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Article 23.b

United Kingdom

Original text. Later amendments are not shown.

1.

In the event of serious or alleged serious misconduct of a member of the Management Committee, whether through a serious failure to honour his/her professional obligations, an infringement of the law or any other event that may seriously affect the reputation of the Bank and/or have the consequence that the member concerned is no longer in a position to exercise his/her duties properly, the President, with the agreement of the Chairman of the Board of Governors, may suspend the concerned member of the Management Committee in accordance with the provisions of this Article 23.b.

In cases concerning the President, the Chairman of the Board of Governors may suspend the President.

2.

Any suspension decision:

  • shall be adopted following consultation of the Ethics and Compliance Committee and following receipt of any related observations of the concerned Member of the Management Committee,

  • shall be communicated without delay to the Board of Directors and Board of Governors,

  • shall have a duration limited to a period of 3 months, during which a confirmation of this decision for an additional period of up to 9 months will be put to the vote of the Board of Governors, acting by qualified majority. To this end, the Board of Governors will be provided with the opinion of the Ethics and Compliance Committee and the related observations of the concerned Member of the Management Committee. The Board of Governors will be asked to vote before the end of the 3 months suspension period after which the vote will be closed.

3.

Should the Board of Governors within 3 months decide to confirm the suspension for an additional period, the member of the Management Committee concerned will be suspended until the end of such additional suspension period unless:

  • a reinstatement decision is adopted by the Board of Governors, acting by qualified majority,

  • a compulsory retirement decision pursuant to Article 11.2 of the Statute is adopted by the Board of Governors, acting by qualified majority.

4.

Should the Board of Governors within 3 months not decide to confirm the suspension for an additional period, the member of the Management Committee concerned will be automatically reinstated.

5.

Upon expiration of the suspension period, the concerned member of the Management Committee shall be automatically reinstated unless s/he is subject to a compulsory retirement decision pursuant to Article 11.2 of the Statute.

6.

In the event of a compulsory retirement procedure pursuant to Article 11.2 of the Statute, the Ethics and Compliance Committee shall be consulted. The ECC opinion will be transmitted to the Board of Directors together with the related observations of the concerned Member of the Management Committee.

7.

The Board of Directors shall lay down the details of the suspension and of the compulsory retirement procedures.