Good Governance and Modern International Financial Institutions最新文献

{"title":"International Financial Institution Governance: The Role of Shareholders","authors":"Whitney Debevoise","doi":"10.1163/9789004408326_004","DOIUrl":"https://doi.org/10.1163/9789004408326_004","url":null,"abstract":"This chapter addresses the integral role of shareholders in the good governance of international financial institutions. It is divided into five parts, beginning firstly with consideration of the generally held concerns of all shareholders, notably, veto rights, the powers of governors, the role of executive directors, and the essential leadership responsibilities of an institution’s president. Second, the relationship between shareholders, good governance and the mobilizing of resources, in particular funding the institution effectively and developing a sustainable financial model is examined. Third, the chapter looks at the indispensable role of shareholders in maintaining a domestic legal environment conducive to the success of an international financial institution. Fourth, it highlights the role that shareholders may play in inter-institutional relationships. Fifth, and by way conclusion, this chapter argues that good shareholder governance is crucial to the success of all international financial institutions, both old and new.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121842107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Rule of Law in the International Monetary Fund: Past, Present and Future","authors":"Yan Liu","doi":"10.1163/9789004408326_005","DOIUrl":"https://doi.org/10.1163/9789004408326_005","url":null,"abstract":"The International Monetary Fund (the “Fund”) has evolved considerably since 1945 to respond to the changes in the global economy with its constant mandate to maintain and safeguard a stable international monetary system. Throughout its evolution, the Fund continues to adhere to the rule of law, which is key to the legitimacy, credibility and effectiveness of the Fund as an institution. The Legal Department of the Fund plays a critical role in ensuring that the Fund effectively responds to the changing developments in the international monetary and financial systems while maintaining the rule of law. The responsibilities of legal counsels at the Fund have been expanding over the years to keep up with the Fund’s evolution, ranging from traditional in-house counselors, trusted advisors to membership to active public policy contributors. In discharging these responsibilities, legal counsels must maintain independence, objectivity and consistency to ensure credibility and effectiveness of their legal advice, which is pertinent to upholding the rule of law at the Fund.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132544713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Evolving Jurisprudence of the International Administrative Tribunals: Convergence or Divergence?","authors":"Joan S. Powers","doi":"10.1163/9789004408326_007","DOIUrl":"https://doi.org/10.1163/9789004408326_007","url":null,"abstract":"Between the late 1940s and 1980, there were two principal international administrative tribunals in operation—the United Nations Administrative Tribunal and the Administrative Tribunal of the International Labor Organisation. Observers at the time noted that certain principles of international administrative law had become well-established in the jurisprudence of these tribunals, and that their judgments reflected a commonality in approach. However, since 1980, a number of new administrative tribunals have been established by various international organizations, including each of the multilateral development banks and other international financial institutions, and the UN has changed to a two-tier judicial system. Now, with over 15 administrative tribunals in operation, can it still be said that there is a general harmonization amongst the tribunals? Or have the tribunals gone in different directions in analyzing the legal framework for the employment relationship within an international organization? This presentation will examine these questions with respect to selected issues considered by administrative","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114689479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Making of Global Public Authorities: The Role of ifis in Setting International Labor Standards","authors":"Y. Chen","doi":"10.1163/9789004408326_009","DOIUrl":"https://doi.org/10.1163/9789004408326_009","url":null,"abstract":"Through liberal interpretations of their mandates, international financial institutions (IFIs) have been able to constantly redefine their own roles. The activities of IFIs have for a long time moved beyond purely financial matters. In seeking popular legitimacy, during the past decades, IFIs have embarked on a governance vocation and reinvented themselves as actors of global governance. In this way, IFIs increasingly absorb Labor standards into their operational policies. The inclusion of Labor standards into the 2016 Environmental