At its Board meeting last week, the Board put in place a procedure that will limit any Executive Director to a total of seven years' service. The procedure will normally require that after four years, whoever is Executive Director will have to re-apply for his/her own job, competing against other applicants.

Richard Feachem, the Fund's first Executive Director, was hired on a two-year contract on 15 July 2002. The Board then renewed his contract for a further two years starting 15 July 2004. Thus, Dr. Feachem's current contract expires on 15 July 2006.

The way in which the Board's decisions apply to Dr. Feachem is as follows:

• As would apply for any Executive Director of the Fund, the Board will conduct a performance assessment of the Executive Director during the first quarter of 2006, for completion prior to the April Board meeting.
• The performance assessment will take into consideration the report of the recently-completed investigation of the Secretariat.
• At the April Board meeting, the Board will make one of three choices:
• Launch a public recruitment procedure, and encourage the Executive Director to apply. This option will be what the Board describes as "the norm".
• Reappoint the Executive Director, without permitting others to apply for the position.
• Launch a public recruitment procedure, and do not encourage the Executive Director to apply.
• If the current Executive Director is given a new contract, it will be for three years. If a new Executive Director is given a contract, it will be for four years, with a possible subsequent renewal for three years. The Board does not expect a particular Executive Director to serve for more than seven years.