A chief executive officer (CEO, American English), managing director (MD, British English),^[1] executive director (ED, American English) for non-profit organizations, or chief executive is the highest-ranking corporate officer (executive) or administrator in charge of total management of an organization. An individual appointed as a CEO of a corporation, company, organization, or agency typically reports to the board of directors.

Responsibilities[link]

The responsibilities of an organization's CEO (US) or MD (UK) are set by the organization's board of directors or other authority, depending on the organization's legal structure. They can be far-reaching or quite limited and are typically enshrined in a formal delegation of authority.

Typically, the CEO/MD has responsibilities as a communicator, decision maker, leader, and manager. The communicator role can involve the press and the rest of the outside world, as well as the organization's management and employees; the decision-making role involves high-level decisions about policy and strategy. As a leader, the CEO/MD advises the board of directors, motivates employees, and drives change within the organization. As a manager, the CEO/MD presides over the organization's day-to-day, month-to-month, and year-to-year operations.^[2]

International use[link]

In some European Union countries, there are two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes (selected by the shareholders). In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, and these two roles will always be held by different people. This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority. The aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (the division/subsidiary heads and C-level officers that report directly to the CEO).

In other parts of the world, such as Asia, it is possible to have two or three CEOs in charge of one corporation. In the UK, many charities and government agencies are headed by a chief executive who answers to a board of trustees or board of directors. In the UK, similar to a sizable percentage of public companies in the US, the chairman of the board in public companies is more senior than the chief executive (who is usually known as the managing director).

The following presents an alphabetical list of some international common terms for the CEO position:

