“The executive directors will move expeditiously to reach a conclusion on possible actions to take”
By Krishna Guha and Eoin Callan in Washington
Paul Wolfowitz was under pressure to resign as president of the World Bank on Thursday after admitting he was personally involved in securing a large pay rise and promotion for a Bank official with whom he was romantically involved.
The Bank president issued a public apology, saying: “I made a mistake for which I am sorry”.
The apology came after the Financial Times revealed that Mr Wolfowitz ordered the World Bank’s head of human resources to offer Shaha Riza the pay rise and promotion as part of a secondment package.
The instructions were set out in a memorandum dated August 11 2005, according to two sources who have seen the document.
The Bank’s board of directors, who represent its shareholder governments, met late into the night in an emergency session to review the findings of their own investigation into the Riza assignment and decide on the next step. The board adjourned the meeting early on Friday but said in a statement that it would act promptly.
”The executive directors will move expeditiously to reach a conclusion on possible actions to take,” the board said. ”In their consideration of the matter the executive directors will focus on all relevant governance implications for the bank,” it added.
The board also released the report of the ad hoc group that investigated the contract agreed with Ms Riza and also included communications between Mr Wolfowitz, the board and other bank officials.
http://www.ft.com/cms/s/ee84cc80-e91e-11db-a162-000b5df10621.html
http://www.wvwnews.net/story.php?id=306