As part of his role as chair of the 2019 Annual Meeting of the Governors of the World Bank Group (Bank) and the International Monetary Fund (Fund), Attorney-General Aiyaz Sayed-Khaiyum, chaired the first meeting of the 2019 Joint Committee on Remuneration (JCR) of the Bank and the Fund at the World Bank offices in Washington DC.
The other two members of the committee are the former Governor of the Bank of Finland, Mr Erkki Liikanen and the former Foreign Minister and Minister of Economy and Finance of Cote d’Ivoire, Charles Diby.
The JCR considers and makes recommendations to the Board of Governors of both the Bank and the Fund on all matters affecting the remuneration and benefits of the Executive Directors of the Bank and Fund and their Alternates (Directors). In 2018, the Board of Governors of the Bank and Fund voted differently for the first time on the JCR’s recommendation, departing from the usual practice of parity between the two organisations.
“As chair of the JCR, Fiji not only has to review the salaries of Directors for 2019 but has to provide leadership in formulating a long term and feasible solution to the determination of Directors remuneration for both the Fund and the Bank because of the anomaly created in 2018.” said the AG.
The next meeting of the JCR is expected to be held in Singapore in early July.
Meanwhile Hon. A-G also met with the Deputy Secretary for the Global Cooperation, Development and Partnerships Group of the Australian Government’s Department of Foreign Affairs and Trade, Ms Clare Walsh in the margins of the World Bank Group and International Monetary Fund Spring Meetings.
The pair discussed matters of mutual interest and development, trade and investment cooperation opportunities.