|
The World Bank’s member countries are represented by a Board of Governors. Each member country appoints one Governor and one Alternate Governor in accordance with the Bank's Articles of Agreement. The Governor and Alternate each serve a five-year term and may be re-appointed. If the member of the Bank is also a member of IFC or IDA, the appointed Governor of the Bank and his Alternate also serve ex-officio as Governor and Alternate on the IFC and IDA Boards of Governors. MlGA Governors and Alternates are appointed separately. Generally, these Governors are government officials, such as Ministers of Finance or Ministers of Development.
Under the Articles, all powers of the Bank are vested in the Board of Governors. Pursuant to the Bank's By-Laws adopted by the Board of Governors, the Governors have delegated to the Executive Directors all the powers that are not expressly reserved to the Governors under the Articles.
The Governors admit or suspend members, increase or decrease the authorized capital stock, determine the distribution of net income, review financial statements and budgets, and exercise other powers that they have not delegated to the Executive Directors. The Board of Governors meets once a year at the Bank’s Annual Meetings. The meetings are traditionally held in Washington two years out of three and, in order to reflect the international character of the institutions, every third year in a different member country.
|
RSS