Australia has nominated Bob McMullan to the role of Executive Director to the European Bank for Reconstruction and Development (EBRD).
Mr McMullan would represent a constituency comprising Australia, the Republic of Korea, New Zealand and Egypt. Pending a vote by constituency members, Mr McMullan will be appointed by the EBRD for a term ending in July 2012.
Australia has been a member of the EBRD since it was established in 1991. The EBRD is an international financial institution that supports projects in 30 countries from central Europe to central Asia. It is owned by 61 countries and two intergovernmental institutions.
The Government considers that the continued uncertainty surrounding the global outlook, including concerns about the economic situation in Europe, warrant continued involvement in the EBRD.
Mr McMullan brings a strong record of reform and a wealth of experience to the position. His understanding of the international environment will lend distinction to Australia, our constituency and the EBRD. Mr McMullan is a former Minister for Trade and is currently an Adjunct Professor at the Crawford School of Economics and Government at the Australian National University.
Mr McMullan has agreed that the EBRD position be treated as if it were an ‘office of profit’ for the purposes of the Parliamentary Contributory Superannuation Scheme (PCSS). Consistent with the rules governing the PCSS, Mr McMullan will have his parliamentary pension reduced to take account of the remuneration received from the office of profit.
Mr McMullan will replace Dr John Eyers who is not seeking re-election at this year’s EBRD Annual Meeting.On behalf of the Government, I would like to thank Dr Eyers for the significant and valued contribution he has made during his term as Executive Director.
12 May 2011