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Whitney Debevoise

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.

Series:

Yifeng Chen

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 scrutiny.

Series:

Catherine E. Weaver

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.

Series:

Yan Liu

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.

Series:

Pascale Hélène Dubois*,, J. David Fielder**,, Robert Delonis***,, Frank Fariello**** and Kathleen Peters

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.

Andrew Horn

Considered within the context of Jesuit theatre and liturgy, and within the broader culture of spectacle and ritual in the era of Counter-Reform, the works of art and architecture commissioned by the Jesuits in the seventeenth century can be read as “theatres” of religious performance. This concept is given an ideal case study in the work of Jesuit artist Andrea Pozzo (1642–1709). In this essay I present Pozzo’s work within the context of ritual and prayer for which it was produced, focusing on two of his religious scenographies and two of his lesser-known painting projects. As I consider their use of allegory, emblems and symbols, visual narratives, spatial illusions, and architecture, I argue that both the scenographies and the permanent church decorations achieve persuasion through the engagement of the observer as a performer in a ritual involving both internal and external performance.