APB is due to be officially launched in 2013 and will feature both an individual competition and a worldwide team competition.

The formation of the APB Executive Board with eight initial members has already been announced by AIBA.

The APB Executive Board will be chaired by AIBA President C K Wu (pictured above), also included are AIBA vice presidents Humbert Furgoni of France and Abdellah Bessalem of Algeria.

The five other members are Bekzhan Bektenov of Kazakhstan, Osvaldo Bisbal of Argentina, Luiz Boselli of Brazil, Franco Falcinelli and Tom Virgets, both from the United States.

AIBA executive director Ho Kim and AIBA treasurer David Francis are both non-voting members.

The new APB Executive Board received a final presentation of the AIBA and BMA business plan from KPMG and approved it unanimously.

The plan includes the new AIBA administration and management embracing three major programmes, which are AIBA Olympic Boxing (AOB), World Series of Boxing (WSB) and APB.

With regard to running three AIBA programmes, it was decided to integrate all administrative work into one umbrella organisation which will oversee all AOB, WSB and APB programmes from the existing AIBA headquaters.

With this expansion, AIBA will hire additional staff.

An ABP chief operating officer is currently being recruited.

The plan also includes a strategy for the BMA, which is set to be further enhanced by the company once it is registered independently.

The APB Executive Board approved the projections of the competition structure, the marketing plans, the organisational structure and timelines.

In addition, the Board also approved to register BMA in Switzerland and to locate its headquarters in Lausanne.

This business plan is now set to be ratified by the AIBA Executive Committee when they meet on July 7 and 8 in Bangkok, Thailand.

The APB Executive Board will also meet for the second time in Bangkok at this time.

"I would like to sincerely express my appreciation for your confidence and support on all new initiatives and efforts made to enhance the sport of boxing and our organisation for the betterment of all boxers," said Wu in a letter sent to all 194 AIBA national federations.

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