The Right Honourable
Minouche Shafik
DBE HonFBA
Shafik in 2009
20th President of Columbia University
Assumed office
1 July 2023
Preceded byLee Bollinger
President and Vice Chancellor of the London School of Economics
In office
1 September 2017 – 1 July 2023
Preceded byCraig Calhoun (2016)
Succeeded byLarry Kramer[1]
Deputy Governor of the Bank of England
for Markets and Banking
In office
1 August 2014 – 28 February 2017
GovernorMark Carney
Preceded byPosition established
Succeeded byCharlotte Hogg
Member of the House of Lords
Lord Temporal
Assumed office
15 October 2020
Life Peerage
Personal details
Born
Nemat Talaat Shafik

(1962-08-13) 13 August 1962
Alexandria, Egypt
CitizenshipUnited Kingdom
United States
Egypt
Political partyIndependent (crossbencher)
Alma mater

Minouche Shafik (officially Nemat Talaat Shafik, Baroness Shafik DBE HonFBA; Arabic: نعمت شفيق; born 13 August 1962) is a British-American economist who has been serving as the 20th president of Columbia University since July 2023. She previously served as president and vice chancellor of the London School of Economics from 2017 to 2023. She also serves on the board of directors of the Bill & Melinda Gates Foundation.

Previously, Shafik served as deputy governor of the Bank of England from 2014 to 2017 and permanent secretary of the United Kingdom Department for International Development from 2008 to 2011.[2] She has also served as a vice president at the World Bank[3] and as deputy managing director of the International Monetary Fund.[4]

Early life and education

Shafik was born in Alexandria, Egypt, to parents who were both educators.[5] As a child, she went to Schutz American School. The family moved to Savannah, Georgia in the mid-1960s, then to Miami and Raleigh, North Carolina.[6]

Shafik received a Bachelor of Arts, summa cum laude, with a major in economics and politics from the University of Massachusetts Amherst in 1983; a Master of Science in economics from the London School of Economics in 1986; and a Doctor of Philosophy in economics from St Antony's College, Oxford, in 1989.[7]

Career

Shafik joined the World Bank after Oxford and held a variety of roles, starting in the research department where she worked on global economic modelling and forecasting and then later on environmental issues. She moved to do macroeconomic work on Eastern Europe during the transition and in the Middle East where she published a number of books and articles on the region's economic future, the economics of peace, labour markets, regional integration, and gender issues.[8]

At age 36, Shafik became the World Bank's youngest-ever Vice President.[9][10]

Shafik has held academic appointments, both as adjunct professor in the Economics Department at Georgetown University from 1989 to 1994, and as Visiting associate professor at the Wharton Business School of the University of Pennsylvania in Spring 1996.[11]

She initially went to the British Government's Department for International Development (DFID) on secondment as Director General for Country Programmes where she was responsible for all of DFID's overseas offices and financing across Africa, the Middle East, Asia, Latin America, and Eastern Europe. She was appointed as DFID's Permanent Secretary in 2008 where she managed a bilateral aid programme in over 100 countries, multilateral policies and financing for the United Nations, European Union and international financial institutions, and overall development policy and research – responsible for 2400 staff and a budget of £38 billion (about US$60 billion) for 2011–2014. During her tenure, DFID was described by the OECD independent peer review as "a recognised international leader in development".[12]

Shafik served as IMF Deputy Managing Director from April 2011 until March 2014. As Deputy Managing Director, she oversaw the IMF's work in Europe and the Middle East, a $1 billion administrative budget, human resources for its 3,000 staff and the IMF's training and technical assistance for policy makers around the world.[13]

Shafik joined the Bank of England as its first Deputy Governor on Markets and Banking responsible for the Bank's £500 billion balance sheet and served as a Member of the bank's Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulatory Authority. She led the Bank's Fair and Effective Markets review to tackle misconduct in financial markets.

London School of Economics

On 12 September 2016, it was announced that Shafik had been appointed as the next Director of the London School of Economics, replacing sociologist Craig Calhoun. She took up the post on 1 September 2017.[14]

During Shafik's directorship of the LSE, levels of academic casualisation increased, with the number of academics on fixed term contracts increasing from 55% in 2016–2017 to 59% in 2021–2022, according to Higher Education Statistical Agency data.[15] Internal LSE data puts the figure at 58.5%.[16] During this same period, comparable universities such as University of Edinburgh, University College London and Imperial all increased their rates of permanent staff relative to those on fixed term contracts.[15] Only Oxford had a higher proportion of casual academic work for the 2021-2022 year (66%) although in contrast to LSE, the proportion remained constant rather than rising.[15] As a result, the student-to-permanent staff ratio at LSE decreased during Shafik's directorship and had, as of July 2023, the worst student-to-permanent staff ratio among comparable universities in the UK, according to HESA data.[15]

In response to a legal strike action taken by UCU in the summer of 2023 over pay and casualised working conditions, the LSE management, under the directorship of Shafik, took the decision to impose punitive pay deductions on academic staff participating in the action.[17] The LSE took the decision to impose 50% pay deductions starting on June 16,[17] but as no deductions were taken until the end of July, some participating staff received July payslips deducting 75% of their income for that month.

