In addition, the Executive Board stated, is looks forward to continuing to work with the Managing Director to address the difficult challenges facing the global economy.
Earlier on Monday, the Cour de Justice de la République, a French court that considers cases against government officials, found Ms. Lagarde guilty of criminal charges linkek to the misuse of public funds when she was France’s finance minister nearly a decade ago, NYtimes reported.
Lagarde’s legal issues in France have dogged her work at the fund since she was appointed in 2011. She took over as managing director after Mr. Strauss-Kahn resigned following accusations that he sexually assaulted a maid in a New York City hotel.
The case against Ms. Lagarde centered on Bernard Tapie, a former entertainer and owner of Adidas who had previously been jailed on corruption charges. Tapie accused the lender Crédit Lyonnais, in which the French state had a stake at the time, of cheating him when it oversaw the sale of his share in the sportswear empire in 1993. Years of costly legal battles ensued.
The court did not fault Ms. Lagarde for approving the arbitration, but it ruled that she had been negligent for not appealing the decision. The court, noting that a judge had previously invalidated the payout of 400 million euros to Mr. Tapie in a 2015 ruling and that she had “national and international” stature, decided not to punish Ms. Lagarde and spared her a criminal record.
Lagarde did not attend the latest hearing on Monday, but was in Paris last week for the case. She’s lawyers can appeal the verdict before France’s highest criminal court, the Cour de Cassation, on procedural grounds. But Mr. Maisonneuve suggested she might not, because no punishment was meted out.