IMF nominees processing

Managing Director is selected by the Fund’s 24 member Executive Board. Individual countries do not cast votes. Although the Executive Board may select a Managing Director by a majority of the votes cast, the objective of the Executive Board is to select the Managing Director by consensus.

Candidate Profile: The profile of the candidate is the same as in 2007 with one addition; for 2011, the Executive Board has stated that the candidate must also “have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial.”

• Nominations: As part of the commitment to an open and transparent process for selecting management, both Fund Governors and Executive Directors are eligible to nominate candidates. In 2007, and earlier, only Executive Directors could nominate candidates. In addition, the nomination period this round is shorter (three weeks, compared to six weeks in 2007).

• Process of shortlisting candidates and confidentiality has been clarified: In the event there are four or more candidates, the Board will draw up a shortlist of three, taking into account “the candidate profile without geographic preferences” before making a final selection based on the IMF’s weighted voting system. The names of nominees will be held in confidence by the Executive Board until the shortlist is determined.

Process of management selection has been discussed as part of the IMF governance reform. However, the 2008 and 2010 reforms focused mainly on other aspects of governance, including a significant shift of voting power to dynamic emerging markets, an increase in the voice of low-income countries in the IMF Executive Board through an increase in their basic votes, the move to an all-elected and more representative Executive Board, and a doubling of IMF quotas to about $755 billion.

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