On 4 March 2004, Köhler resigned his post with the IMF after being nominated by Germany's conservative and liberal opposition parties as their presidential candidate. As these parties controlled a majority of votes in the "Bundesversammlung" (an electoral college consisting of the membership of the Bundestag and an equal number of delegates appointed by the legislatures of each state), the result of the vote amounted to essentially a foregone conclusion, but was closer than expected. Köhler defeated Gesine Schwan on the first ballot by 604 votes to 580; 20 votes were cast for minor candidates, while one elector was absent because of a heart attack. Köhler succeeded Johannes Rau as President on 1 July 2004, for a five-year term. Germany's presidency is a largely ceremonial office, but is also invested with considerable moral authority. From 2004 until early 2006, Charlottenburg Palace was the seat of the President of Germany, whilst Schloss Bellevue was being renovated.