Henri Grethen, former Democratic Party minister, is to stand down from his role as chairman of the board at the Fondation de Luxembourg after a decade in post.

Grethen is to be replaced by Alain Kinsch, who also serves as Vice-President of the Council of State and President of the Luxembourg Stock Exchange.

Kinsch declared himself "honoured" at being selected for the role, and said he hoped to make the Grand Duchy a privileged destination for philanthropists from all over the world.

For the past 16 years, the Fondation de Luxembourg has presided over 120 individual philanthropic foundations.