06.Oct .2020 13:12

The EBRD to elect new President – who are the candidates?

The EBRD to elect new President – who are the candidates?
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The EBRD's Board of Governors will elect a new President to succeed Sir Suma Chakrabarti on 8 October 2020.

The election was originally due to take place in May during the EBRD's 29th Annual Meeting in London but the event was postponed because of the coronavirus pandemic.

The election of the new President by the Governors, who represent the EBRD’s 71 shareholders, will now be held this Thursday.

By the deadline for the submission of candidates’ applications, the end of 13 April, the EBRD’s Secretary General had received three nominations for the role (listed below in chronological order of receipt):

•Adam Glapinski, EBRD Governor for the Republic of Poland, submitted the name of Tadeusz Koscinski, Minister of Finance of the Republic of Poland.

•Roberto Gualtieri, EBRD Governor for Italy, submitted the name of Pier Carlo Padoan, Member of the Italian Parliament.

•Bruno Le Maire, EBRD Governor for France, submitted the name of Odile Renaud-Basso, Director General, French Treasury, Ministry of Economy and Finance.

The election will be held in a closed session of the Board of Governors, with Governors voting by secret ballot.

To be elected, a candidate for President has to receive the votes of a majority of Governors, who should represent not less than a majority of the total voting power of members. A double majority is therefore required:

(i) a majority of the votes of the Governors for each member of the Bank (with 71 members this would mean the support of at least 36 Governors); and
(ii) a majority in terms of the total voting power of members (members have different levels of shareholding, based on their numbers of subscribed shares in the Bank, which determines each member’s voting power).

Sir Suma was first elected as President in 2012. He was elected for a second term in 2016.

The sixth President of the EBRD since the Bank’s founding in 1991, he was the first British national to be elected to the position.

Sir Suma finished his second term on 2 July. An interim President, Jürgen Rigterink, now heads the Bank until a permanent successor is elected.

More details about the 2020 election of the EBRD President:

•The Chair of the Board of Governors invited Governors to submit nominations at least 90 calendar days (i.e. no later than 13 February) prior to the election, as originally planned, at the Annual Meeting;
•The nomination period closed after 60 calendar days - no later than 13 April;
•Individual candidates will take part in hearings with the Board of Directors, no fewer than 15 calendar days prior to the election;
•Candidates will also take part in hearings with the Board of Governors, no less than one calendar day prior to the election.

Only Governors can nominate candidates. A Governor may nominate only one candidate, who should have agreed to be nominated.

Governors shall refrain from nominating a person who has served for two terms or is serving a second term as President.
Any nominated candidate must:

(i) be a national of an EBRD member country as of the date of the nomination;
(ii) have appropriate qualifications and experience for the role;
(iii) be an individual of high standing and good reputation; and
(iv) if elected, comply with the highest standards of integrity and ethical conduct in accordance with the Bank’s Code of Conduct.