Peter Costello

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Nomination of Australian Alternate Director to The European Bank for Reconstruction and Development



The Australian Government has decided to nominate the Hon Peter Reith to continue as an Australian representative to the European Bank for Reconstruction and Development (EBRD) from August 2006 to July 2009.

Mr Reith has been Australia’s Director to the EBRD for the constituency comprising Australia, the Republic of Korea, New Zealand and Egypt since August 2003. During that time he has made a valuable contribution at the Bank, working closely with senior management and fellow directors to enhance the effectiveness of the Bank’s operations.

Mr Reith will be nominated for the position of Alternate Director when the position of Director rotates to the Republic of Korea. On acceptance of his nomination, Mr Reith will assist the Director (to be nominated by the Government of the Republic of Korea) in representing the constituency. Alternate Directors are employees of the EBRD and their salaries and other allowances are met by the Bank.

Australia has been a member of the EBRD since it was established in 1991. The EBRD is an organisation formed by 60 member countries and two intergovernmental institutions. It was established to support the development of a private sector in former Soviet countries.

Mr Reith has agreed that this position continue to be treated as if it were an ‘office of profit’ for the purposes of the Parliamentary Contributory Superannuation Scheme (PCSS). Under the rules governing the PCSS, a parliamentary pension payable to a former Member of Parliament who is appointed to an office of profit under the Commonwealth or a State is reduced. Mr Reith will continue to pay to the Commonwealth an amount equivalent to 50 percent of the after-tax amount of his parliamentary pension. This is the maximum amount by which a pension can be reduced under the provisions of the Parliamentary Contributory Superannuation Act 1948.

28 April 2006

Contact: David Alexander
02 6277 7340

28 Apr 2006

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