Terms of Appointment of Ajaypal Singh Banga as President of the International Bank for Reconstruction and Development - Appointment terms and ethics

Jul 19, 2026

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Appointment terms letter confirming Ajaypal Singh Banga’s selection as President of the International Bank for Reconstruction and Development, effective June 2, 2023, for a five-year term. Defines principal responsibilities aligned with the Bank’s Articles of Agreement, By-Laws and directives, including ex officio leadership roles across related institutions. Establishes ethics and conduct standards, limits on honors, outside employment, investment management, conflict-of-interest compliance, financial disclosure, and recusal requirements after service. Specifies remuneration structure covering salary and allowances and subsequent annual adjustments.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Appointment and Effective Date

Term and Principal Responsibilities

Standards of Conduct

Remuneration and Adjustments

DocuSign Envelope ID: 113584BE-939B-412B-8BCC-DF05B6075E6E Public Disclosure Authorized Public Disclosure Authorized May 16, 2023 Terms of Appointment of Ajaypal Singh Banga as President of the International Bank for Reconstruction and Development Dear Mr. Banga, On May 3, 2023, the Board of Executive Directors selected you as President of the International Bank for Reconstruction and Development (the Bank) . In accordance with our discussions, we are writing this letter to confirm the understanding between you and the Bank with respect to your appointment: 1. Term. Your appointment will become effective June 2, 2023, and your term of office will be five years from that date. 2. Principal Responsibilities. Your duties as President and Chairman of the Board of Executive Directors ofthe Bank will be those set forth in the Articles of Agreement of the Bank as supplemented by the By-Laws and such rules, regulations, directives and instructions as the Board of Executive Directors (Executive Directors) shall adopt in accordance therewith. They shall include such further duties commensurate with your position as may be attached to offices in other institutions held ex officio by the President of the Bank or to offices in these institutions to which you may be appointed. At present, the offices held ex officio by the President of the Bank are Chairman of the Board of Directors of the International Finance Corporation (IFC), President and Chairman of the Board of Executive Directors of the International Development Association (IDA), Chairman of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID) and Chairman of the Board of Directors of the Multilateral Investment Guarantee Agency (MIGA) . 3. Standards of Conduct. As President, you are expected to observe the highest standards of ethics in your personal and professional conduct, acting in accordance with the values of impact, integrity, respect, teamwork and innovation, as well as impartiality, independence and discretion. In performing your duties, you shall strive to avoid conduct that could bring the Bank into disrepute or create the appearance of impropriety. You will adhere to the standards set forth in the Code of Conduct for Board Officials (Code) . You will also observe the standards of ethical conduct applicable to staff members of the Bank, where these reflect a stricter standard. Notwithstanding any provisions to the contrary in the Code or the staff standards, the following provisions will apply to you as President: a. Honors, Decorations and Medals. In view of the international character of your position, you will not accept any honor, decoration or medal without the prior approval of the Executive Directors, unless such honor, decoration or medal is offered without advance notice and, in your judgment, refusal to accept would offend or embarrass the donor or the Bank. 1818 H Street NW 􀂘 Washington, DC 20433 USA DocuSign Envelope ID: 113584BE-939B-412B-8BCC-DF05B6075E6E -2- b. Non-Profit Service. It is understood that during your tenure with the Bank, you will not serve as a non-salaried officer, director or trustee of non-profit charitable, educational, literary or scientific organizations or committees, unless (i) you obtain prior approval of the Executive Directors and (ii) such service requires only occasional effort on your part and does not conflict or interfere in any material manner with the performance of your duties as President of the Bank. c. Outside Employment. It is understood further that you will not, without the prior approval of the Executive Directors, accept any public or private employment or engage in any other business activity outside of your duties to the Bank as described herein. d. Private Investment Management. You may manage your own private investments and those of members of your immediate family to the extent that the management of these investments does not in

FAQs

When does Ajaypal Singh Banga’s appointment as President take effect, and how long is the term?

The appointment becomes effective June 2, 2023, and the term runs for five years from that date.

What ethical standards and conduct requirements apply to the President?

The President must follow the highest ethical standards, adhere to the Code of Conduct for Board Officials, avoid conduct that could harm the Bank’s reputation, and comply with conflict-of-interest provisions.

What remuneration components are specified in the appointment letter?

The letter states a salary of $585,790 per annum, a non-pensionable allowance of $104,860 per annum for representation and housing benefits, with both paid in equal semi-monthly installments and adjusted annually.

Jul 19, 2026

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