In addition to imposing pay deductions, the LSE management, under Shafik's directorship pushed through a 'Exceptional Degree Classification Schemes' policy in response to the strike action.[18] Under this scheme, undergraduate students can be awarded provisional degrees on the basis of only approximately 85-90% of their grades and Masters students, only 75% of their grades.[18] In the event that the full and final assessment (100% of their grades) would lower their classification, the higher provisional classification will stand.[18] This policy allowed students to graduate on time but effectively lowered the standards of LSE degrees awarded during the strike action.

President of Columbia University

On 18 January 2023, It was announced that Shafik would become the next President of Columbia University, starting 1 July 2023.[19][20]

After the Israel–Hamas conflict intensified in October 2023, and a Jewish student at Columbia University was the victim of a hate crime that led to criminal charges, Shafik issued a statement saying that if "speech is unlawful or violates University rules, it will not be tolerated".[21] While some said she should have done more to protect Jewish students from anti-Semitic violence on campus,[21][22] many raised concerns over her decision to suspend pro-Palestine student groups such as Jewish Voice for Peace (JVP) and Students for Justice in Palestine (SJP) from the campus. This move sparked a faculty revolt, as many saw it as a suppression of free speech and academic freedom.[23]

Shafik had been invited to attend the 2023 United States Congress hearing on antisemitism, but declined, citing a "scheduling conflict."[24][25]

Academic work

Shafik on the far right with Barack Obama and Christine Lagarde

She has authored, edited, and co-authored a number of books. She authored Prospects for the Middle East and North African Economies: from Boom to Bust and Back? (14 editions, 1997 to 2016) and Economic Challenges Facing Middle Eastern and North African Countries (14 editions, 1997 to 2016).[26]

She has written articles for a number of publications, including Oxford Economic Papers,[27] The Columbia Journal of World Business, The Middle East Journal, Journal of African Finance and Economic Development, World Development, and the Journal of Development Economics. She contributes to a blog with other heads of development agencies at Ideas4development.org.[28]

Other activities

Shafik has chaired several international consultative groups including: the Consultative Group to Assist the Poor, the Energy Sector Management Assistance Programme,[29] the Global Water and Sanitation Program,[30] Cities Alliance,[31] InfoDev,[32] the Public-Private Infrastructure Advisory Facility,[33] and the Global Corporate Governance Forum.[34] She was instrumental in launching the Africa Infrastructure Consortium.[35] She served on a number of boards including the Middle East Advisory Group to the International Monetary Fund,[36] and the Economic Research Forum for the Arab World, Iran and Turkey.[37] She is also active on the board and as a mentor to the Minority Ethnic Talent Association which supports under-represented groups to advance to senior positions in the civil service.[38]

Shafik currently serves as a Trustee of the British Museum,[39] the Council of the Institute for Fiscal Studies, the Task Force on Fiscal Policy for Health,[40] the New Economy Forum,[41] and the Per Jacobsson Foundation.[42] As deputy chair of the British Museum's Board of Trustees, she led the search process which led to the appointment of George Osborne as new chair in 2021.[43]

In 2021, Shafik was appointed to the Pandemic Preparedness Partnership (PPP), an expert group chaired by Patrick Vallance to advise the G7 presidency held by the government of Prime Minister Boris Johnson.[44]

Recognition

Shafik was made a Dame Commander of the Order of the British Empire (DBE) in the June 2015 Queen's Birthday Honours.[45]

She was named "GG2 Woman of the Year" in 2009.[46] She was named as one of Forbes 100 most powerful women in 2015[47][48] and received the 100 Women in Finance European Industry Leaders Award in 2019.[49]

She was gazetted as Baroness Shafik, of Camden in the London Borough of Camden and of Alexandria in the Arab Republic of Egypt, in the 2020 Political Honours and was introduced to the House of Lords on 15 October 2020.[50][51] She sits as a crossbencher and made her maiden speech on 28 January 2021.[52]

