Executive Board Report to the IMFC on Reform of Fund Governance

Policy Papers, October 3, 2009

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Executive Board Report to the IMFC on Reform of Fund Governance

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Bibliographic details

• Published: October 3, 2009
• Series: Policy Papers

Overview

• Responds to the request in the April 2009 IMFC communiqué for the Executive Board to report on governance reform.
• Observes that the current crisis has shown the Fund’s decision-making structures can deliver innovative and rapid responses the membership needs and expects.
• Notes an undercurrent of doubt about the future driven by the perception that recent responsiveness was driven by outside forces (e.g., the G-20) and that, once the crisis fades, old dissatisfactions with vote, voice and process may resurface to undermine political backing.

Key findings and diagnosis

• The Fund demonstrated capacity for rapid and innovative responses during the crisis.
• Perception exists that responsiveness was externally driven rather than internally sustained.
• Sustained political backing that enabled the Fund’s renewal is fragile and could be eroded if governance issues are not addressed.

Focus areas (the report concentrates on five areas)

• Fair quota share
• High-level engagement
• Effective decision-making and representation at the Executive Board
• Open selection of management (and, more broadly, staff diversity)
• Updating of the Fund’s mandate

Policy implications and recommendations (implicit in report focus)

• Reform efforts should aim to underpin the institution’s legitimacy and effectiveness.
• Addressing vote, voice and process concerns is important and timely to maintain political backing.
• Enhancing representation and decision-making at the Executive Board is central to institutional effectiveness.
• Promoting open selection processes for management and broader staff diversity supports credibility and inclusiveness.
• Revisiting and updating the Fund’s mandate is necessary to align the institution with evolving global needs.

Document metadata (as presented on the page)

• Title: Executive Board Report to the IMFC on Reform of Fund Governance
• Date shown on page: October 3, 2009
• Citation snippet on page: Executive Board Report to the IMFC on Reform of Fund Governance, (USA: International Monetary Fund, 0) accessed 9/18/2026

Executive Board Report to the IMFC on Reform of Fund Governance — October 3, 2009.

Content in this bundle

• Executive Board Report to the IMFC on Reform of Fund Governance; IMF Policy Paper; October 3, 2009
  • Executive Board Report to the IMFC on Reform of Fund Governance; IMF Policy Paper; October 3, 2009 (Markdown version)
  • Executive Board Report to the IMFC on Reform of Fund Governance; IMF Policy Paper; October 3, 2009 (PDF)