• Albanian: Administrator i Përgjithshëm
• Arabic: الرئيس التنفيذي‎ (eg)Al-Ra'ees Al-Tanfizi / (sa)Al-Ra'ees Al-Tanfithee (Chief Executive)
• Australia: general manager (GM) (or also managing director (MD), but only when the executive officeholder is also a member of the board of directors)
• Belarusian: Генеральны дырэктар
• Bengali: মহাপরিচালক/ব্যবস্থাপনা পরিচালক/প্রধান নির্বাহী কর্মকর্তা (Director General/GM/MD/CEO)
• Bosnian: Generalni direktor / Izvršni direktor
• Bulgarian: Генерален директор / Изпълнителен директор Generalen direktor/Izpalnitelen direktor
• Chinese: 首席执行官 / 行政總裁 Shǒuxí zhíxíng guān / xíngzhèng zǒngcái (Chief Executive Officer)
• Croatian: Izvršni direktor
• Czech: Generální ředitel/Výkonný ředitel
• Danish: Administrerende Direktør (administrating director) (Adm.Dir.)
• Dutch: Algemeen Directeur (general manager)
• Estonian: Tegevdirektor (executive director)
• Finnish: Toimitusjohtaja (executive director) (TJ)
• French: Président-directeur général (chairman & chief executive) (PDG)
• Galician: Director Executivo / Director xeral
• German: Geschäftsführer (GmbH) or German: Vorstand (AG)
• Georgian: გენერალური დირექტორი (General director)
• Greek: Διευθύνων Σύμβουλος Diefthinon Symvoulos (Managing Director)
• Hebrew: מנכ"ל/מנהל כללי‎ Mankal/Menahel Klali (DG/Director General)
• Hungarian: ügyvezető igazgató
• Icelandic: Forstjóri / Framkvæmdastjóri
• Hindi: मुख्य कार्यकारी अधिकारी
• India: CEO or managing director (MD)
• Indonesian: Presiden Direktur (Presdir) or, increasingly less common, Direktur Utama (Dirut) Direktur-Direksi (term based on Law nr. 40 / 2007)
• Irish: Príomhoifigeach Feidhmiúcháin (POF)
• Italian: Amministratore Delegato (delegated administrator) (AD)
• Japanese: 最高経営責任者 Saikō-keiei-sekinin-sha (Chief Executive Officer)
• Korean: 최고경영책임자 choe-go-gyeong-young-chek-ime-ja (Chief Executive Officer)
• Kurdish: Serokê/a Pêkanîna Civatê
• Latvian: Valdes priekšsēdētājs (chairman of the board)
• Lithuanian: Generalinis direktorius (general director)
• Macedonian: Извршен директор (izvrshen direktor - executive director) or also Macedonian: Генерален директор (generalen direktor - general director)
• Maltese: Kap eżekuttiv (Chief Executive)
• Mongolian: Ерөнхий захирал, Ерөнхийлөгч, Гүйцэтгэх захирал
• Norwegian: Administrerende Direktør (administrating director) (adm. dir.)
• Persian: مدیر عامل‎ Modir Aamel (Chief Executive)
• Pakistan|چیف ایگزیکٹو آفیسر}} Chif Igzikutu Afisr (Chief Executive Officer/Managing Director)
• Polish: Dyrektor Generalny (general director)
• Portuguese: Diretor executivo / Diretor-geral / Presidente / Administrador-delegado
• Romanian: Președintele consiliului de administrație (PCA)
• Russian: Генеральный директор, Главный исполнительный директор (generalnyi direktor – general director)
• Serbian: Генерални директор / Извршни директор (управник)
• Sinhala: ප්‍රධාන විධායක නිලධාරී / කළමනාකාර අධ්‍යක්ෂක (CEO / MD)
• Slovak: Generálny riaditeľ
• Slovene: Generalni direktor / Izvršni direktor
• Spanish: director ejecutivo, director general, gerente general o consejero delegado (executive director)
• Somali: Maamule Guud / Agaasime (CEO / MG)
• Swedish: verkställande direktör (VD)
• Tamil: தலைமை நிறைவேற்று அலுவலர் / முகாமைத்துவ இயக்குநர் (CEO / MD)
• Telugu: ముఖ్య కార్యనిర్వాహక అధికారి / నిర్వాహకుడు (CEO / MD)
• Thai: ประธานบริหาร / กรรมการผู้จัดการ (CEO / MD)
• Tagalog: Punong Tagapagpaganap (CEO / PT)
• Turkish: Genel Müdür, Yönetim Kurulu Başkanı
• Ukrainian: Головний виконавчий директор (Holovnyi vykonavchyi dyrektor - Head executive director), also Генеральний директор (Heneral'nyi dyrektor – General director)
• Urdu: چیف ایگزیکٹو آفیسر Chif Igzikutu Afisr (Chief Executive Officer)
• Vietnamese: Giám đốc điều hành
• Malay: Ketua Pegawai Eksekutif, Pengarah Urusan, Pengarah Eksekutif
• Swahili: Meneja Mkuu

In the United States, and in business, the executive officers are usually the top officers of a corporation, the chief executive officer (CEO) being the best-known type. The definition varies; for instance, the California Corporate Disclosure Act defines "Executive Officers" as the five most highly compensated officers not also sitting on the board of directors. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, an executive officer is any member, manager, or officer.

Related positions[link]

Typically, a CEO has several subordinate executives, each of whom has specific functional responsibilities.

Common associates include a chief business development officer (CBDO), chief financial officer (CFO), chief operating officer (COO), chief marketing officer (CMO), chief information officer (CIO), chief communications officer (CCO), chief legal officer (CLO), chief technology officer (CTO), chief risk officer (CRO), chief creative officer (CCO), chief compliance officer (CCO), chief audit executive (CAE), chief diversity officer (CDO), or chief human resources officer (CHRO).

Hospitals and healthcare organizations also often include a chief medical officer (CMO), a chief nursing officer (CNO), and a chief medical informatics officer (CMIO).

In the United Kingdom the term 'director' is used instead of 'chief officer'. Associates include the audit executive, business development director, chief executive, compliance director, creative director, director of communications, diversity director, financial director, human resources director, information technology director, legal affairs director, managing director (MD), marketing director, operations director and technical director.

