NO.022

NOMINATION OF AUSTRALIAN EXECUTIVE DIRECTOR TO THE EUROPEAN

TO THE WORLD BANK

The Government has decided to nominate Mr Peter Reith for appointment as an

Executive Director at the EBRD in London for a term of three years from 1 August

2003. On the acceptance of this nomination by the members of Australia’s constituency

at the EBRD, Mr Reith will represent Australia, the Republic of Korea, Egypt

and New Zealand.

Australia has been a member of the EBRD since it was established in 1991.

The Bank assists the countries of central and eastern Europe in the transition

to a market economy by financing projects for banks, industries and businesses

and fostering the role of business and the private sector in recipient countries.

The EBRD’s Board of Directors is responsible for the direction of the general

operations and policies of the Bank. Executive Directors are employees of the

EBRD and their salaries and other allowances are met by the Bank.

Mr Reith is qualified in economics and law and was a member of Parliament

from 1984 until he retired from Parliament in 2001. He was a Commonwealth Minister

from 1996 until 2001. He has been a Visiting Fellow at the Mt Eliza Business

School since 2002.

The Government has also decided to nominate Mr Terry O’Brien, a senior official

with the Commonwealth Treasury, for appointment as an Alternate Executive Director

at the World Bank in Washington for a period of four years, commencing 1 July

2003.

On the acceptance of his nomination, Mr O’Brien will assist the Executive

Director in representing a constituency of countries within the World Bank consisting

of Australia, the Republic of Korea, New Zealand, Papua New Guinea, Cambodia,

Kiribati, Marshall Islands, Federated States of Micronesia, Mongolia, Palau,

Samoa, Solomon Islands and Vanuatu. Alternate Executive Directors are employees

of the World Bank Group and their salaries and other allowances are met by the

Bank.

Mr O’Brien has been the senior Treasury representative in Australia’s Delegation

to the OECD, and the deputy supporting the Treasurer’s participation in the

G-20 group of major developing and industrialised economies. He has had extensive

recent involvement in the work of the G-20 on globalisation and its effects

on developing countries and trends in global poverty and inequality.

Contact: Niki Savva

(02) 6277 7340