Shafik was elected an honorary fellow of the British Academy in 2021[53] and was awarded an honorary doctorate from Utrecht University.[54]

Personal life

Shafik married economist Mohamed El-Erian in 1990 during their time working for the World Bank and International Monetary Fund, respectively.[55][56] In 2002, Shafik married her second husband, scientist Raffael Jovine, with whom she has twin children and three stepchildren.[45][57] Her daughter Olivia Jovine graduated from Columbia University's urban planning program.[58]

Shafik is a dual American and British citizen and speaks English, Arabic, and French.[10][59]

References

  1. ↑ "LSE announces appointment of new President and Vice Chancellor". LSE. 28 July 2023. Retrieved 28 July 2023.
  2. ↑ Chan, Szu Ping; Quinn, James (12 September 2016). "Bank of England deputy Governor Minouche Shafik quits after just two years". The Daily Telegraph. Retrieved 9 March 2017.
  3. ↑ "Nemat Shafik Biographical Information - IMF Deputy Managing Director (April 2011-March 2014". World Bank. Retrieved 21 January 2023.
  4. ↑ "Nemat Shafik biodata". Imf.org. Retrieved 6 January 2012.
  5. ↑ Columbia University (18 January 2023). Meet Columbia University's Next President, Minouche Shafik.
  6. ↑ Boustany, Nora (1 March 2002). "An Economist's Quest for Many Answers". Washington Post. ISSN 0190-8286. Retrieved 20 January 2023.
  7. ↑ "Nemat (Minouche) Shafik" (PDF). Parliament of the United Kingdom. Archived from the original (PDF) on 19 January 2023. Retrieved 13 March 2023.
  8. ↑ "Nemat Shafik [profile]". International Monetary Fund. 13 December 2013. Retrieved 18 March 2014.
  9. ↑ "Conversations with History: Nemat Shafik". Globetrotter.berkeley.edu. Retrieved 6 January 2012.
  10. 1 2 "Deputy Managing Director, IMF". The World Bank. 11 April 2011. Retrieved 25 February 2018.
  11. ↑ "Nemat (Minouche) Shafik – UK Parliament" (PDF).
  12. ↑ "United Kingdom (2010) DAC Peer Review – Main Findings and Recommendations". Oecd.org. Retrieved 6 January 2012.
  13. ↑ "Nemat Shafik Biographical Information". imf.org. Retrieved 28 July 2017.
  14. ↑ Science, London School of Economics and Political. "Meet the Director". London School of Economics and Political Science.
  15. 1 2 3 4 HESA (2003). ""HE academic staff by HE provider and employment conditions, Academic years 2014/15 to 2021/22". www.hesa.ac.uk. Retrieved 22 September 2023.
  16. ↑ UCU (2023). "The Crisis of Academic Casualisation at LSE". University and College Union.
  17. 1 2 LSE (2023). "Industrial Action: marking and assessment boycott - frequently asked questions (FAQs) for staff and managers" (PDF). LSE. Retrieved 22 September 2023.
  18. 1 2 3 LSE Registrar's Division, Student Services (June 2023). ""Marking and Assessment Boycott Summer 2023 Exceptional Degree Classification Schemes for Provisional Classifications" (PDF)" (PDF). London School of Economics.
  19. ↑ "Columbia University Names Minouche Shafik 20th President". Columbia News. Retrieved 20 January 2023.
  20. ↑ Saul, Stephanie (18 January 2023). "Columbia Names Nemat Shafik as President, the First Woman to Lead the University". The New York Times. ISSN 0362-4331. Retrieved 20 January 2023.
  21. 1 2 Otterman, Sharon (24 October 2023). "Columbia University Postpones a Fund-Raiser as Divisions Over War Deepen". The New York Times. ISSN 0362-4331. Retrieved 30 October 2023.
  22. ↑ Egan, Matt (25 October 2023). "Columbia University postpones major fundraiser amid tensions over Israel-Hamas war". CNN Business. Retrieved 30 October 2023.
  23. ↑ "Columbia Suspended Pro-Palestine Student Groups. The Faculty Revolted". The New Yorker. Retrieved 1 December 2023.
  24. ↑ Karni, Annie (12 December 2023). "To Testify or Not to Testify in Congress? Your Job Could Hang in the Balance". The New York Times. ISSN 0362-4331. Retrieved 25 December 2023.
  25. ↑ Bernstein, Noah. "Shafik declined to testify before Congress, citing a scheduling conflict. But Columbia remains under national scrutiny". Columbia Daily Spectator. Retrieved 25 December 2023.
