Governance
ACGF's governance structure combines the operational expertise of its Management Board with supervision by the Board of Trustees.
Board of Directors
Bernd Leidner and Dirk Josef Thiesen are the Chairman and Vice Chairman of the Management Board, which oversees and manages ACGF’s operations and activities, supported by around 70 staff members in Germany and Afghanistan. Both combine more than 65 years of experience in the international financial sector, with specialized expertise in managing guarantee funds and foundations.
Mr. Bernd Leidner
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Mr. Bernd Leidner is an internationally renowned specialist for credit guarantees as MSME finance instrument with more than thirty years of international experience, also in highly challenging and conflict / post-conflict markets. Mr. Leidner holds an academic degree in Business Administration, with majors in banking and finance, from the University of Applied Sciences in Würzburg, Germany.
Mr. Leidner was instrumental in designing, establishing, improving and managing multiple guarantee institutions. Mr. Leidner worked as freelancer, as co-founder (together with Mr. Dirk Josef Thiesen) and CEO of a consulting company and as CEO of guarantee institutions. Since 2005, Mr. Leidner has been involved in credit guarantees in Afghanistan, initially as program manager for the credit guarantee facility which preceded ACGF. Since 2014, Mr. Leidner has served on the Management Board of ACGF together with Mr. Thiesen. In his role as Chairman of the Management Board, Mr. Leidner has been in charge of the market side of the institution, including guarantee operations and technical assistance.
Mr. Dirk Josef Thiesen
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Mr. Dirk Josef Thiesen has extensive experience in financial services and tax consulting and has been working for more than 35 years in different finance-related areas. Mr. Thiesen is a certified German Tax Advisor and Certified Foundation Advisor and holds a Diploma in Finance from the University of Applied Sciences Nordkirchen, Germany with focus on taxation and accounting.
Having worked in management positions in different financial institutions and consulting companies since 2011, Mr. Thiesen has been working in Development Finance, including the position as CFO of a credit guarantee fund for Tajikistan. Since 2014, Mr. Thiesen has been the Vice Chairman of the Management Board of ACGF. In this role, he co-manages with Mr. Bernd Leidner the foundation, with a focus on the market-following side, including HR, Risk, Finance & Controlling, Regulatory, and Compliance.
Board of Trustees
The Board of Trustees comprises three members. It supervises the Management Board and guides it in strategic decision making.
Mr. Roger Peltzer
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Mr. Roger Peltzer brings extensive experience in international development finance with a strong focus on private sector development and microfinance. Mr. Peltzer holds a Master’s degree in Economics from the University of Münster and completed postgraduate studies at the German Institute of Development (now IDOS).
Throughout his career, Mr. Peltzer has held senior roles at Klöckner Industrie-Anlagen and at DEG – Deutsche Investitions und Entwicklungsgesellschaft mbH where he led investment operations in Africa. Notably, Mr. Peltzer was instrumental in the founding of ACGF and has served on its Board of Trustees for several years. In December 2024, Mr. Peltzer has been elected Chairman of ACGF’s Board of Trustees. Mr. Peltzer is also President of the German NGO “Pro Smallholder Farmers Africa Association” and has served on the board of Cameroon’s leading microfinance institution MUFID-Union. His longstanding commitment to inclusive finance and agricultural development aligns closely with ACGF’s mission of enhancing access to finance for Afghan MSMEs.
Ms. Bibiana Bolsenkötter
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Ms. Bibiana Bolsenkötter is a finance and governance expert with over three decades of experience in auditing, risk management, and strategic financial consulting. Ms. Bolsenkötter holds a Master’s degree in Economics from the University of Duisburg and is a certified German chartered accountant and tax advisor.
Ms. Bolsenkötter was an Assurance Partner at PwC, serving the middle market sector and cooperative networks until mid-2016. Since then, she has operated an independent consultancy specializing in financial and balance sheet analysis, internal controls, and supervisory board advisory. Ms. Bolsenkötter brings deep knowledge of corporate governance and board leadership, including several years of advisory roles in a family-owned business. As of June 2025, Ms. Bolsenkötter serves as Vice Chairman of the Board of Trustees of ACGF. Her financial acumen and governance expertise strongly support ACGF’s oversight and accountability frameworks.
Ms. Frances Mys
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Ms. Frances Mys is a development finance expert with over 25 years of global experience in building and expanding financial and business development services for micro, small, and medium-sized enterprises (MSMEs). She holds an MBA from the University of Cincinnati.
Ms. Mys has worked extensively with financial institutions across emerging markets in Africa, the Middle East, South and Central Asia, the South Pacific, and Eastern Europe. She has led and implemented projects supported by USAID, the UK Government, the World Bank/IFC, and the Gates Foundation. In Afghanistan, she managed two USAID-funded development finance programs from 2003 to 2008 and served as a Board Member of the Microfinance Investment Support Facility for Afghanistan (MISFA) from 2020 to 2024. Ms. Mys’ deep understanding of MSME finance and development strategy makes her an invaluable asset to ACGF’s governance and strategic direction.
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ACGF's Code of Conduct
ACGF’s Code of Conduct specifies the framework for doing business and supports its implementation by setting certain non-negotiable minimum standards of conduct in key areas. The values of ACGF serve as the foundation for the specification of this framework and are further described in the document below.
The Code of Conduct applies to all members of the management and governing bodies, and employees (including managers and long-term consultants) of ACGF. As such, everybody is obliged, within the scope of his or her entire business activity for ACGF and its subsidiary SCSA to comply with the applicable laws and other relevant regulations, with the ethical values and the other contents of this Code of Conduct in order to maintain and promote our good reputation.