Former French Finance Minister new head of IMF

Blockhead · Jul 5, 2011

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Cliffnotes said:

Former French finance minister Christine Lagarde has signed up for tougher ethical rules than her predecessor, as the IMF seeks to inoculate itself from further hits to its reputation in the aftermath of Strauss-Kahn's resignation.
Her terms of employment were made public as she arrived at the IMF headquarters where she was scheduled to meet department heads, staff and the board.

"The contract makes more explicit the higher standards of ethics behaviour," IMF spokesman William Murray told Reuters.

The language in the contract draws from new staff conduct rules published by the IMF in May.

Ms Lagarde's contract holds her to "highest standards of ethical conduct consistent with the values of integrity, impartiality and discretion".

It also requires her to avoid "even the appearance of impropriety". Further, it states that "in the performance of your duties as managing director, you have an exclusive duty of loyalty to the fund and shall avoid any conflict of interest or the appearance of such a conflict".

Although Ms Lagarde is the first woman to be appointed to the position, she maintains the tradition that has seen the job kept in European hands for six decades.

Ms Lagarde will earn $467,940 a year, net of income taxes, plus an allowance of $84,000, according to her contract published on Tuesday. The fund will also cover her expenses and give her a staff retirement and pension plan.

Strauss-Kahn earned $421,000 annually, with an allowance of $75,350 a year, when he became head of the fund in late 2007.
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Exclusive duty of loyalty is an interesting phrase....

mmm....shiney! · Jul 5, 2011

Blockhead said:

Exclusive duty of loyalty is an interesting phrase....
Click to expand...

Your loyalty is to The Fund.
The Fund is your friend.
Paradise awaits you.
The Fund is your friend.
Your loyalty is to The Fund.

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Former French Finance Minister new head of IMF

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Former French Finance Minister new head of IMF

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