Chapter

DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS

Author(s):
International Monetary Fund
Published Date:
November 2000
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SCHEDULE OF MEETINGS1
Sunday
September 249:00 a.m. International Monetary and Financial Committee2

10:00 a.m. Joint Meeting of International Monetary and Financial Committee and Development Committee
Monday
September 258:30 a.m. Joint Development Committee
Tuesday
September 2610:00 a.m. Opening Ceremonies

Address by the Chairman

Annual Address by President, World Bank Group

Annual Address by Managing Director, International Monetary Fund

3:00 p.m. Annual Discussion

IMF Election of Executive Directors

IBRD Election of Executive Directors

MIGA Election of Directors
Wednesday
September 279:30 a.m. Annual Discussion

1:15 p.m. Joint Procedures Committee

1:30 p.m. MIGA Procedures Committee

3:00 p.m. Annual Discussion
Following the conclusion of the Annual DiscussionProcedures Committees’ Reports Comments by Heads of Organizations Adjournment

PROVISIONS RELATING TO THE CONDUCT OF THE MEETINGS

Admission

1. Sessions of the Boards of Governors of the World Bank Group and the Fund will be joint and shall be open to accredited press, guests, and staff.

2. Meetings of the Joint Procedures Committee shall be open only to Governors who are members of the Committee and their advisers, Executive Directors, and such staff as may be necessary.

Procedures and Records

3. The Chairman of the Boards of Governors will establish the order of speaking at each session. Governors signifying a desire to speak will generally be recognized in the order in which they ask to speak.

4. With the consent of the Chairman, a Governor may extend his statement in the record following advance submission of the text to the Secretaries.

5. The Secretaries will have verbatim transcripts prepared of the proceedings of the Boards of Governors and the Joint Procedures Committee. The transcripts of proceedings of the Joint Procedures Committee will be confidential and available only to the Chairman, the President of the World Bank Group, the Managing Director of the Fund, and the Secretaries.

6. Reports of the Joint Procedures Committee shall be signed by the Committee Chairman and the Reporting Members.

Public Information

7. The Chairman of the Boards of Governors, the President of the World Bank Group, and the Managing Director of the Fund will communicate to the press such information concerning the proceedings of the Annual Meetings as they may deem suitable.

AGENDA

  • 2000 Annual Report

  • Report of the Chairman of the International Monetary and Financial Committee (Fund Document No. 4)

  • Report of the Chairman of the Joint Development Committee (Fund Document No. 5)

  • 2000 Regular Election of Executive Directors (Fund Document No. 6)

  • Financial Statements and Audit Report (Appendix IX of the 1999 Annual Report and Fund Document Nos. 6 and 7)

  • Administrative and Capital Budgets for Financial Year ending April 30, 2001 (Chapter 8 of the 2000 Annual Report and Fund Document Nos. 8 and 9)

  • Amendment of the Rules and Regulations (Fund Document No. 10)

  • Selection of Officers and Joint Procedures Committee for 2000/2001

REPORTS OF THE JOINT PROCEDURES COMMITTEE

Chairman—South Africa

Vice Chairmen—Estonia, Honduras

Reporting Member—Saudi Arabia

Other Members

Algeria, Angola, Armenia, Australia, Bolivia, Canada, Dominican Republic, France, Germany, Guinea, India, Indonesia, Japan, Malta, Nigeria, Slovak Republic, Switzerland, United Kingdom, United States

{TC “Report II”} Report I1

September 27, 2000

Mr. Chairman:

At the meeting of the Joint Procedures Committee held on September 27, 2000, items of business on the agenda of the Board of Governors of the International Monetary Fund were considered.

The Committee submits the following report and recommendations:

  • 2000 Annual Report

    The Committee noted that provision had been made for the annual discussion of the business of the Fund.

  • Report of the Chairman of the International Monetary and Financial Committee

    The Committee noted the presentation made by the Chairman of the International Monetary and Financial Committee.2

    The Committee recommends that the Board of Governors of the Fund thank the International Monetary and Financial Committee for its work.

  • 2000 Regular Election of Executive Directors

    The Committee noted that the 2000 Regular Election of Executive Directors of the Fund had taken place and that the next Regular Election of Executive Directors will take place at the Annual Meeting of the Board of Governors in 2002.

