.B.A. from Wharton. She lives in New York City.
Founder and Managing Director, Greycroft LLC
Alan Patricof is the Founder and Managing Director of Greycroft, LLC, which manages a venture capital fund investing in new media and wireless companies at their early stage of growth.
A longtime innovator and advocate for venture capital, Mr. Patricof entered the industry in its formative days with the creation of Patricof & Co. Ventures Inc., a predecessor to Apax Partners, LP - today, one of the world's leading private equity firms with $35 billion under management or advice. In 2001, Mr. Patricof began to concentrate on a group of small venture deals to benefit Apex Partners.
Currently, Mr. Patricof sits on the board of Handmark, Inc., The Newsmarket, and VoodooVox, which are private companies, as well as Boston Properties, Inc., which is listed on the NYSE.
Mr. Patricof is active in the New York Community and serves on a number of boards, including Columbia University Graduate School of Business, TechnoServe, Trickle Up Program, National Foundation for Teaching Entrepreneurship (NFTE), and the Global Advisory Board of Endeavor, Inc. He is also on the board of the Millennium Challenge Corporation.
Mr. Patricof has served as an advisor to the IFC; and is a member of the UNDP Commission on Private Sector & Development; the African Policy Board of the Council on Foreign Relations; the African Venture Capital Association (AVCA); and the Nigerian Honorary International Investor Council.
Senior adviser to UBS AG and to the UK Financial Services Authority.
Sir David is a senior adviser to UBS AG and to the UK Financial Services Authority.
He has previously been chairman of S.G. Warburg Group, Close Brothers Group plc and a non-executive director of Anglo American plc, British Telecommunications plc, General Electric Company plc, J Sainsbury plc, Vodafone Group plc and of Chubb Corporation in the USA. He was also a director of the Bank of England, a governor of the BBC and an advisor to the International Finance Corporation.
Co-Chairman, Harvard Business School Social Enterprise Initiative
Kash Rangan is the Malcolm P. McNair Professor of Marketing at the Harvard Business School and until recently the chairman of the Marketing Department (1998-2002). Currently, he is the co-chairman of the school's Social Enterprise Initiative. He has taught a wide variety of MBA courses, including the core First-Year Marketing course, and second-year electives, Business Marketing and Channels-to-Market. He has also taught marketing in the Advanced Management Program for senior managers. Currently Prof. Rangan teaches the elective courses, Customers, Commerce and Society: Business Approaches to Private Creation of Social Value, and Business Approaches and Solutions for Base-of-the-Pyramid. In addition, he teaches in a number of focused executive education programs: Business-to-Business Marketing Strategy, Strategic Perspectives on Nonprofit Management, and Corporate Social Responsibility.
Former President of World Bank Group
James D. Wolfensohn is Chairman of Wolfensohn & Company, LLC, a private investment firm and an advisor to corporations and governments. Mr. Wolfensohn became Chairman of Citigroup International Advisory Board on April 18, 2006. He is also advisor to Citigroup’s senior management on global strategy and on international matters.
Mr. Wolfensohn became the ninth president of World Bank Group in 1995. On May 31, 2005, at the end of his second term, he left office and assumed the post of Special Envoy for Gaza Disengagement for the Quartet on the Middle East, a position he served until April 30, 2006. In this role, he helped coordinate Israel’s planned withdrawal from the Gaza Strip and spearheaded reconstruction efforts as Palestinians assumed sovereignty over the area. Mr. Wolfensohn is also the Chairman of the advisory group of the Wolfensohn Center, a new research initiative focused on global poverty, at the Brookings Institution.
As President of the World Bank, he traveled to more than 100 countries in order to understand the challenges facing the World Bank in regard to poverty and environmental issues. He led successful initiatives on debt reduction, environmental sustainability, anti-corruption programs, HIV/AIDS prevention and treatment. He developed activities which focused on religion and culture, and decentralized offices overseas by linking the most modern telecommunications systems.
Prior to joining the Bank, Mr. Wolfensohn was an international investment banker. His last position was as President and Chief Executive Officer of James D. Wolfensohn, Inc., his own investment and corporate advisory firm set up in 1981 to work with major U.S. and international corporations. He relinquished his interests in the firm upon joining the World Bank.
Before setting up his own company, Mr. Wolfensohn held a series of senior positions in finance. He was Executive Partner of Salomon Brothers in New York and head of its investment banking department. He was Executive Deputy Chairman and Managing Director of Schroders Ltd. in London, President of J. Henry Schroders Banking Corporation in New York, and Managing Director of Darling & Co. of Australia.
Throughout his career Mr. Wolfensohn has also closely been involved in a wide range of cultural and voluntary activities, especially in the performing arts.
He served as Chairman of the Board of the Institute for Advanced Study at Princeton University for 18 years and also chaired the Boards of Carnegie Hall and Kennedy Center.
Vice President of the Botwinick - Wolfensohn Foundation
For over forty years, Elaine Wolfensohn has been involved in the field of education and arts education while raising her family. Her work in Australia and the United States has included teaching in private schools, creating teen tutoring programs in inner city schools, and training adult volunteers to tutor high school students. Mrs. Wolfensohn received her B.A. at Wellesley College. She went on to receive an M.A. in French Literature from Columbia University and her M.Ed. in Counseling Psychology from Teachers College (Columbia University).
Mrs. Wolfensohn’s commitment to education also extends into her community advisory work. For years, she chaired the Program Committee of the National Board of Young Audiences. Currently, she is President of the Board of Directors of the American Friends of the Israel Philharmonic. In addition, she serves on the board of the Davidson Graduate School of Education at the Jewish Theological Seminary and Math for America as well as the advisory committees of the Park City Mathematics Oversight Board at the Institute of Advanced Study and Teachers College at Columbia University. During her husband's presidency of the World Bank, Mrs. Wolfensohn worked closely with the Bank on issues of education, early child development and gender equity.
CP Zeitinger, Chairman, Supervisory Board, ProCredit Holding
Founder, International Projekt Consult (IPC)
Dr. Claus-Peter Zeitinger is Chairman of the Supervisory Board of ProCredit Holding and founder of IPC. Dr. Zeitinger is an internationally recognized expert on small business finance and has completed over 100 consultancy missions. As “spiritus rector”, he initiated the establishment of ProCredit banks and ProCredit Holding (founded as Internationale Micro Investitionen AG). He has written a number of studies on subjects relating to target group-oriented lending. Dr. Zeitinger teaches anthropology and history at the ProCredit Academy in Fürth, Germany.