and Social Framework of the World Bank serves as a recent example. This chapter examines the role and limitations of IFIs in setting and enforcing Labor standards. Engagement with Labor issues also presents enormous knowledge management and institutional challenges to IFIs. This brings further cultural, ideological and institutional changes to IFIs. In conclusion, the potential of IFIs transforming into public authorities of global environmental and social justice deserves close","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133909315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board Effectiveness in International Financial Institutions: A Comparative Perspective on the Effectiveness Drivers in Constituency Boards","authors":"Stilpon Nestor","doi":"10.1163/9789004408326_002","DOIUrl":"https://doi.org/10.1163/9789004408326_002","url":null,"abstract":"Using comparative data from a peer group of international and private financial institutions, this chapter explores what drives effectiveness in International Financial Institution (IFI) boards. It starts by identifying their overarching constituency nature and the dual role of directors as representative of shareholder governments and “fiduciaries” of the institution. It also underlines their somewhat contradictory power structure, with a high concentration of decision-making at board level, performed by non-professionals, whose nomination as “executives” belies the absence of any personal executive responsibilities in the organization even when these directors are full-time “residents”—another particularity of IFI boards. The main argument of the chapter is that, while these particularities are important, IFI boards resemble all other boards, especially those of private financial institutions, when it comes to the key drivers of their performance. These consists of their size, composition, leadership, diversity; the competencies and tenure of their directors; the quality of the support they get from management and the tools they use to maintain their effectiveness over time. The chapter concludes with some preliminary ideas on improving IFI board effectiveness. *Stilpon Nestor, LL.M (Harv.), is the Managing Director, Nestor Advisors Ltd. and the Chairman of AKTIS Ltd. He has advised the boards of numerous private financial institutions as well as international financial institutions and organizations on governance issues. From 2010 to 2014 he sat on the board of the European Investment Bank. In the earlier part of his career he was the head of the OECD’s corporate Affairs division. E-mail address: snestor@nestoradvisors.com. The author would like to thank Konstantina Tsilipira, Analyst at Nestor Advisors, and Lisa Andersson, Senior Analyst at AKTIS for their research support. My gratitude also goes also to Emmanuel Maurice, Enery Quinones and George Papakonstantinou, all senior advisors at Nestor Advisors, for their extremely valuable comments and insights. Board Effectiveness in IFIs","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128822998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Necessity of Cooperation between International Organizations","authors":"M. Soares","doi":"10.1163/9789004408326_011","DOIUrl":"https://doi.org/10.1163/9789004408326_011","url":null,"abstract":"It is a pleasure to join you today for the inaugural aiib law lecture. Let us hope this is one of many such events in the years to come. I congratulate you on this initiative. Being together here today can only be of benefit to us all. I look forward to our discussions. I wish to speak during my lecture to an issue that is of importance to each and every one of us, individually, as well as to the institutions and organizations that we serve. That is the necessity of cooperation between international organizations. Let us begin this story like all good stories: in the middle. From there we can see where we have been and speculate as to where we might be going. We live, I think it is fair to say, in an age of international organization. I have chosen that latter word carefully. International organization consists not only of international organizations, properly so-called, and here we might specify “intergovernmental organizations” established pursuant to an international agreement, but also organization more broadly. International organization is the organization of international life. If we were to use the term as it is commonly understood, as opposed to how it might be limited by strict definition—such that it might apply beyond the sphere of cooperation between States—then we could also include within the broad category of international organization other aspects of cooperation between individuals and entities sitting in one place, and other individuals and entities sitting somewhere else, half-way across the world.