  • Financial Statements, Report on Audit, and Administrative and Capital Budgets

    The Committee considered the Report on Audit for the Financial Year ended April 30, 2000, the Financial Statements contained therein (Fund Document No. 7 and Appendix IX of the 2000 Annual Report), and the Administrative Budget for the Financial Year ending April 30, 2001 and the Capital Budget for capital projects beginning in Financial Year 2001 (Fund Document No. 9 and Chapter 8 of the 2000 Annual Report).

    The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Fund Document No. 8.3

  • Amendments of Rules and Regulations

    The Committee has reviewed and noted the letter of the Managing Director and Chairman of the Executive Board to the Chairman of the Board of Governors, dated September 26, 2000, reproduced as Fund Document No. 10, regarding amendments of the Rules and Regulations set forth in Annex I to that document.

    The Committee recommends that the Board of Governors of the Fund adopt the draft Resolution set forth in Annex II of Fund Document No. 10.4

Approved:

/s/ Trevor Andrew Manuel

/s/ Ahmed S.M. Alosaimi

South Africa—ChairmanSaudi Arabia—Reporting Member

COMMITTEE REPORTS

Annex I to Report I

Regulations for the Conduct of the 2000

Regular Election of Executive Directors

1. Definitions: In these Regulations, unless the context otherwise requires:

(a) “Articles” means the Articles of Agreement of the Fund.

(b) “Board” means the Board of Governors of the Fund.

(c) “Chairman” means the Chairman or Vice-Chairman acting as Chairman of the Board.

(d) “Governor” includes the Alternate Governor or any temporary alternate Governor when acting for the Governor.

(e) “Secretary” means the Secretary or any Acting Secretary of the Fund.

(f) “Election” means the 2000 Regular Election of Executive Directors.

(g) “Eligible votes” means the total number of votes that can be cast in an election.

2. Date of Election: The election shall be held during the 2000 Annual Meeting of the Fund.

3. Eligibility: The Governors eligible to vote in the election shall be all of the Governors except those of the members that:

(a) are entitled to appoint an Executive Director pursuant to Article XII, Section 3(b)(i);

(b) have notified the Managing Director, in accordance with the procedure established by the Executive Board, of their intention to appoint an Executive Director pursuant to Article XII, Section 3(c); or

(c) have had their voting rights suspended under Article XXVI, Section 2(b).

4. Schedule E: Subject to the Supplementary Regulations set forth herein the provisions of Schedule E of the Articles shall apply to the conduct of the election.

5. Number of Executive Directors to Be Elected: Nineteen Executive Directors shall be elected. “Nineteen persons” shall be substituted for “fifteen persons” in paragraphs 2, 3, and 6, and “eighteen persons” shall be substituted for “fourteen persons” and “nineteenth” shall be substituted for “fifteenth” in paragraph 6 of Schedule E.

6. Proportion of Votes Required to Elect: In paragraphs 2 and 5 of Schedule E “four percent” and in paragraphs 3, 4, and 5, “nine percent” shall not be changed.

7. Nominations:

(a) Any person nominated by one or more Governors eligible to vote in the election shall be eligible for election as an Executive Director.

(b) Each nomination shall be made on a Nomination Form furnished by the Secretary, signed by the Governor or Governors making the nomination and deposited with the Secretary.

(c) A Governor may nominate only one person.

(d) Nominations may be made until 6:00 p.m. on Monday, September 25, 2000. The Secretary shall post and distribute a list of the candidates.

8. Supervision of the Election: The Chairman shall appoint such tellers and other assistants and take such other actions as he deems necessary for the conduct of the election.

9. Ballots and Balloting:

(a) One ballot form shall be furnished, before a ballot is taken, to each Governor eligible to vote. On any particular ballot, only ballot formsdistributed for that ballot shall be counted.

(b) Each ballot shall be conducted by the deposit of ballot forms, signed by Governors eligible to vote, in a ballot box. When a ballot has been completed, the Chairman shall cause the ballot forms to be counted and the names of the persons elected to be announced promptly after the tellers have completed their tally of the ballot forms.

(c) Voting for the first ballot shall take place from 10:00 a.m. to 6:00 p.m. on Tuesday, September 26, 2000. The ballot forms of the first ballot shall be counted at 9:00 a.m. on Wednesday, September 27, 2000. If a succeeding ballot is necessary, the Chairman shall announce the names of the candidates to be voted on, the members whose Governors are entitled to vote, and the timing for the succeeding ballot.

