Abstract

September 12, 1955

article image

Report No. 1

September 12, 1955

Sir:

The Procedures Committee,1 at its first meeting at 5:00 p.m., on September 11, 1955, considered the matters of business which had been proposed for the Tenth Annual Meeting of the Boards of Governors of the Bank and the Fund.

I have the honor to submit the following recommendations of the Committee:

Business of the Board of Governors of the Fund

A. Agenda

The Committee recommends:

1. That the agenda attached as Annex I be adopted.

2. That, after the adoption of the initial agenda, proposed additions to the agenda be submitted in writing to the Procedures Committee, through the Chairman, for its recommendations.

B. Committee

The Committee recommends:

1. That a Committee on Finance and Organization be established as shown in Annex II.

2. That the items shown in Annex III be referred to the Committee on Finance and Organization for report to the Board of Governors.

C. Fund Discussion

The Committee recommends that during the Annual Meeting there be a discussion of the business of the Fund to consider views of the Governors on the policies and activities of the Fund.

Procedural Matters of Joint Concern to the Bank and the Fund

A. Order of Business

The Committee recommends:

1. That the order of business tentatively scheduled in Annex IV be adopted.

2. That the Secretaries of the Bank and the Fund, in consultation with the Chairmen, may change the schedule as necessary.

B. Conduct of Meeting

The Committee recommends that the Provisions Relating to the Conduct of the Meeting, as contained in Annex V, be approved.

C. Procedural Items

A later report1 of this Committee to the Joint Boards of Governors will deal with:

1. Place and Date of Eleventh Annual Meeting.2

2. Election of Officers3 and Procedures Committee for 1955–56.4

Approved:

article image

The Report was approved by the Boards of Governors at the Opening Ceremonies, September 12,1955.

Annex I: Agenda

1. Tenth Annual Report

2. Financial Statements and Report on Audit (Appendix X of Tenth Annual Report and Fund Document No. 2)

3. Administrative Budget (Appendix IX of Tenth Annual Report)

4. Changes in Rules and Regulations (Fund Document No. 3)

5. Place and Date of Eleventh Annual Meeting

6. Election of Officers and Procedures Committee for 1955–56

Annex II: Committee on Finance and Organization

article image

Annex III: Committee on Finance and Organization

Terms of Reference1

  • 1. Chapter IX of the Tenth Annual Report

  • 2. Financial Statements and Report on Audit (Appendix X of Tenth Annual Report and Fund Document No. 2)

  • 3. Administrative Budget (Appendix IX of Tenth Annual Report2)

  • 4. Changes in Rules and Regulations (Fund Document No. 3)

Annex IV: Schedule

(As revised at Bank Session No. 3, September 13, 1955)

SUNDAY, September 11

5:00 p. m.—Joint Procedures Committee

MONDAY, September 12

10:00 a. m.—Opening Ceremonies

Opening Session

12:00 noon—Annual Address: President of Bank

TUESDAY, September 13

10:00 a. m.—Annual Address: Managing Director of Fund

11:00 a. m.—Bank Annual Report Discussion

WEDNESDAY, September 14

9:30 a. m.—Bank Committee on Finance and Organization

10:00 a. m.—Fund Annual Report Discussion

1:00 p. m.—Fund Committee on Finance and Organization

THURSDAY, September 15

10:00 a. m.—Bank Informal Discussion

12:00 noon—Bank Board: President’s Comments

Committee Reports

1:00 p. m.—Procedures Committee

FRIDAY, September 16

10:00 a. m.—Fund Board: Managing Director’s Comments

Committee Reports

11:00 a. m.—Closing Session

All full Board Sessions will be held in the Conference Hall on the first floor of the Law Building, University of Istanbul, Beyazit Square.

All Committee Sessions will be held in the Committee Room on the second floor of the Main Building of the University.

Annex V: Provisions Relating to the Conduct of the Meeting

Attendance

1. All Sessions of the Boards of Governors of the Bank and the Fund, including Joint Sessions and the informal discussions, shall be open to the press and invited guests, unless otherwise decided. Committee meetings shall be closed.

2. Meetings of the Joint Procedures Committee shall be open only to the Governor and Alternate Governor and one adviser for each member country on the Committee.

3. Committee meetings, with the exception of Joint Procedures Committee meetings, shall be open to Delegations who are not Committee members.

4. Accredited observers may attend all Sessions of the Boards of Governors and their Committees, other than the Joint Procedures Committee, unless decided otherwise. Observers wishing to speak at a meeting are requested to consult the Secretaries in advance.

5. Sessions of the Boards of Governors and Committee meetings shall be open to such members of the Joint Secretariat and the technical staffs as may be necessary.

Public Information

6. The Chairmen of the Boards of Governors, the President of the Bank, and the Managing Director of the Fund are authorized to communicate to the press such information concerning the proceedings of the Tenth Annual Meeting as they deem suitable. Copies of such communications shall be available to any Governor on his request.

