evidence: The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. The president has a term of office lasting five years, and may be re-elected. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. [...] As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime Minister Eisaku Satō asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. [...] References [edit]- ^ "Masatsugu Asakawa Elected ADB President". 2 December 2019. Archived from the original on 7 December 2019. Retrieved 2 December 2019.