From a PR email:
‘Whatever the personal qualities of the presumptive nominee, the fact this globally significant position is still effectively a personal appointment of the president of the United States is an ongoing travesty. There will never be a just transition away from a fossil fuel economy if the mechanisms of global decision-making remain stitched up in this way.’
Nick Dearden, Director of Global Justice Now and author of Trade Secrets
The US is the major shareholder in the World Bank. Therefore they get to say. Want more say? Stump up the cash – and yes, it is cash – to buy more shares then.
Yeah I’m guessing ole Nick’s attitude would be to let the position be appointed by those “most affected”, i.e. the ones who receive the money. Never mind that it would be a good way to increase the amount of graft (to heretofore unseen levels)…
A complete cretin as there is no such thing as a just transition away from a fossil fuel economy.
The shift away means billions will die. Quite where the ‘justice’ in such folly is remains a mystery to me.
Idle curiosity: How much does it cost to buy shares in the World Bank and how many shares are needed to be a significant holding?
The shareholders are visiable on the site. I think you need to be a country though. From memory the one with the smallest investment was Republic of Palau. A collection of small atolls in the Western Pacific. They seem to gone rummaging down the back of the sofa & come up with $16m in assorted small change.
He who pays the piper calls the tune
@Arthur the cat
The total subscriptions are US$259,916,100,000 but in 1944 dollars which are about $17 in today’s dollars. So that’s US$4.4 trillion. Or, to get a 1% stake, US$44 billion, though voting rights are not exactly the same as shareholding (e.g. the biggest is the USA with 16.35% subscriptions but 15.47% voting rights).
While you do need to be a country, I’m sure that enough money will ensure that is not a problem.
‘The shift away means billions will die. Quite where the ‘justice’ in such folly is remains a mystery to me.’
We evidently agree, V_P. Of course being quite selfish, I’m most concerned that one of those billions might well be me.