See also[link]

• CEO succession
• Executive officer
• List of CEO books
• List of chief executive officers
• O*NET

• United States Department of Labor

References[link]

External links[link]

Wikimedia Commons has media related to: Chief executive officers

• U.S. Bureau of Labor Statistics - Top Executives: Description and Outlook
• 2008–2010 Study: CEOs Who Fired Most Workers Earned Highest Pay – video report by Democracy Now!

Christine Lagarde
11th Managing Director of the International Monetary Fund
Incumbent
Assumed office 5 July 2011
Deputy	John Lipsky David Lipton
Preceded by	Dominique Strauss-Kahn
Minister of Finance
In office 19 June 2007 – 29 June 2011
Prime Minister	François Fillon
Preceded by	Jean-Louis Borloo
Succeeded by	François Baroin
Minister of Agriculture
In office 18 May 2007 – 18 June 2007
Prime Minister	François Fillon
Preceded by	Dominique Bussereau
Succeeded by	Michel Barnier
Minister of Commerce and Industry
In office 2 June 2005 – 15 May 2007
Prime Minister	Dominique de Villepin
Preceded by	Christian Jacob
Succeeded by	Position abolished
Personal details
Born	Christine Madeleine Odette Lallouette (1956-01-01) 1 January 1956 (age 56) Paris, France
Political party	Union for a Popular Movement
Alma mater	Paris West University Nanterre La Défense Institute of Political Studies, Aix-en-Provence
Religion	Roman Catholicism
Signature	Christine Lagarde's signature

Christine Madeleine Odette Lagarde (née Lallouette; born 1 January 1956)^[1] is a French lawyer who has been the Managing Director of the International Monetary Fund since 5 July 2011. Previously, she held various ministerial posts in the French government: she was Minister of Economic Affairs, Finances and Industry and before that Minister of Agriculture and Fishing and Minister of Trade in the government of Dominique de Villepin. Lagarde was the first woman ever to become Minister of Economic Affairs of a G8 economy, and is the first woman to ever head the IMF.^[2]

A noted antitrust and labour lawyer, Lagarde made history by becoming the first female chair of the international law firm Baker & McKenzie. On 16 November 2009, the Financial Times ranked her the best Minister of Finance in the Eurozone.^[3]

On 28 June 2011, she was named as the next MD of the International Monetary Fund for a five-year term, starting on 5 July 2011,^[2][4][5] replacing Dominique Strauss-Kahn. Her appointment is the 11th consecutive appointment of a European as head the IMF.^[6] In 2011, Lagarde was ranked the 9th most powerful woman in the world by Forbes magazine.^[7]

Personal life[link]

Lagarde was born in Paris into a family of academics. Her father Robert Lallouette was a Professor of English at the Faculty of Rouen; her mother Nicole worked as a teacher.^[8] As a teenager, Lagarde was a member of the French national synchronised swimming team.^[9] After graduation in 1974 at the Lycée François 1er in Le Havre, she went on an AFS scholarship to the Holton-Arms School, a girls' school in Bethesda, Maryland, USA.^[10] Then she graduated from law school at Paris West University Nanterre La Défense, in Greater Paris, France, and obtained a Master's degree in Political Science from the Institut d'études politiques d'Aix-en-Provence (Sciences Po Aix).^[11] Since 2010, she has presided over the Institute's board of directors.^[12]

Lagarde worked as an intern in 1974 at the United States Capitol, as Representative William Cohen's (R, ME) congressional assistant,^[13] in particular working in communications with Cohen's French-speaking constituents during the Judiciary Committee Watergate hearings.^[10]

Lagarde is divorced and has two sons, Pierre-Henri Lagarde (born 1986) and Thomas Lagarde (born 1988).^[14] Since 2006, her partner has been the entrepreneur Xavier Giocanti from Marseille. She is a vegetarian and never drinks alcohol.^[15][16][17] Her hobbies are scuba diving, swimming and gardening.

