Board of Directors - CRISIL Ratings Limited
(A subsidiary of CRISIL Limited)

Ms. Holly Kulka is Global Chief Risk and Compliance Officer for S&P Global Ratings. Based in New York, she leads our globally integrated risk and compliance teams, including the criteria and model validation groups. Ms Kulka’s group works with senior leadership to ensure compliance with all relevant laws and regulations, as well as with internal policies and industry best practices. She is a member of S&P Global Ratings’ Executive Committee.

Previously, Ms. Kulka served as Executive Vice President, Deputy General Counsel for Intercontinental Exchange Inc., which acquired NYSE Euronext. As a member of the executive leadership team, she was responsible for regulatory strategy, litigation, investigations, antitrust, insurance, privacy and human resource legal matters. Before that, she was a partner at the law firm of Heller Ehrman LLP, representing and advising companies and individuals in state and federal commercial and regulatory investigations, corporate governance questions and litigations through trial.  Earlier in her career, Ms. Kulka was a federal prosecutor.

Ms. Kulka holds a J.D. from the University of Chicago Law School and a B.A. from Williams College. She is admitted to the bars in New York, New Jersey, California and Washington, D.C.

Mr. M.B.N. Rao, former Chairman and Managing Director of Canara Bank and Indian Bank, has graduated with a B.Sc degree in Agriculture. He is an Associate of the Chartered Institute of Bankers, London and Fellow of the Indian Institute of Banking and Finance. He is a member of the Singapore Institute of Management and has done his Diploma in Computer Studies from University of Cambridge and National Computing Center, London.

Mr. M.B.N. Rao has extensive in-depth knowledge and over 38 years of varied experience in Banking and Finance, Economics, Foreign Exchange, Money and Capital Markets, Risk Management, Treasury and Funds Management, Asset and Liability Management, Internal Control, Inspection & Audit, Vigilance, Taxation and Administration etc. Mr. M.B.N. Rao held Chairmanship of various banking organizations and Directorship in reputed companies. During his tenure, he has received a number of awards from Indian Bank and Canara Bank including a number of commendations. He was a Director of General Insurance Corporation of India and Founder Chairman of Canara HSBC Oriental Bank of India Insurance Company.

Mr Diwakar Gupta is a seasoned and highly respected banking and financial services professional with over 46 years of experience in this field.

Mr. Gupta was Managing Director and Chief Financial Officer of the State Bank of India, where he was responsible for setting strategies and direction alongside other members of the State Bank’s Central Management Committee. He joined the State Bank of India in 1974 and held several positions at its various units and subsidiaries. From August 2015 to August, 2020 Mr. Gupta was  Asian Development Bank's (ADB) Vice-President for Private Sector and Cofinancing Operations. In this role, Mr. Gupta had oversight over ADB's assistance to private sector projects with a clear development impact but limited access to capital. Mr. Gupta has also worked as Independent Director on the boards of various business councils, financial services companies and other private organizations in India.

Mr Gupta holds a Master of Science degree in Physics from the University of Delhi, and a Bachelor of Science degree in Physics (with Honors) from St. Stephen’s College in Delhi.

Ms. Shyamala Gopinath has 41 years of rich experience in financial sector policy formulation in different capacities at Reserve Bank of India (RBI). At RBI, she held key positions and guided & influenced national policies in diverse areas of financial sector regulation and supervision, the development and regulation of financial markets, capital account management, management of government borrowings, foreign exchange reserve management and payment and settlement systems. She has served on several committees while with RBI. During 2001 to 2003, she was deputed as Senior Financial Expert at the International Monetary Fund. Ms. Gopinath retired as Deputy Governor of RBI, a position that she held for nearly 7 years. She served as Chairperson Advisory Board on Bank, Commercial and Financial Frauds for two years from 2012 to 2014.

Mrs. Gopinath was also the Chairperson of the Board of Corporate Bonds and Securitisation Advisory Committee of SEBI.

Since 2012, Ms Gopinath has held several Board positions in large corporates and public sector undertakings such as Clearing Corporation of India, Indian Oil Corporation Limited, GAIL and Ernst & Young (Global Governance Council) and has also served as a part-time Non-Executive Chairperson of HDFC Bank Ltd. Presently, Ms. Gopinath serves as Independent Director on the Board of CRISIL Limited and other renowned companies. She is a Chairperson of the Board of Governors of Indian Institute of Management, Raipur. Ms Gopinath joined the Sanitation Advisory Council of India Sanitation Coalition as a member of Finance in June 2020 and the Advisory Board of the WinPE ProClub Mentorship Programme in September 2020.

Ms. Gopinath is a Certified Associate of the Indian Institute of Banking and Finance and holds a master's degree in commerce from University of Mysore.

Mr. James M. Wiemken is Global Head of Analytic Risk for S&P Global Ratings. Based in New York, he has responsibility for the validation of methodologies (including Criteria and models) and review of ratings across the Ratings organization. He chairs the Criteria and Model Governance Committee, which reviews and approves criteria and models in advance of consideration for board approval.

Mr Wiemken joined Standard & Poor’s in 1997 and has held lead regional practices in both U.S. public finance and European structured finance. Previously, he was a member of S&P Global Ratings’ Analytics Policy Board and the global criteria officer for international public finance and U.S. public finance ratings, based in London. Following that assignment, Mr. Wiemken was Global Practice Leader for Structured Finance Ratings and then went on to run the Methodologies group responsible for developing and maintaining criteria and models before assuming his current position.

Before joining S&P Global, Mr. Wiemken was a regional economist at the Federal Reserve Bank of Richmond, specializing in state and local economic analysis. Specific research interests included estimating the effects of North American Free Trade Agreement and studying unintended incentives and consequences in banking legislation.

Mr. Wiemken holds a bachelor of arts degree in Economics and French from Millikin University and a master of business administration degree from Yale University.

Mr. Gurpreet Chhatwal has over 25 years’ experience in the financial sector. He joined CRISIL in 1999 and has experience in setting up and managing large teams in India and globally, setting up and growing key businesses (BLR and R&A practices) and has spearheaded the innovation agenda at CRISIL Ratings.

Mr. Chhatwal leads the Ratings business at CRISIL Ratings. He is responsible for analytical execution, managing client relationships, enhancing CRISIL Ratings’s franchise through thought leadership and outreach. He is also responsible for spearheading the innovation agenda at CRISIL Ratings, while continuing to focus on raising the rating standards at an industry level. Prior to this, he set up the Risk and Analytics (R&A) practice globally for CRISIL Global Research and Analytics (GR&A) that now provides risk modelling, model validation, stress testing and regulatory support to global clients. Mr Chhatwal has held various positions with CRISIL’s ratings business, across the analytical and the business development teams, and has played a key role in its growth over the years.

He joined CRISIL as an analyst in the ratings division and led ratings assignments for large clients in various sectors. From 2008 to 2012, Mr. Chhatwal led the Bank Loan Ratings (BLR) business – he was part of the team that set up CRISIL’s BLR business and reached a milestone of over 10,000 outstanding ratings by April 2012.

Mr. Chhatwal has also been a part of CRISIL’s Global Analytical Centre and worked with S&P Global, New York.

Mr. Gurpreet Chhatwal holds a postgraduate diploma in management from the Indian Institute of Management, Lucknow, and an engineering degree from PEC University of Technology, Chandigarh.