CIC announces new head of supervisory board

BEIJING - China Investment Corporation (CIC) announced Monday that Li Xiaopeng, former vice president of Industrial & Commercial Bank of China Ltd (ICBC), has replaced Jin Liqun as the Chairman of the Board of Supervisors of CIC.

An online statement of CIC said the decision was made by the State Council, China's cabinet, on May 17.

CIC highly commends the excellent leadership and service of Jin Liqun during his five-year tenure as Chairman of the Board of Supervisors, and his efforts in promoting international engagement between CIC and various stakeholders, said the statement.

Founded in September 2007 with $200 billion in registered capital from the country's huge foreign reserves, CIC has expanded its footprint to over 100 countries, with its overseas portfolio accounting for some 40 percent of its total assets.

The supervisory board of CIC is responsible for monitoring the behavior of the fund's directors and executives.