The fashion magazine Vogue profiled Lagarde in September 2011.^[18]

Professional career[link]

Lagarde joined Baker & McKenzie, a large Chicago-based international law firm, in 1981. She handled major antitrust and labor cases, was made partner after six years and was named head of the firm in Western Europe. She joined the executive committee in 1995 and was elected the company's first ever female Chairman in October 1999.^[19][20][21] In 2004, Lagarde became president of the global strategic committee.^[22]

Her personal interest in European affairs led her to help found the European Law Centre, an office of Baker & McKenzie in Brussels exclusively dedicated to the practice of European Union law.

Ministerial career[link]

Lagarde at a UMP rally, 18 February 2011

As France's Trade Minister between 2005 and May 2007, Lagarde prioritized opening new markets for the country's products, focusing on the technology sector. On 18 May 2007, she was moved to the Ministry of Agriculture as part of the government of François Fillon.^[23] The following month she joined François Fillon's cabinet in the Ministry of Economic Affairs,^[24] Industry and Employment to become the first woman to ever be in charge of economic policy in France.

On 3 August 2011, a French court ordered an investigation into Christine Lagarde's role in a €285 million arbitration deal in favour of Bernard Tapie.^[25]

International Monetary Fund[link]

Administrative record[link]

In May 2011, Lagarde was mentioned as a possible successor of Dominique Strauss-Kahn as Managing Director of the International Monetary Fund. Her candidacy received the support of the British, Indian, United States, Russian, Chinese and German governments.^{[26][27][28][29][30]}

On 25 May 2011, Lagarde officially announced her candidacy as head of the International Monetary Fund (IMF) to succeed Dominique Strauss-Kahn upon his resignation.^[31]

On 28 June 2011, the International Monetary Fund board elected Lagarde as its next managing director and chairman for a five-year term, starting on 5 July 2011.^[2][4][5] Agustín Carstens was also considered for the post. The IMF's executive board praised both candidates as well-qualified, but decided on Lagarde by consensus.^[2] Carstens would have been the first non-European to be elected as the head of the IMF. His candidacy was supported by the Latin American governments, as well as Spain, Canada and Australia.^[26]

Her appointment comes amidst the intensification of the European sovereign debt crisis especially in Greece, with fears looming of loan defaults. The United States in particular supported her expeditious appointment in light of the fragility of Europe's economic situation.^[32]

U.S. Treasury Secretary Timothy Geithner has said that Lagarde's "exceptional talent and broad experience will provide invaluable leadership for this indispensable institution at a critical time for the global economy."^[5] Nicolas Sarkozy referred to Lagarde's appointment as "a victory for France." Oxfam, a charity working in developing nations, called the choice "farcical" and argued that what it saw as the lack of transparency in the appointment process hurt the IMF's credibility.^[4]

Viewpoints[link]

Alistair Darling (left) with Lagarde and Timothy Geithner (right) in 2009.

In July 2010, Lagarde told the PBS NewsHour that the IMF lending project was "a very massive plan, totally unexpected, totally counter-treaty, because it wasn't scheduled in the treaty that we should do a bailout program, as we did." She also said, "we had essentially a trillion dollars on the table to confront any market attack that would target any country, whether it's Greece, Spain, Portugal, or anybody within the eurozone." With respect to the French economy, she stated that besides short-term stimulus efforts: "we must, very decisively, cut our deficit and reduce our debt."^[33]

In public remarks made right after her appointment, Lagarde stated that both the IMF and EU require Greek austerity measures as a prerequisite for further aid. She said, "If I have one message tonight about Greece, it is to call on the Greek political opposition to support the party that is currently in power in a spirit of national unity."^[5] Lagarde's view of her predecessor is that: "The IMF has taken up the challenges of the crisis thanks to the actions of the director general Dominique Strauss-Kahn and to his team as well."^[29] On 25 December 2011, Lagarde argued that the world economy was at risk and urged Europeans to unify in terms of the debt crisis facing the continent.^[34]

Questioned about her economic philosophy, Lagarde has described herself as "with Adam Smith—that is, liberal."^[18]

"Payback" controversy[link]

In an interview with The Guardian in May 2012, Lagarde was asked about crisis-stricken Greece—where the suicide rate has increased by 40% and large sections of Athens are reduced to using food kitchens—and other struggling eurozone countries, and replied:

"Do you know what? As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax."

