According to reports, Malaysia has delayed its membership to the China-backed Asian Infrastructure Investment Bank (AIIB). The country remains among the seven “to-be” members who are yet to sign the agreement. Fifty out of the 57 prospective founding members have signed the agreement to join the bank. The remaining seven, including Malaysia, have until the end of the year to complete their internal procedures and sign the agreement. The articles of agreement, which set the legal framework for the institution, stipulates that the AIIB will have a board of governors, a board of directors, a president, and one or more vice-presidents. Each member country will appoint a governor to sit on the board, which will convene annually. Nine of the 12 directors on the board will be elected by regional members, while the remaining three will be elected by non-regional members.The president of the bank, meanwhile, will be elected by the board of governors through an open, transparent and merit-based process, according to the agreement. The candidate will come from a regional member country and may serve for up to two five-year terms. Asian countries will hold a minimum 75 per cent take in the bank – the allocation of the capital stock to members is based on the economic size of each country.
