Press Release No. 16/335

IMF Executive Board’s First Report to the Board of Governors on Gender Diversity in the Executive Board

July 12, 2016

The Executive Board of the International Monetary Fund (IMF) is calling on Fund member countries to take gender diversity into consideration when nominating candidates for the position of Executive Directors and their staff.

The International Monetary and Financial Committee statement in April 2016 reiterated the importance of promoting gender diversity in the Executive Board. In the Executive Board’s first report on gender diversity to the IMF’s highest decision-making body, the Board of Governors, Executive Directors noted that improving gender diversity in the Executive Board would lead to a more effective IMF. The Board pointed to growing evidence that organizations governed by diverse boards are more successful. Directors also emphasized that staff diversity and inclusion enhance the quality of the Fund’s work and engagement with member countries. In addition, the Board has supported policy measures taken by member nations to promote economic inclusion and gender inclusion where it is macro-critical for achieving sustained economic growth.

Under the Fund’s legal framework, Fund governors elect Executive Directors. Currently, there is one woman out of 24 Directors––the same average over the last ten years. To improve this situation, Executive Directors plan to seek better diversity of Senior Advisors and Advisors, which will enhance the quality of the Board’s engagement and contribute to the future pool from which to appoint future Executive Directors. They will also raise the issue of gender diversity with their constituencies and encourage female candidates to seek positions in their offices. Directors will also set nonbinding and collective goals to improve gender diversity in advisor positions.

Executive Directors said they are committed to improving gender diversity in the Executive Board and will work with Fund Governors and members to achieve that goal.