Financial Times FT.com

Shareholders' dismay at lack of consultation

By Alan Beattie in London and Edward Alden in Washington

Published: March 16 2005 20:49 | Last updated: March 16 2005 20:49

Surprise, and in some quarters dismay, was a common response in the World Bank's other large shareholder countries to Paul Wolfowitz's nomination.

The lack of consultation before the announcement meant that European governments - who collectively hold about 30 per cent of the votes on the bank's executive board to the US's 17 per cent - were slow to react. "There are going to be a lot of very unhappy people, but they may be as upset about the process as about the person," said one European official. "They were supposed to consult us and there was no consultation."

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