  26. ↑ "Shafik, Nemat - Overview". WorldCat.
  27. ↑ Shafik, N. (1994). "Economic development and environmental quality: an econometric analysis". Oxford Economic Papers. 46: 757–773. doi:10.1093/oep/46.Supplement_1.757.
  28. ↑ "Ideas 4 Development blogsite". Ideas4development.org. Retrieved 6 January 2012.
  29. ↑ Staff. "Energy Sector Management Assistance Program website". Esmap.org. Retrieved 6 January 2012.
  30. ↑ "Water and Sanitation Program website". Wsp.org. Retrieved 6 January 2012.
  31. ↑ "The Cities Alliance website". Citiesalliance.org. Retrieved 6 January 2012.
  32. ↑ "infoDev website". Infodev.org. Retrieved 6 January 2012.
  33. ↑ "Public-Private Infrastructure Advisory Facility (PPIAF) website". PPIAF.org. Retrieved 6 January 2012.
  34. ↑ "Global Corporate Governance Forum website". Gcgf.org. Archived from the original on 9 January 2012. Retrieved 6 January 2012.
  35. ↑ "Infrastructure Consortium for Africa website". Icafrica.org. Retrieved 6 January 2012.
  36. ↑ "International Monetary Fund website". Imf.org. 26 April 2010. Retrieved 6 January 2012.
  37. ↑ "Economic Research Forum website". Erf.org. Retrieved 6 January 2012.
  38. ↑ "Civil Service Live Network Article – A working partnership". Network.civilservicelive.com. 7 April 2009. Archived from the original on 4 March 2012. Retrieved 6 January 2012.
  39. ↑ "The British Museum – Trustee Dame Nemat (Minouche) Shafik". britishmuseum.org.
  40. ↑ Michael R. Bloomberg and Lawrence H. Summers Create Task Force to Address Preventable Leading Causes of Death and Noncommunicable Diseases Through Fiscal Policy Bloomberg Philanthropies, press release of 18 January 2018.
  41. ↑ "New Economy Forum - Advisory Board". neweconomyforum.com.
  42. ↑ "Per Jacobsson Foundation Directors and Officers". www.perjacobsson.org.
  43. ↑ Hannah McGivern (24 June 2021), Appointment of former UK Chancellor George Osborne as new British Museum chairman draws criticism The Art Newspaper.
  44. ↑ New global partnership launched to fight future pandemics Government of the United Kingdom, press release of April 20, 2021.
  45. 1 2 Ashton, James (22 June 2015). "Bank of England's Minouche Shafik: 'We want to make life difficult for the bad apples in banking'". Evening Standard.
  46. ↑ "GG2 Leadership and Diversity Awards". Archived from the original on 26 April 2016. Retrieved 26 August 2014.
  47. ↑ "The World's Most Powerful Women: 19 Newcomers To The 2015 List". forbes.com.
  48. ↑ "#59 Nemat (Minouche) Shafik". forbes.com.
  49. ↑ "Dame Minouche Shafik Named Recipient of 100 Women in Finance's 2018 European Industry Leadership Award to be presented at London Gala".
  50. ↑ "No. 28398". The Edinburgh Gazette. 2 October 2020. p. 1610.
  51. ↑ "Political Peerages 2020" (PDF). GOV.UK. 31 July 2020.
  52. ↑ "Parliamentary career for Baroness Shafik". members.parliament.uk. UK Parliament. Retrieved 23 July 2021.
  53. ↑ "The British Academy elects 84 new Fellows recognising outstanding achievement in the humanities and social sciences". The British Academy. 23 July 2021. Retrieved 22 January 2022.
  54. ↑ "Honorary doctorates for Minouche Shafik and Professor João Mano". Utrecht University News. 18 March 2022. Retrieved 18 January 2023.
  55. ↑ Inman, Phillip (22 January 2022). "Minouche Shafik: 'The idea that you are successful because you are hardworking is pernicious'". The Guardian. Retrieved 20 January 2023.
  56. ↑ Gopinath, Deepak (23 September 2004). "Pimco's El-Erian Shuns Banks That Break His Rules". Bloomberg News. Retrieved 7 January 2024.
  57. ↑ Fleming, Sam (21 March 2014). "Nemat Shafik: High-Flyer Parachuted in by the Bank of England". Financial Times. Retrieved 7 January 2024.
  58. ↑ Columbia University (18 January 2023). 20 Facts About Columbia's 20th President, Minouche Shafik.
  59. ↑ Sullivan, Patricia (Summer 2018). "How Minouche Shafik '83 Became One of Britain's Most Influential People". University of Massachusetts Amherst. Retrieved 7 January 2024.

Sources

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