January 29, 2026
1. These Terms of Reference set out the principal responsibilities of the Ethics.
2. The Ethics Advisor contributes to the good governance of the Fund and assists the organization in maintaining high ethical standards of conduct and the reputation of the Fund and its employees for probity, integrity, and impartiality.
3. The Ethics Advisor promotes awareness of ethics issues among, and provides training and education on ethics for Fund employees and vendor personnel.4. The Ethics Advisor shall be appointed by the Managing Director2, after consultation with the Staff Association Committee. Current and former Fund employees may only be appointed to the position of Ethics Advisor after a five-year break in service between their regular Fund employment.3
5. Pursuant to the Categories of Employment for the Dispute Resolution Offices Board Paper (EBAP/23/41), applicable as of June 9, 2023, the Ethics Advisor is initially appointed on a term appointment for a period of three years, renewable once for a further period of six-years in the discretion of the Managing Director after appropriate consultation. The total term of appointment of the Ethics Advisor shall not exceed nine years (and shall end if the Ethics Advisor attains the mandatory retirement age for staff members), except that under exceptional circumstances for transitional reasons, a short extension of the final term appointment may be approved (e.g., to accommodate a delay in the arrival of a successor).
6. Following the end of service as Ethics Advisor, they shall not be eligible for staff employment with the Fund for a period of five years thereafter. Following the initial period referred to above, the Ethics Advisor's appointment may be terminated prior to the end of his or her appointment by the Managing Director only for cause.
7. The Ethics Advisor's responsibilities shall include (a) the provision of advice to Fund management, Heads of Department, and the Human Resources Department (HRD) regarding the promotion of ethical standards within the Fund; (b) the provision of information, education, and training for Fund employees; and (c) the provision of advice and guidance to managers, staff members, contractual employees, and vendor personnel on questions pertaining to the rules on conduct, including on matters of undue influence.4 The Ethics Advisor should maintain a reasonable balance among these activities.
8. In performing their duties, the Ethics Advisor is expected to be prudent and judicious. The Ethics Advisor is to maintain strict confidentiality with respect to information known to them in fulfilling the duties of the office, except that they may disclose information to others on a strict "need to know" basis including, where necessary, to the Internal Investigator, to management, or to responsible Department Heads if necessary for the protection of employees from harassment, discrimination, retaliation, or other conduct inconsistent with the Fund's rules and policies. In contacts with individuals, the Ethics Advisor shall explain the extent to which, in his or her judgment, it may prove necessary to divulge information provided by them to others. The Ethics Advisor may also divulge information provided to them where it appears to the Ethics Advisor that there is an imminent risk of serious harm.
9. The Ethics Advisor shall issue an annual report, to be made available to all Fund employees, specifying the number and general nature of matters brought to his or her attention and describing the outcome of his or her work over the prior twelve-month period. If, in the view of the Ethics Advisor, certain cases have revealed broad patterns or issues of ethical standards or conduct, the report may discuss the issues involved.
10. The Ethics Advisor shall be responsible for the effective and efficient management of the Ethics Office, including its employees and resources, and shall manage and supervise personnel in their office in accordance with Fund policies.
11. In exercising their duties, the Ethics Advisor will report directly to the Managing Director and will be independent of any official, department, office, or other organizational entity of the Fund.
12. 12. The Ethics Advisor shall provide guidance to HRD and the Managing Director to ensure that staff rules and regulations, procedures, and practices reinforce and promote the ethical standards applicable to Fund employees (including advice on the development of policies, procedures and guidelines and contributing to their progressive development), and that the ethical standards pertaining to employment with the Fund are clearly understood. In the latter context, the Ethics Advisor shall assist in designing and promoting programs to inform and educate staff by preparing information materials and by organizing, delivering, and/or participating in workshops, training courses, and other similar activities.
13. The Ethics Advisor shall administer an Annual Ethical Conduct and Core Values Certification for completion by Fund personnel.