Records

7. The Secretaries of the Bank and the Fund are authorized to prepare verbatim transcripts of the proceedings of Sessions of the Boards of Governors and their Committees, and of informal discussions. The transcripts of Committee proceedings, and any summary records thereof, will be confidential and available only to the Chairmen, the President of the Bank, and the Managing Director of the Fund, unless otherwise decided.

8. Reports of Committees shall be signed by the Committee Chairman and the Reporting Member.

Report No. 2

September 15, 1955

Sir:

I have the honor to submit the Report of the Procedures Committee on its second meeting which was held at 1:00 p.m. on September 15, 1955.

I. Place and Date of Eleventh Annual Meeting

The Committee considered the place and date of the Eleventh Annual Meeting.

The Committee recommends that the standing invitation of the United States be accepted and that the Eleventh Annual Meeting be convened in Washington, preferably in the second half of September 1956.1

II. Officers for Ensuing Year

The Committee next considered the question of officers of the Boards of Governors for the Bank and the Fund for the ensuing year, and recommends that the Governor for Mexico be elected Chairman and the Governors for China, France, India, the United Kingdom, and the United States be elected Vice-Chairmen of the respective Boards, to hold office until the election of officers at the close of the next Annual Meeting.2

III. Procedures Committee for Ensuing Year

The Committee then considered the question of the composition of the Procedures Committee for the ensuing year.

The Committee recommends that a Procedures Committee be established to be available after the termination of this Meeting, and until the selection of a new Procedures Committee at the next Annual Meeting, for consultation at the discretion of the Chairman, normally by correspondence, and also if occasion requires by convening immediately before the Annual Meeting of the Boards. The Committee further recommends that the Procedures Committee shall consist of the Governors for Mexico, Chairman; Iraq, Vice-Chairman; Denmark, Reporting Member; and Australia, Bolivia, Burma, China, France, Greece, India, the United Kingdom, and the United States.1

Approved:

article image

The Report was approved and the resolutions adopted by the Boards of Governors at the Closing Session (Session No. 5), September 16,1955.

Committee on Finance and Organization

article image

Report to the Board of Governors of the Fund

September 15, 1955

Mr. Chairman:

I have the honor to report that the Committee on Finance and Organization met at 1:00 p.m. on Wednesday, September 14, 1955, under the Chairmanship of the Governor for Indonesia, to consider the four items on the agenda1 referred to it. On behalf of the Committee, I submit the following report and recommendations with respect to each of these items.

Chapter IX of the Tenth Annual Report

The Committee considered Chapter IX of the Annual Report dealing with matters of membership, organization, and administration. With reference to the section reporting on relations between the Fund and other international organizations, the Alternate Governor for the United Kingdom wished to record that the Governor for the United Kingdom, as Chairman of the Organization for European Economic Co-operation, felt that there should be the closest relations between the Fund and the European Fund when the latter came into being and that conversations to this end should be initiated as soon as possible. There were no other comments on Chapter IX of the Annual Report.

Financial Statements, Report on Audit, and Administrative Budget

The Committee considered the Report on Audit for the Fiscal Year ended April 30, 1955, the Financial Statements contained there-in (Fund Document No. 2 and Appendix X of the Tenth Annual Report), and the Administrative Budget for the Fiscal Year ending April 30, 1956 (Appendix IX of the Annual Report).

The Managing Director stated that during the last fiscal year, as the result of continued efforts to economize, actual expenditures had been less than the approved budget by $100,000. Income had fallen considerably below the level of the previous year, mainly because of the voluntary and mandatory repurchases by members, and it could be expected to fluctuate from time to time in accordance with developments in the international payments of members. The effort to broaden the geographical distribution of the Fund’s staff had continued and more than 40 countries were represented on the staff.

The Committee noted that Executive Directors and Alternate Executive Directors would be included in a plan to be instituted in October to insure Fund personnel against possible large medical expenses.

In the name of the Committee, I have the honor to recommend to the Board of Governors the adoption of the draft resolution on the Financial Statements, Report on Audit, and Budget attached hereto as Annex I.1

Rules and Regulations

The Committee also reviewed the amendments to Rules F-4, 1–2, and I-4(f) of the Rules and Regulations as submitted by the Executive Directors (Fund Document No. 3).2

In the name of the Committee, I have the honor to recommend the adoption by the Board of Governors of the draft resolution attached hereto as Annex II3 notifying the Executive Directors that it has reviewed the amendments and has no changes to suggest.

Approved:

article image

The Report was approved and the draft resolutions adopted by the Board of Governors at Session No. 4, September 16, 1955.

1

The Procedures Committee reported also on the business proposed by the Bank, all references to which have, however, been omitted here. The numbering of the Annexes in this Report has been adjusted to take account of this fact.

1

Report No. 2, page 81.

2

Resolution No. 10–3.

3

Resolution No. 10–4.

4

Resolution No. 10–5.

4

The items on the agenda of the Committee are the same as those listed here. The agenda was issued as Committee on Finance and Organization Document No. 2.

2

And Committee Document No. 1.

1

Resolution No. 10–3.

2

Resolution No. 10–4.

1

Resolution No. 10–5.

1

Committee Terms of Reference, page 78.

1

Resolution No. 10–1.

3

Resolution No. 10–2.