The executive board of the International Monetary Fund (IMF) has removed the age limit for the position of managing director.

It said on Thursday: “The board of governors has approved the proposal by the executive board to remove the age limit for the position of IMF managing director. Approval of the proposal required a simple majority of the votes cast, with a minimum participation requirement of a majority of governors holding two-thirds of the total voting power. Voting ran from August 21 to September 4."

Since 1951, the IMF’s by-Laws had prohibited the appointment of a candidate aged 65 or over as managing director and had also prohibited the managing director from serving past his or her 70th birthday.

The amendment to the by-laws adopted by the board of governors, which is effective immediately, brings the managing director’s terms of appointment into line with those of members of the IMF executive board, which the managing director chairs, and those of the president of the World Bank Group, who are not subject to an age limit.

“The IMF executive board is engaged in the selection of a successor to outgoing Managing Director Christine Lagarde, who will step down on September 12. Nominations to the position close on September 6, 2019, and we intend to complete the selection process by October 4,” IMF added.

The IMF's board of governors is the highest decision-making body of the IMF and consists of one governor and one alternate governor appointed by each member country.

The governor is usually the minister of finance or the governor of the central bank. Most powers of the IMF are vested in the board of governors. The board may delegate to the Executive Board all except certain reserved powers. It normally meets once a year.

The board functions in continuous session and is responsible for conducting the business of the IMF. It is composed of 24 directors, who are elected by member countries or by groups of countries. The managing director serves as its chairman.

The board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.

Each member country of the IMF is assigned a quota and voting shares, based broadly on its relative position in the world economy.

Nigeria is a member.

The IMF is engaged in the selection of a successor to outgoing managing director Lagarde, who will step down on September 12.

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