IMF and World Bank: Appointment Procedures

Lord Newby Excerpts

Wednesday 1st December 2010 Lords Chamber

[Lord Sassoon]

My Lords, I said at the outset that the improvements to the processes for appointing the heads of these organisations must be part of wider reform packages for the entire governance of the IMF and the World Bank. Progress is being made on that in the quota shares, the voting arrangements and the governance arrangements. Equally, it is critical that, under the new arrangements, the four BRIC countries are in the top 10 voting and quota share countries, so we will have a much better balance in both voting and representation. It is equally important that the UK remains a top five member and that we retain our board seat.

[Lord Newby]

My Lords, does the Minister accept that these top appointments are intensely political? Therefore, simply having a process that is called “open and transparent” will not guarantee that the best person gets the job. Would it not be sensible, as the noble Lord, Lord Stern, said, for the British Government to make it clear at this stage that they expect the next head of the IMF and the World Bank not to be a European or an American?

[Lord Sassoon]

I can only restate the position of the Government: these appointments should be made regardless of nationality or gender.