(d) If the tellers shall be of the opinion that any particular ballot formis not properly executed, they shall, if possible, afford the Governor concerned an opportunity to correct it before tallying the results, and such ballot form, if so corrected, shall be deemed valid.

(e) If a Governor does not vote for any candidate when entitled to do so, he shall not be entitled to vote on any subsequent ballot and his votes shall not be counted under Article XII, Section 3(i)(iii) toward the election of any Executive Director.

(f) If, at any time during any ballot, a member does not have a duly appointed Governor, such member shall be taken not to have voted on that ballot.

(g) If a second or subsequent ballot is required under Schedule E, but the number of remaining candidates is equal to the number of vacancies to be filled, those candidates shall be deemed to have been elected in the preceding ballot, provided that paragraph 14 of these Regulations shall apply.

10. If on any ballot there are more candidates than the number of Executive Directors to be elected and two or more candidates tie with the lowest number of votes, no candidate shall be ineligible for election in the next succeeding ballot, but if the same situation is repeated on such succeeding ballot, the Chairman shall eliminate by lot one of the candidates from the following ballot.

11. If any two or more Governors having an equal number of votes shall have voted for the same candidate and the votes of one or more, but not all, of such Governors could be deemed under paragraph 4 of Schedule E to have raised the total votes received by the candidate above 9 percent of the eligible votes, the Chairman shall determine by lot the Governor or Governors, as the case may be, who shall be entitled to vote in the next ballot.

12. When in any ballot the number of candidates is the same as the number of Executive Directors to be elected, and no candidate is deemed to have received more than 9 percent of the eligible votes, each candidate shall be considered elected by the number of votes received even though a candidate may have received less than 4 percent of eligible votes.

13. If the votes cast by a Governor raise the total votes received by a candidate from below to above 9 percent of the eligible votes, the votes cast by that Governor shall be deemed, for the purposes of paragraph 4 of Schedule E, not to have raised the total votes received by that candidate above 9 percent.

14. Any member whose Governor has voted in the last ballot for a candidate not elected may, before the effective date of the election as set forth in section 16 below and subject to the limits specified above on the total number of votes that may be cast toward the election of an Executive Director, designate an Executive Director who was elected, and that member’s votes shall be deemed to have counted toward the election of the Executive Director so designated.

15. Announcement and Review of Result:

(a) After the last ballot, the Chairman shall cause to be distributed a statement setting forth the result of the election.

(b) The Board of Governors, at the request of any Governor, will review the result of the election in order to determine whether, in light of the objectives set forth in Chapter O, Section 2 of the Report by the Executive Directors to the Board of Governors on the Proposed Second Amendment to the Articles of Agreement, an additional Executive Director should be elected to serve for the term of office commencing November 1, 2000.

16. Effective Date of Election of Executive Directors: The effective date of election shall be November 1, 2000, and the term of office of the elected Executive Directors, and of any Executive Director appointed under Article XII, Section 3(c), shall commence on that date. Incumbent elected Executive Directors shall serve through October 31, 2000.

17. General: Any question arising in connection with the conduct of the election shall be resolved by the tellers, subject to appeal, at the request of any Governor, to the Chairman and from him to the Board of Governors. Whenever possible, any such question shall be put without identifying the members or Governors concerned.

