The executive board of the International Monetary Fund (IMF)has submitted a recommendation to its board of governors to consider removing the age limit for the managing director’s position.
Since 1951, the IMF’s by-laws prohibited the appointment of a candidate aged 65 or above as its managing director.
Also, the law prohibits any managing director, who is above the age of 65, from serving beyond his/her 70th birthday.
The board said eliminating the age limit would bring the managing director’s terms of appointment into line with those of members of the IMF executive board, which the managing director chairs.
It said this will also align with that of the President of the World Bank Group, who is not subject to an age limit.
“The IMF Board of Governors, which represents the 189 member countries according to their voting shares, is requested to vote on the proposal,” a statement from the Board said on Wednesday.
According to the statement, a simple majority of the votes cast would be required to adopt the proposal, with a minimum participation requirement of a majority of governors holding two-thirds of the total voting power. Voting is scheduled to run from August 21 to September 4.
The IMF Executive Board is also engaged in the selection of a successor to outgoing managing director Christine Lagarde, who will step down on September 12.
Nominations to the position close on September 6, 2019, with the entire selection process expected to be completed by October 4.
In July this year, the Executive Board initiated the selection process for the next Managing Director, who will succeed Ms Lagarde, who has since submitted her resignation from the Fund with effect from September 12, 2019.
Lagarde has been the managing director and chairman of the Executive Board since July 5, 2011.
The Executive Board said it adopted an open, merit-based, and transparent process for the selection, similar to the one used in recent rounds.
“Individuals may be nominated by a Fund Governor or Executive Director and as with past practice, we aim to reach a decision by consensus,” the Board said.
According to the Board, the successful candidate for the position will have a distinguished record in economic policymaking at senior levels as well as an outstanding professional background.
Besides, the candidate must have demonstrated the managerial and diplomatic skills needed to lead a global institution, and will be a national of any of the Fund’s members, among other qualities.