The International Monetary Fund published on its website on Tuesday (July 5) the terms of appointment of Christine Lagarde for her five-year term as managing director.
>> Christine Lagarde Wins IMF Managing Director Post
Lagarde’s contract explicitly outlines “higher standards of ethics behavior,” IMF spokesman William Murray said, according to Reuters.
Reuters notes that the language of the contract is in line with new staff conduct regulations released by IMF in May.
The terms of appointment call on Lagarde to “observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion” and “strive to avoid even the appearance of impropriety in your conduct.” It also requires Lagarde to participate in IMF’s ethics training program, like other fund staff members.
The published terms of appointment also include details about Lagarde’s renumeration package and benefits as well as further restrictions she is expected to observe.
Here are some key points of Lagarde’s terms of appointment:
- She will receive a salary of $467,940 per year and an annual representation allowance of up to $83,760, which will be both adjusted every July starting 2012. - She is expected to resign from any private or public position and not accept any other employment or position without the approval of the IMF executive board. - She will “not accept any gift, fee or favor from any government or from any authority external to the Fund” as well as “any honor, decoration or award during your tenure with the Fund without the approval of the Executive Board, which shall only be given in circumstances where the acceptance of an honor, decoration or award would not give rise to an actual or perceived conflict of interest.”- She will not “attend political party meetings, assume any leadership role within a political party, or otherwise engage in partisan political activity.”
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