Even more than she thinks about all those now struggling to survive without jobs or public services? "I think of them equally. And I think they should also help themselves collectively."

How? "By all paying their tax. Yeah."

It sounds as if she's essentially saying to the Greeks and others in Europe, you've had a nice time and now it's payback time. "That's right." She nods calmly. "Yeah."^[35][36]

Her comments provoked uproar: Evangelos Venizelos said she had "insulted the Greek people", while Alexis Tsipras declared coolly: "We don't need her compassion."^[37][38] In an effort to quell the negative response, the next day Lagarde updated her Facebook page with: "As I have said many times before, I am very sympathetic to the Greek people and the challenges they are facing."^[39] Within 24 hours, over 10,000 comments had been left in response, many of them obscene.^[37] To her accusations that not enough Greeks paid their taxes, Professor Emeritus John Weeks of the University of London retorted: "The moral weight of Christine Lagarde's matronising of the Greeks to pay their taxes is not strengthened by the fact that, as director of the IMF, she is in receipt of a tax-free annual salary of $468,000 (£298,000, plus perks)."^[40] In making general "payback" comments about peripheral eurozone countries having "had a nice time", Lagarde appeared to be unaware that, for example, Spain had actually been running budget surpluses for three consecutive years going into the financial crisis, while Ireland had been running surpluses for five consecutive years going in, as her own organisation's data shows.^[41][42] In 2007, the EU Council even gave Spain three gold stars and a commendation, saying its "budgetary strategy provides a good example of fiscal policies".^[43] Lagarde did not appear to understand that the factor that precipitated the financial crisis in Spain, Ireland, and other countries was the collapse of housing bubbles, not reckless government spending.^{[44][45][46][47]} The point was emphasised by The Economist the week after her remarks were published:

This fiscal focus gets things exactly backwards. Spain's poor public finances, unlike those of Greece, are a symptom rather than the cause of the country's economic woes. Before the crisis Spain was well within the euro zone's fiscal rules. Even now its government debt, at around 70% of GDP, is lower than Germany's. As in Ireland, the origins of Spain's debt problems are private, not public.^[48]

Media[link]

She was interviewed in the documentary film Inside Job (2010), which later won an Academy Award for Best Documentary Feature.

Lagarde was portrayed by actress Laila Robins in the 2011 HBO movie Too Big to Fail, which was based on the popular book of the same name by New York Times journalist Andrew Ross Sorkin. Lagarde, acting as the French Finance Minister, has a scene criticizing her American counterpart Hank Paulson.^[49]

Honours[link]

• - Chevalier (13), promoted Officer, Order of Legion d'Honneur (6)
• - Commander, Order of Mérite agricole

See also[link]

• Baker & McKenzie

References[link]

External links[link]

Wikimedia Commons has media related to: Christine Lagarde

• imfboss.org Tracking the fight to head the Fund
• Column archives at Project Syndicate
• Appearances on C-SPAN
• Christine Lagarde on Charlie Rose
• Christine Lagarde at the Internet Movie Database
• Works by or about Christine Lagarde in libraries (WorldCat catalog)
• Christine Lagarde collected news and commentary at Al Jazeera English
• Christine Lagarde collected news and commentary at The Guardian
• Christine Lagarde collected news and commentary at The New York Times
• Christine Lagarde collected news and commentary at The Wall Street Journal
• Christine Lagarde at the Notable Names Database

v t e First Fillon Cabinet François Fillon Alain Juppé Bernard Kouchner Hervé Morin Michèle Alliot-Marie Brice Hortefeux Rachida Dati Jean-Louis Borloo Éric Wœrth Xavier Bertrand Christine Boutin Christine Lagarde Xavier Darcos Valérie Pécresse Christine Albanel Roselyne Bachelot

v t e Second Fillon Cabinet François Fillon François Baroin Alain Juppé Jean-Louis Borloo Michèle Alliot-Marie Bernard Kouchner Hervé Morin Brice Hortefeux Xavier Darcos Christine Lagarde Éric Wœrth Éric Besson Luc Chatel Bruno Le Maire Valérie Pécresse Frédéric Mitterrand Roselyne Bachelot Michel Mercier

