INTERNATIONAL BANK FOR RECONSTRUCTION AND
                              DEVELOPMENT

                                BOARD OF GOVERNORS



                                   Resolution No. 685

          Direct Remuneration of Executive Directors and their Alternates


    WHEREAS the 2021 Joint Committee on the Remuneration (“JCR�) of the
International Bank of Reconstruction and Development (“Bank�) and the International
Monetary Fund (“Fund�) Executive Directors has deliberated carefully on the state of the
global economy following the exceptional impacts of the COVID-19 pandemic, and on
other external factors, and has recommended no annual salary adjustment for Executive
Directors and Alternate Executive Directors of the Bank and the Fund; and

    WHEREAS an independent assessment undertaken by an external consultant in 2020
concluded that the roles and responsibilities of Executive Directors in the Bank and the
Fund are comparable, and their base salaries should be the same, and mindful that a salary
gap of 2.5% has existed in the salaries of the Executive Board of the Bank and the Fund
since 2018, the JCR concurs that it would be desirable to restore parity of remuneration
between the Executive Boards of the Bank and the Fund through a phased approach, and
has recommended that the salaries of Bank Executive Directors and their Alternates be
increased by 1.25 percent.

    NOW, THEREFORE, the Board of Governors hereby RESOLVES:

    THAT, effective July 1, 2021, the remuneration of the Executive Directors of the Bank
and their Alternates, pursuant to section 13(e) of the By-Laws shall be paid in the form of
a salary without a supplemental allowance, and such salary shall be increased to $261,800
for Executive Directors and $226,480 for Alternate Executive Directors.



                                                            (Adopted on August 26, 2021)