As approved by Board of Governors

Resolution No. 55-3, August 16, 2000

STATEMENT OF RESULTS OF ELECTION, SEPTEMBER 27, 2000

Candidate ElectedMembers Whose

Votes Counted

Toward Election5
Number of Votes
Sulaiman M. Al-TurkiSaudi Arabia70,105
Alexandre Barro ChambrierBenin869
Burkina Faso852
Cameroon2,107
Cape Verde346
Central African Republic807
Chad810
Comoros339
Congo, Republic of1,096
Côte d’Ivoire3,502
Djibouti409
Equatorial Guinea576
Gabon1,793
Guinea1,321
Guinea-Bissau392
Madagascar1,472
Mali1,183
Mauritania894
Mauritius1,266
Niger908
Rwanda1,051
São Tomé and Príncipe324
Senegal1,868
Togo984
25,169
Thomas A. BernesAntigua and Barbuda385
The Bahamas1,553
Barbados935
Belize438
Canada63,942
Dominica332
Grenada367
Ireland8,634
Jamaica2,985
St. Kitts and Nevis339
St. Lucia403
St. Vincent and the Grenadines333
80,636
Michael CallaghanAustralia32,614
Kiribati306
Korea16,586
Marshall Islands275
Federated States of Micronesia301
Mongolia761
New Zealand9,196
Palau281
Papua New Guinea1,566
Philippines9,049
Samoa366
Seychelles338
Solomon Islands354
Vanuatu420
72,413
Roberto F. CippàAzerbaijan1,859
Kyrgyz Republic1,138
Poland13,940
Switzerland34,835
Tajikistan1,120
Turkmenistan1,002
Uzbekistan3,006
56,900
Riccardo FainiAlbania737
Greece8,480
Italy70,805
Malta1,270
Portugal8,924
San Marino420
90,636
Kleo-Thong HetrakulBrunei Darussalam1,750
Cambodia1,125
Fiji953
Indonesia21,043
Lao People’s Democratic Republic641
Malaysia15,116
Myanmar2,834
Nepal963
Singapore8,875
Thailand11,069
Tonga319
Vietnam3,541
68,229
Vijay L. KelkarBangladesh5,583
Bhutan313
India41,832
Sri Lanka4,384
52,112
Willy KiekensAustria18,973
Belarus4,114
Belgium46,302
Czech Republic8,443
Hungary10,634
Kazakhstan3,907
Luxembourg3,041
Slovak Republic3,825
Slovenia2,567
Turkey9,890
111,696
Olli-Pekka LehmussaariDenmark16,678
Estonia902
Finland12,888
Iceland1,426
Latvia1,518
Lithuania1,692
Norway16,967
Sweden24,205
76,276
Abbas MirakhorAlgeria12,797
Ghana3,940
Islamic Republic of Iran15,222
Morocco6,132
Pakistan10,587
Tunisia3,115
51,793
Aleksei V. MozhinRussian Federation59,704
Hernán OyarzábalCosta Rica1,891
El Salvador1,963
Guatemala2,352
Honduras1,545
Mexico26,108
Nicaragua1,550
Spain30,739
Venezuela26,841
92,989
Murilo PortugalBrazil30,611
Colombia7,990
Dominican Republic2,439
Ecuador3,273
Guyana1,159
Haiti857
Panama2,316
Suriname1,171
Trinidad and Tobago3,606
53,422
Cyrus D.R. RustomjeeAngola3,113
Botswana880
Burundi1,020
Eritrea409
Ethiopia1,587
The Gambia561
Kenya2,964
Lesotho599
Liberia963
Malawi944
Mozambique1,386
Namibia1,615
Nigeria17,782
Sierra Leone1,287
South Africa18,935
Sudan1,947
Swaziland757
Tanzania2,239
Uganda2,055
Zambia5,141
Zimbabwe3,784
69,968
A. Shakour ShaalanBahrain1,600
Egypt9,687
Iraq5,290
Jordan1,955
Kuwait14,061
Lebanon2,280
Libya11,487
Maldives332
Oman2,190
Qatar2,888
Syrian Arab Republic3,186
United Arab Emirates6,367
Republic of Yemen2,685
64,008
WEI BenhuaChina47,112
J. de Beaufort WijnholdsArmenia1,170
Bosnia and Herzegovina1,941
Bulgaria6,652
Croatia3,901
Cyprus1,646
Georgia1,753
Israel9,532
former Yugoslav Republic of Macedonia939
Moldova1,482
Netherlands51,874
Romania10,552
Ukraine13,970
105,412
A. Guillermo ZoccaliArgentina21,421
Bolivia1,965
Chile8,811
Paraguay1,249
Peru6,634
Uruguay3,315
43,395
/s/ Tanel Ross/s/ J. Ernesto Ariba
TellerTeller

Annex II to Report I

September 26, 2000

Dear Mr. Chairman:

In accordance with Section 16 of the By-Laws, the attached amendments of the Rules and Regulations adopted since the 1999 regular meeting (Annex I) are submitted for review by the Board of Governors. A draft resolution for approval by Governors appears in Annex II.

Section 20(f) of the By-Laws was amended by the Board of Governors in September 1999 to provide, in relevant part, that “Except for findings that, in the view of the audit firm concurred in by the audit committee, are considered minor and thus only of interest to the Management of the Fund, all the views and suggestions of the audit firm shall be communicated to the Managing Director and the Executive Board at the same time. The Managing Director’s response to the views and suggestions of the audit firm that have been communicated to the Executive Board shall also be communicated to the Executive Board.” To avoid a conflict between this Section and Rule J-7, with effect from September 30, 1999, Rule J-7 was abrogated and the former Rules J-8 and J-9 were redesignated as Rules J-7 and J-8, respectively.

