Attorney-General Aiyaz Sayed-Khaiyum, chaired the first meeting of the 2019 Joint Committee on Remuneration of the Bank and the Fund at the World Bank offices in Washington DC.

This is part of his role as chair of the 2019 Annual Meeting of the Governors of the World Bank Group and the International Monetary Fund.

The JCR considers and makes recommendations to the Board of Governors of both the Bank and the Fund on all matters affecting the remuneration and benefits of the Executive Directors of the Bank and Fund and their Alternates (Directors).

Last year, the Board of Governors of the Bank and Fund voted differently for the first time on the JCR’s recommendation, departing from the usual practice of parity between the two organizations.

Sayed-Khaiyum says as chair of the JCR, Fiji not only has to review the salaries of Directors for 2019 but has to provide leadership in formulating a long term and feasible solution to the determination of Directors remuneration for both the Fund and the Bank because of the anomaly created last year.

The next meeting of the JCR is expected to be held in Singapore in early July.