2020 election of the EBRD President

The election was originally due to take place in May during the EBRD's 29th Annual Meeting in London but the event was postponed because of the coronavirus pandemic.

The election of the new President by the Governors, who represent the EBRD’s 71 shareholders, was held on 8 October.

Ms Renaud-Basso, a citizen of France, became the EBRD's seventh President when she took up her role on 2 November.

Sir Suma was first elected as President in 2012. He was elected for a second term in 2016, which he finished on 2 July 2020. (An interim President, Jürgen Rigterink, led the Bank between Sir Suma's departure and Ms Renaud-Basso's arrival.)

By the deadline for the submission of election candidates’ applications, the end of 13 April, the EBRD’s Secretary General had received three nominations for the role (listed below in chronological order of receipt):

• Adam Glapinski, EBRD Governor for the Republic of Poland, submitted the name of Tadeusz Koscinski, Minister of Finance of the Republic of Poland
• Roberto Gualtieri, EBRD Governor for Italy, submitted the name of Pier Carlo Padoan, Member of the Italian Parliament. However, Mr Padoan withdrew his candidacy on 5 October.
• Bruno Le Maire, EBRD Governor for France, submitted the name of Ms Renaud-Basso, Director General, French Treasury, Ministry of Economy and Finance.

The election was 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).

More details about the 2020 election of the EBRD President:

The Chair of the Board of Governors invited Governors to submit nominations at least 90 calendar days (i.e. no later than 13 February) prior to the election, as originally planned, at the Annual Meeting;

The nomination period closed after 60 calendar days - no later than 13 April;

Individual candidates took part in hearings with the Board of Directors, no fewer than 15 calendar days prior to the election;

Candidates also took part in hearings with the Board of Governors, no less than one calendar day prior to the election.

Only Governors can nominate candidates.  A Governor may nominate only one candidate, who should have agreed to be nominated. Governors shall refrain from nominating a person who has served for two terms or is serving a second term as President.

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.