Press Release No. 00/48

The International Monetary Fund's (IMF) Executive Board has established a Code of Conduct that is intended to provide Executive Directors with guidance on ethical standards in connection with their role and responsibilities in the IMF.

The Code, which applies to the 24-member Executive Board, Alternate Executive Directors, and Advisors to Executive Directors, mandates regular financial disclosure reports, and underlines the importance of the observance of the highest standards of ethical conduct, according to Executive Director J. de Beaufort Wijnholds, who chairs the Working Group of the Executive Board¹ which drafted the Code.

"The adoption of this Code reflects the Executive Board's continuing commitment to the promotion of best practices both inside and outside the IMF," said Mr. Wijnholds. "The Code builds on existing internal practices in the basic conduct of Directors."

Besides establishing guidelines for financial disclosure and basic conduct, the Code also establishes an Ethics Committee, which will be comprised of five Executive Directors to consider matters relating to observance of the provisions of the Code. These directors will serve in this capacity for two-year terms.

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1 Mr. Wijnholds is the Executive Director for the Netherlands Constituency. Other members of the Working Group are: Mrs. Kleo-Thong Hetrakul, the Executive Director for the Thailand Constituency; Ms. Ana Maria Jul, the Executive Director for the Chile Constituency; Mr. Willy Kiekens, the Executive Director for the Belgium Constituency; and Mr. Stephen Pickford, the Executive Director for the U.K.