Rule O-10 was amended (with effect from February 25, 2000) to replace the terms “operational budget” and “budget” with “financial transactions plan” and “transactions plan,” respectively, to more accurately convey the substance of the Fund’s financial structure in light of the Executive Board’s decision to make public, on a regular basis, the outcome of the financial transactions plan.

The Executive Board has made no other changes in the Rules and Regulations since the last Annual Meeting.

Very truly yours,

/s/

Horst Köhler

Managing Director and Chairman of the Executive Board

Chairman of the Board of Governors

2000 Annual Meeting International Monetary Fund

Attachment I. Rules and Regulations Amended since the 1999 Annual Meeting

Rules J-7, J-8, and J-9. Pursuant to the adoption by the Board of Governors of the Amendment of Section 20(b), (c), (d), (e) and (f) of the By-Laws:

Rule J-7 is abrogated.

The former Rules J-8 and J-9 are redesignated as Rules J-7 and J-8, respectively.

Rule O-10. Financial Transactions Plan

Rule O-10 is amended to read as follows:

(a) At quarterly intervals the Executive Board shall decide on the transactions plan, including amounts, for the use of currencies and SDRs in the operations and transactions of the Fund conducted through the General Resources Account until the next decision takes effect.

(b) The Executive Board may decide at any time to adopt a special transactions plan.

(c) On the request of any member, an Executive Director, or the Managing Director, the Executive Board shall review, and if necessary amend, any transactions plan adopted pursuant to (a) or (b) above.

Report III6

September 27, 2000

Mr. Chairman:

The Joint Procedures Committee met on September 27, 2000 and submits the following report and recommendations:

1. Development Committee

The Committee noted that the Report of the Chairman of the Joint Ministerial Committee of the Boards of Governors of the Fund and the Bank on the Transfer of Real Resources to Developing Countries (Development Committee) has been presented to the Boards of Governors of the Fund and Bank pursuant to paragraph 5 of Resolutions Nos. 29-9 and 294 of the Fund and Bank, respectively (Fund Document No. 5 and Bank Document No. 3).7

The Committee recommends that the Boards of Governors of the Fund and the Bank note the report and thank the Development Committee for its work.

2. Officers and Joint Procedures Committee for 2000/01

The Committee recommends that the Governor for Costa Rica be Chairman and that the Governors for Egypt and the Russian Federation be Vice Chairmen of the Boards of Governors of the Fund and of the World Bank Group, to hold office until the close of the next Annual Meetings.

It is further recommended that a Joint Procedures Committee be established to be available, after the termination of these meetings and until the close of the next Annual Meetings, for consultation at the discretion of the Chairman, normally by correspondence and, if the occasion requires, by convening; and that this Committee shall consist of the Governors for the following members: Chile, the Republic of Congo, Costa Rica, Croatia, Egypt, Finland, France, Germany, Italy, Japan, People’s Democratic Republic of Laos, Madagascar, Namibia, Palau, the Russian Federation, St. Vincent, Saudi Arabia, Tanzania, Trinidad and Tobago, Turkmenistan, the United Kingdom, and the United States.

It is recommended that the Chairman of the Joint Procedures Committee shall be the Governor for Costa Rica, and the Vice Chairmen shall be the Governors for Egypt and the Russian Federation, and that the Governor for Palau shall serve as Reporting Member.

Approved:

Trevor Andrew ManuelAhmed S.M. Alosaimi
South Africa—ChairmanSaudi Arabia—Reporting Member

Report I and the Resolutions contained therein were adopted by the Board of Governors of the Fund in Joint Session with the Board of Governors of the Bank, IFC, and IDA, on October 27, 2000.

See pages 34–36.

Resolution No. 55–4; see page 308.

Resolution No. 55–5; see page 308.

The Islamic State of Afghanistan and Somalia did not participate in this election. The Democratic Republic of the Congo did not participate owing to the suspension of the voting rights of that member under Article XXVI, Section 2(b).

Report II dealt with the business of the Boards of Governors of the Bank, IFC, and IDA. Report III and the recommendations contained therein were adopted by the Boards of Governors of the Fund and of the Bank, IFC, and IDA in Joint Session on September 28, 2000.

See pages 37-39.

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