IMF and World Bank: Appointment Procedures

Lord Grenfell Excerpts

Wednesday 1st December 2010 Lords Chamber

[Lord Sassoon]

My Lords, I am grateful to the right reverend Prelate for reminding us of what part of the important role of the World Bank is. Indeed, since we are talking about governance arrangements, it is important that there is a commitment to arriving at a new formula for the World Bank shareholding by 2015 that will properly reflect the development mandate of that organisation.

[Lord Grenfell]

My Lords—

[Lord McFall of Alcluith]

My Lords—

[Noble Lords]

Order!

[Lord Grenfell]

I am most grateful to my noble friend for giving way. I declare an interest, having served 30 years with the World Bank and being in receipt of a pension from it. I totally agree with what the noble Lord, Lord Stern of Brentford, has said about the necessity of broadening the field of recruitment. Does the Minister agree that the most important aspect is to make sure that the best qualified person gets the job and that it is extremely important that, whatever negotiations are held, the G20 should not go from one stitch-up, which we have now, to another and thereby end up with the lowest common denominator of approval? We should at least find the best people available for both these posts.

[Lord Sassoon]

I am very grateful to the noble Lord, Lord Grenfell, who speaks from immense experience. I completely agree with what he said.