World Bank board delays decision on Wolfowitz

Source: Reuters

WASHINGTON, April 20 (Reuters) - The World Bank's board on Friday delayed a final decision on bank chief Paul Wolfowitz's role in a promotion he arranged for his girlfriend and referred some issues to a committee for further investigation.

After a late-hour meeting, the 24-nation board said it had agreed on a procedure to deal quickly with the issue.

"The executive directors agreed on a process to deal with the situation urgently, effectively and in an orderly manner," the board said in a two-page statement, written in complex bureaucratic language.

In the statement, the board said it had discussed issues related to conflict of interest and a possible violation of staff rules during a meeting.

The United States is the World Bank's biggest shareholder, holding 16.4 percent of total board votes, followed by ally Japan which has 7.9 percent. A major decision by the board requires an 85 percent majority, with the U.S. holding enough votes to block any major decision.

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