World Bank: Selection Process for President Debate
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Lord Bruce of Bennachie
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World Bank: Selection Process for President
Lord Bruce of Bennachie Excerpts(5 years, 8 months ago)
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Lord Bates
These Bretton Woods institutions were set up in 1944-45 on the basis of shareholdings. The United States has a shareholding of 16%; ours is some 3.8%. It is natural for the largest shareholder to represent the money it put on the table to get the Bank off the ground. We should consider their putting forward a candidate a good thing.
Lord Bruce of Bennachie (LD)
My Lords, if the World Bank is to be the champion of the world’s poor and leave no one behind, is it not important for the President of the World Bank to command the confidence of the world’s poor?
Lord Bates
We attach great importance to the legitimacy of the open, merit-based process that is now in place for making that appointment.