Resolution No. 52-1—Amendment of Section 5 of the By-Laws of the Fund
The Executive Board resolved on November 25, 1996 that action on the amendment should not be postponed until the next regular meeting of the Board of Governors.
In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on November 27, 1996 for a vote without meeting:
Resolved:
That Section 5 of the By-Laws shall be amended by adding the following paragraph:
“(e) the World Trade Organization shall be entitled to send a member of the Secretariat as an observer to meetings of the Board of Governors.”
The Board of Governors adopted the foregoing Resolution, effective January 8, 1997.
Resolution No. 52-2—Salary of the Managing Director
The Executive Board resolved on December 11, 1996 to recommend an adjustment in the salary of the Managing Director.
In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on December 12, 1996 for a vote without meeting:
Resolved:
That, effective January 16, 1997, the annual salary of the Managing Director of the Fund shall be two hundred twenty-four thousand, six hundred and fifty dollars ($224,650).
The Board of Governors adopted the foregoing Resolution, effective January 13, 1997.
Resolution No. 52-3—Direct Remuneration of Executive Directors and Their Alternates
Pursuant to Section 14(e) of the By-Laws, the 1997 Joint Committee on the Remuneration of Executive Directors and Their Alternates on June 27, 1997 directed the Secretary of the Fund to transmit its report and recommendations to the Board of Governors of the Fund. The Committee’s report contained the following proposed Resolution for adoption by the Board of Governors.
In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on July 7, 1997 for a vote without meeting:
Resolved:
That, effective July 1, 1997, the annual rates of remuneration of the Executive Directors of the Fund and their Alternates pursuant to Section 14(e) of the By-Laws shall be as follows:
(i) As salary, $140,950 per year for Executive Directors and $120,260 per year for their Alternates;
(ii) As supplemental allowance (for expenses, including housing and entertainment expenses, except those specified in Section 14(f) of the By-Laws), $9,000 per year for Executive Directors and $7,200 per year for their Alternates.
The Board of Governors adopted the foregoing Resolution, effective August 18, 1997.
Resolution No. 52-4—Special One-Time Allocation of SDRs Proposed Fourth Amendment of the Articles of Agreement
WHEREAS the Interim Committee of the Board of Governors has invited the Executive Board to propose an amendment of the Articles of Agreement of the International Monetary Fund providing for a special one-time allocation of SDRs to allow all participants in the Special Drawing Rights Department to receive an equitable share of cumulative SDR allocations; and
WHEREAS the Executive Board has proposed such an amendment and prepared a report on the same;
NOW, THEREFORE, The Board of Governors, noting the said Report of the Executive Board, hereby RESOLVES that:
1. The proposals for modifications (Proposed Fourth Amendment) that are attached to this Resolution and are to be incorporated in the Articles of Agreement of the International Monetary Fund are approved.
2. The Secretary of the Fund is directed to ask, by circular letter, telegram, or other rapid means of communications, all members of the Fund whether they accept, in accordance with the provisions of Article XXVIII of the Articles, the Proposed Fourth Amendment.
3. The circular letter, telegram, or other communication to be sent to all members in accordance with 2 above shall specify that the Proposed Fourth Amendment shall enter into force for all members as of the date on which the Fund certifies, by formal communication addressed to all members, that three-fifths of the members, having eighty-five percent of the total voting power, have accepted the modifications.
Attachment to Resolution No. 52-4
Proposed Fourth Amendment of the Articles of Agreement of the International Monetary Fund
The Governments on whose behalf the present Agreement is signed agree as follows:
Schedule M
Special One-Time Allocation of Special Drawing Rights
The Board of Governors adopted the foregoing Resolution, effective September 23, 1997.
Resolution No. 52-5—Financial Statements, Report on Audit, and Administrative and Capital Budgets
Resolved:
That the Board of Governors of the International Monetary Fund considers the Report on Audit for the Financial Year ended April 30, 1997, the Financial Statements contained therein, and the Administrative Budget for the Financial Year ending April 30, 1998 and the Capital Budget for capital projects beginning in Financial Year 1998 as fulfilling the requirements of Article XII, Section 7 of the Articles of Agreement and Section 20 of the By-Laws.
The Board of Governors adopted the foregoing Resolution, effective September 25, 1997.
Resolution No. 52-6—Appreciation
Resolved:
That the Boards of Governors of the World Bank Group and of the International Monetary Fund express their sincere appreciation to the Government and people of the People’s Republic of China and to the Hong Kong Special Administrative Region for their gracious and warm hospitality;
That they express their gratitude for the outstanding facilities at the Hong Kong Convention and Exhibition Centre which were made available for the meeting in Hong Kong; and
That they express particular appreciation to the Governors and Alternate Governors for China and to their associates for the many contributions which they have made toward ensuring the success of the 1997 Annual Meetings.
The Board of Governors adopted the foregoing Resolution, effective September 25, 1997.