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"31 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120910802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The World Bank’s Sanctions System: Using Debarment to Combat Fraud and Corruption in International Development","authors":"P. Dubois, J. Fielder, R. Delonis, Frank Fariello, Kathleen Peters","doi":"10.1163/9789004408326_010","DOIUrl":"https://doi.org/10.1163/9789004408326_010","url":null,"abstract":"This chapter presents the main features of the World Bank Group’s sanctions system and considers its contribution to global efforts to promote good governance. It first introduces the basic features of the World Bank Group’s sanctions system, an administrative law system that has evolved since its inception in 1996. The chapter then briefly reviews the history of that evolution and considers where the system stands today. The chapter also considers the broader international context in which the system was established and continues to operate and concludes by examining some of the lessons learned over the course of the system’s 20-year evolution. * Pascale Hélène Dubois, Vice President, World Bank Group Integrity Vice Presidency, pdubois@worldbank.org. † J. David Fielder, Manager, World Bank Group Integrity Vice Presidency, jfielder@worldbank.org. ‡ Robert Delonis, Senior Litigation Specialist, World Bank Group Integrity Vice Presidency, rdelonis@worldbank.org. § Frank Fariello, Lead Counsel, World Bank Legal Vice Presidency, ffariello@worldbank.org. ** Kathleen Peters, Senior Legal Consultant, World Bank Group Integrity Vice Presidency, kpeters1@worldbank.org. †† The authors wish to thank Sheherezade C. Malik, Consultant, World Bank Legal Vice Presidency; Corinne Champilou, Legal Analyst, World Bank Group Integrity Vice Presidency; Lisa Miller, Integrity Compliance Officer, World Bank Group Integrity Vice Presidency; and Arjun Ponnambalam, Senior Consultant, World Bank Group Integrity Vice Presidency, for their invaluable assistance and contributions in the preparation of this article. The World Bank’s Sanctions System: Using Debarment to Combat Fraud and Corruption in Int’l Development 130 1. A SHORT HISTORY OF ANTI-CORRUPTION DEVELOPMENTS IN THE INTERNATIONAL CONTEXT The World Bank Group’s (WBG)1 sanctions system grew out of its operational procurement framework, and its evolution has been shaped by the broader international fight against corruption. It would seem now intuitively obvious that the ability to exclude corrupt actors from WBG-financed development activities would be a logical, and perhaps essential, measure to ensure the proper use of WBG funds. But the sanctions system was not an original, or even early, part of the WBG’s fiduciary toolkit. The Articles of Agreement establishing the International Bank for Reconstruction and Development (IBRD)—which, together with the International Development Association, is referred to as the “World Bank” (Bank)—date from 1945, when the Bank was created under the Bretton Woods Agreement to help rebuild Europe after the Second World War.2 The WBG sanctions system, on the other hand, dates only from 1996, nearly 50 years later.3 What brought about this change in approach? In part, the establishment of the sanctions system was a reaction to contemporaneous changes in anti-corruption laws, norms and practices at the national level. The first legal instrument to support this change, the US Foreign Cor","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129046858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Open Data for Development: The World Bank, Aid Transparency, and the Good Governance of International Financial Institutions","authors":"C. Weaver","doi":"10.1163/9789004408326_008","DOIUrl":"https://doi.org/10.1163/9789004408326_008","url":null,"abstract":"Development scholars and practitioners today see progressive access to information and transparency policies as necessary preconditions for improved effectiveness of international development aid and the legitimacy of modern international financial institutions. This chapter examines the evolution of access to information and broader open data policies in international development institutions. Drawing from the case of the World Bank as a “first mover,” this chapter examines the complex internal processes and factors that shape the adoption and implementation of access to information policy reforms. While challenges to achieving robust information disclosure and open data policies across all multilateral and bilateral aid agencies persist, transparency is now a benchmark for good governance in global development finance and the proverbial genie that cannot be put back in the bottle.