Sri Mulyani Indrawati
Sri Mulyani Indrawati in 2010
Managing Director of the World Bank Group
Incumbent
Assumed office June 1, 2010
President	Robert B. Zoellick
Preceded by	Juan Jose Daboub
Finance Minister of Indonesia
In office 7 December 2005 – 20 May 2010
President	Susilo Bambang Yudhoyono
Preceded by	Jusuf Anwar
Succeeded by	Agus Martowardojo
Personal details
Born	(1962-08-26) August 26, 1962 (age 49) Tanjungkarang, Lampung
Nationality	Indonesian
Spouse(s)	Tonny Sumartono
Alma mater	Universitas Indonesia University of Illinois at Urbana–Champaign
Religion	Islam

In this Indonesian name, the name "Indrawati" is a given name, not a family name, and the person should be referred to by the given name "Sri" or "Sri Mulyani".

Sri Mulyani Indrawati (born August 26, 1962) is an Indonesian economist. In June 2010 she was appointed the Managing Director of the World Bank Group, and resigned as Finance Minister of Indonesia in the Second United Indonesia Cabinet.

As Indonesian finance minister from 2005 to 2010, Sri Mulyani was known as a tough reformist^[1][2] and was largely credited with strengthening Indonesia's economy, increasing investments and steering Southeast Asia's largest economy through the 2007–10 financial crisis.^[3][4] In 2011, she was ranked as the 65th most powerful woman in the world by Forbes magazine.

Early life[link]

Sri Mulyani was born in Tanjung Karang (now called Bandar Lampung) in Lampung, Sumatra, on August 26, 1962. She is the seventh child of university lecturers Prof. Satmoko and Retno Sriningsih. Her name is of Javanese origin, Sri Mulyani from Karanganyar City, Central Java, with Sanskrit roots.^[5] Sri has the meaning of radiance, or diffusing light,^[6] and is common as both honorific and part of female names among Javanese. Mulyani comes from the word mulya which is used to describe the concept value, valuable.^[7] Indrawati come from Indra and feminine suffix -vati.

She obtained her degree from Universitas Indonesia in 1986. Sri Mulyani received her master and doctorate in economics from the University of Illinois at Urbana-Champaign in 1992. In 2001, Mulyani left for Atlanta, Georgia, to serve as a consultant with the US Aid Agency (USAID) for programs to strengthen Indonesia’s autonomy. She also lectured on the Indonesian economy as visiting professor at the Andrew Young School of Policy Studies at the Georgia State University.^[8] From 2002 to 2004 she was an executive director on the board of the International Monetary Fund representing 12 economies in Southeast Asia.

She is married to economist Tony Sumartono, with whom she has three children.^[9][10] She is a professional economist and has no political affiliation.^[11]

As Finance Minister[link]

Sri Mulyani was selected as Indonesian Finance Minister in 2005 by President Susilo Bambang Yudhoyono. One of her first acts was to fire corrupt tax and custom officers in the département. She successfully tackled corruption and initiated reforms in Indonesia's tax and customs office,^[4][12] and enjoys a reputation for integrity.^[13] She also succeeded in increasing direct investment in Indonesia. In 2004, the year President Susilo Bambang Yudhoyono took office, Indonesia received $4.6 billion in foreign direct investment. The next year, it attracted $8.9 billion.^[14]

In 2006, just one year after selected, she was named Euromoney Finance Minister of the Year by Euromoney magazine.^[15]

During her tenure in 2007, Indonesia recorded 6.6% economic growth, its highest rate since the 1997 Asian financial crisis. However, growth is down in 2008 to 6%^[4] due to the global economic slowdown. In July 2008, Sri Mulyani Indrawati was inaugurated as the Coordinating Minister for the economy, replacing Boediono, who was to head the central bank.^[16]