14. The Ethics Advisor shall manage the annual Financial Disclosure Program, including the engagement of the External Compliance Advisor and the implementation of the program in respect of staff and management.
15. The Ethics Advisor may be appointed as the "Designated Officer" by the Managing Director to serve as an independent advisor on conflict-of-interest matters relating to the investments of the Fund or the Staff Retirement Plan, as applicable. The responsibilities of the Ethics Advisor acting as the Designated Officer will be set out in more detail in Terms of Reference adopted by the Managing Director.
16. The Ethics Advisor shall be available to managers, staff members, contractual employees, and vendor personnel for consultation on questions pertaining to the Fund's rules on conduct and ethical behavior. The Ethics Advisor also serves as a central point of contact for Fund employees seeking support to respond to undue influence concerns. To ensure consistency with relevant rules and regulations, the Ethics Advisor should seek the views of the Director of HRD, General Counsel or other appropriate official in novel situations or when the interpretation or application of the rules and regulations are unclear before he or she responds to such inquiries. If the Ethics Advisor recommends mitigation measures to senior staff members in relation to prospective activities (e.g., they are under consideration for positions outside the Fund), the Ethics Advisor shall seek the approval of Fund management for such recommendations and if approved, communicate them to the senior staff member noting that they have been so approved.
17. Employees are encouraged to seek advice from the Ethics Advisor on matters concerning the Fund's Code of Conduct, ethical standards, the avoidance of actual or perceived conflicts of interest, and the Fund's rules and regulations on conduct. Such advice does not, however, replace the need for employees to obtain approvals for certain external activities (including outside employment), financial investments or publications and public statements through the appropriate channels, as applicable. The identity of the employee may be kept confidential in such consultations.
18. Employees can secure the confidential advice of the Ethics Advisor regarding prospective actions/activities; such advice provides a "safe harbor", that is staff will not suffer adverse action if they act on the basis of advice given by the Ethics Advisor, provided that they accurately disclose all material facts and act in accordance with the advice given.
19. Employees seeking advice from the Ethics Advisor on their past or currently ongoing conduct would not secure such safe harbor. In such instances, the Ethics Advisor may refer to the Internal Investigator (and shall have the discretion to refer to other appropriate Fund officials including management and Department Heads) information concerning suspected misconduct (including suspected conduct of other employees that is reported to the Ethics Advisor) that is past or currently ongoing. Where possible, the Ethics Advisor will provide employees with advice on mitigating measures to be taken to address past or currently ongoing misconduct. The implementation of such mitigating measures by the staff member would be a relevant factor for the purposes of assessing the appropriate severity of any disciplinary measure to be imposed. Staff members seeking confidential information or advice on ways of handling past/current matters that may constitute misconduct should rather consult the Ombudsperson, who can obtain the advice of the Ethics Advisor or others who are responsible for the matter (e.g., HRD on outside employment) on an anonymous and confidential basis.5
20. The Ethics Advisor shall periodically apprise HRD and the Legal Department (LEG) and, when applicable, the Director of the Communications Department, of the positions taken as to the application or interpretation of the rules without disclosing the identities of the individuals involved.
1 The term "Fund employees" in this context includes staff members and contractual employees but does not include personnel appointed to the Offices of Executive Directors.
2 Any reference to the Managing Director here shall include any Deputy Managing Director so designated by the Managing Director for this purpose.
3 This restriction does not apply to other non-Head of office current or former employees of the IMF Dispute Resolution System offices.
4 The Ethics Advisor may also be requested by the Ethics Committee of the Executive Board to provide his or her views ex officio on any matter with which the Ethics Committee is dealing; such services shall not be governed by these Terms of Reference.
5 Consultations with the Ombudsperson do not themselves provide a safe harbor for staff because the Ombudsperson cannot speak for, authorize or clear any acts on behalf of the Fund; nor does informing the Ombudsperson of a matter constitute informing the Fund. It remains the responsibility of the staff member (whom the Ombudsperson may assist) to inform and/or to secure any required authorization or clearance from the appropriate Fund official.
