The EBRD's Board of Governors are scheduled to elect a new President to succeed Sir Suma Chakrabarti in 2020. The election was due to have taken place during the EBRD’s 29th Annual Meeting and Business Forum in London in May.
The event's Business Forum has been cancelled because of the coronavirus pandemic. Our shareholders are currently discussing the best course of action for the Annual Meeting, where insititutional issues are decided.
The Governors represent the EBRD’s 71 shareholders.
The election is held in a closed session of the Board of Governors, with Governors voting by secret ballot.
To be elected, a candidate for President has to receive the votes of a majority of Governors, who should represent not less than a majority of the total voting power of members. A double majority is therefore required:
(i) a majority of the votes of the Governors for each member of the Bank (with 71 members this would mean the support of at least 36 Governors); and
(ii) a majority in terms of the total voting power of members (members have different levels of shareholding, based on their numbers of subscribed shares in the Bank, which determines each member’s voting power).
The sixth President of the EBRD since the Bank’s founding in 1991, he was the first British national to be elected to the position.
More details about the 2020 election of the EBRD President:
- The Chair of the Board of Governors invites Governors to submit nominations at least 90 calendar days (i.e. no later than Thursday 13 February) prior to the election at the Annual Meeting;
- The nomination period closes after 60 calendar days - no later than Monday 13 April;
- Individual candidates will take part in hearings with the Board of Directors on Tuesday 28 April, i.e. 15 calendar days prior to the election;
- Candidates will also take part in hearings with the Board of Governors on Tuesday 12 May, i.e. two days prior to the election;
- The election of the President takes place on Thursday 14 May at the Annual Meeting.
Only Governors can nominate candidates. A Governor may nominate only one candidate, who should have agreed to be nominated. Any nominated candidate must:
(i) be a national of an EBRD member country as of the date of the nomination;
(ii) have appropriate qualifications and experience for the role;
(iii) be an individual of high standing and good reputation; and
(iv) if elected, comply with the highest standards of integrity and ethical conduct in accordance with the Bank’s Code of Conduct.