In August 2008, Mulyani was ranked by Forbes Magazine as the 23rd most powerful woman in the world^[17] and the most powerful woman in Indonesia. During her tenure as Finance Minister, the country's foreign exchange reserves reached an all-time high of $50 billion.^[17] She oversaw a reduction in public debt to about 30% of gross domestic product from 60%,^[4] making it easier for Indonesia to sell debt to foreign institutional investors. She also revised incentive structures for civil servants in her ministry and began paying higher salaries to tax officials deemed to be "clean" so they would have less temptation to accept bribes.^[18]

In 2007 and 2008, Emerging Markets newspaper selected Sri Mulyani as Asia's Finance Minister of The Year for two years in a row.^[19][20]

After Susilo Bambang Yudhoyono was re-elected in 2009, she was re-appointed in her post of Finance Minister. In 2009 Indonesian economy grew up by 4.5% while many part of the world is in recession. Indonesia is one of just three major emerging economies to grow faster than 4 percent in 2009. The other two are China and India.^[4] Under her supervision, government has managed to increase the number of income taxpayers from 4.35 million individuals to nearly 16 million in the last five years, and tax receipts grew by around 20% each year to more than Rp 600 trillion in 2010.^[21]

Move to World Bank[link]

On May 5, 2010 Mulyani was appointed as one of three Managing Directors of the World Bank Group.^{[22] [23]} She replaces Juan Jose Daboub, who completed his four-year term June 30, overseeing 74 nations in Latin America, Caribbean, East Asia and Pacific, Middle East and North Africa.^[24]

Her resignation was viewed negatively and caused financial turmoil in Indonesia, with stock exchange closed down 3.8% after the news, amid a broad sell off in Asia, and the Indonesian rupiah fell nearly 1% against the dollar.^[18] Drop in Indonesian stock exchange is the sharpest in 17 months.^[25] The move has been called as "Indonesia’s loss, and the World’s gain".^[26][27][28]

There are widespread speculations that her resignation is due to political pressure,^[11][29][30] especially from powerful tycoon and chairman of Golkar Party, Aburizal Bakrie.^[31][32] Bakrie is known to have enmity toward Mulyani^[33] due to her investigation on massive tax fraud in Bakrie Group, her refusal to prop up Bakrie's coal interests with government funds,^[11] and her refusal to state that the Sidoarjo mud flow, which is widely believed to have been caused by drilling of Bakrie's company, was a "natural disaster".

On May 20, President Susilo Bambang Yudhoyono named as her replacement Agus Martowardojo, CEO of Bank Mandiri, the largest bank in Indonesia.^[34]

Bank Century scandal[link]

Right before her resignation, The Legislature, spearheaded by Golkar Party,^[35][36][37] has been accusing Sri Mulyani with allegation on crime with bailout of medium scale Bank Century in 2008. Critics of the bailout claim it was done without legal authority and without proving a capital injection was needed to prevent a run on other banks, Bank Century bailout cost the state to suffer a financial lost amounting to 6,7 trillions rupiah ($710 million).^[38] Sri Mulyani has defended the bailout as necessary given the uncertainties in the global economy at the time and denied any wrongdoing.^[18]

However, criticism about Sri Mulyani's policy also came from ex vice president Jusuf Kalla. In his harshest comments yet on the controversial PT Bank Century bailout, former Vice President Jusuf Kalla denied claims by former Bank Indonesia officials that if the lender had been allowed to fail it would have had a systemic impact on the country’s banking system and economy.

“The Bank Century scandal is a robbery, anyone who supports Bank Century, supports a robber.” Kalla said.^[39]

Furthermore, all of the nine factions on the House of Representatives special committee agreed that there were suspicious and possibly fraudulent transactions during the bailout period beginning in November 2008 and evidence of money laundering. They all then said they lacked the expertise to do more and called on the National Police and Corruption Eradication Commission (KPK) to take over.^[40]

References[link]

External links[link]

Wikimedia Commons has media related to: Sri Mulyani Indrawati