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124133072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Governance of the Asian Infrastructure Investment Bank in Comparative Context","authors":"N. Lichtenstein","doi":"10.1163/9789004408326_006","DOIUrl":"https://doi.org/10.1163/9789004408326_006","url":null,"abstract":"The Asian Infrastructure Investment Bank (AIIB) was launched in 2016 with governance arrangements that build on the foundations of its progenitors, with adaptations and updates reflecting AIIB’s own focus and founders. AIIB follows multilateral development banks (MDBs) such as the World Bank, Asian Development Bank, European Bank for Reconstruction and Development and Inter-American Development Bank in its governance structure (Board of Governors, Board of Directors and President). AIIB includes expanded powers for the Board of Governors to add flexibility in areas such as new types of financing and assistance to non-members. AIIB’s Board of Directors serve on a part-time nonresident basis, with detailed powers for policy, oversight and delegation. AIIB’s President is limited to two terms. AIIB’s voting structure is tied to shareholding but less so than in many other MDBs, as basic votes for all members and Founding Member Votes for founders reduce the impact of shareholding to less than 90 percent of total voting power. The underlying comparisons with other MDBs are spelled out in detail in this chapter, summarizing AIIB’s heritage and innovation in governance. *Ms. Lichtenstein is an Adjunct Professor, Johns Hopkins School of Advanced International Studies, Washington, DC. She was formerly the Inaugural General Counsel for the Asian Infrastructure Investment Bank, and Assistant General Counsel at the World Bank. This article draws in part upon her book, see Natalie Lichtenstein, A Comparative Guide to the Asian Infrastructure Investment Bank (OUP 2018). Email: lichtenstein@jhu.edu. Governance of AIIB in Comparative Context 51 Governance in public international financial institutions began at least as far back as the July 1944 discussions at Bretton Woods, New Hampshire on the formation of the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF). Seventy years later, discussions were launched to create the Asian Infrastructure Investment Bank (AIIB), currently the newest multilateral development bank (MDB) to follow in IBRD’s pioneering footsteps. In the intervening decades, a score of other MDBs has been established, each one adapting the MDB model and its governance characteristics to different goals in a different context, all with the objective of pooling financial contributions and commitments of countries into a new development finance institution. This article traces the influence of MDB governance structures on the governance arrangements for AIIB, comparing relevant legal frameworks. After a brief introduction to AIIB (Section 1) and MDB Origins (Section 2), Section 3 describes AIIB’s governing bodies (Board of Governors, Board of Directors, President) and Section 4 describes AIIB’s decision-making rules (voting and majorities). Section 5 offers concluding observations.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123190402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"AIIB Legal Conference Report","authors":"Christopher Smith","doi":"10.1163/9789004408326_012","DOIUrl":"https://doi.org/10.1163/9789004408326_012","url":null,"abstract":"On October 17 and 18, the Asian Infrastructure Investment Bank (aiib) held its inaugural Legal Conference. The 2017 Legal Conference was convened as part of aiib’s inaugural Legal Week (October 16–21), organized under the initiative of aiib’s Office of General Counsel. The Legal Week was organized around four events: (i) the Legal Conference; (ii) the inaugural aiib Law Lecture; (iii) a meeting of Chief Legal Officers of Asia-based international financial institutions (ifis); and (iv) a series of internal trainings for aiib staff. The Legal Conference brought together nearly 100 eminent legal practitioners and academics. Four panel discussions were held on the following topics: (i) the governance role of multilateral shareholders; (ii) institutional design and effective governance; (iii) external dimensions and a governance mandate; and (iv) governance and the rule of administrative law. Following the panel discussions, the Legal Conference convened a plenary session on good governance and modern ifis, and the President of aiib, Jin Liqun, delivered closing remarks. At the close of the Legal Conference, Miguel de Serpa Soares, the United Nations Under-Secretary-General for Legal Affairs and United Nations Legal Counsel, delivered the inaugural aiib Law Lecture, entitled “The Necessity of Cooperation between International Organizations.” The Legal Week continued with a meeting of Chief Legal Officers of Asia-based ifis, chaired by aiib’s General Counsel, Gerard Sanders, with opening remarks from President Jin and participation of legal chiefs of the Asian Development Bank, the Credit Guarantee & Investment Facility, the eco Trade and Development Bank, the Eurasian Development Bank, the Green Climate Fund and the International Investment Bank. The Legal Week closed with a series of internal trainings for aiib staff on a variety of legal topics pertinent to aiib’s operations. This report is intended to provide a summary of the discussions held as part of the Legal Conference.","PeriodicalId":237133,"journal":{"name":"Good Governance and Modern International Financial Institutions","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121113520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}