|Under the IBRD Articles of Agreement, each of the five members having the largest number of shares appoints an Executive Director, and the remaining members elect the other Executive Directors. Presently, IBRD’s Board consists of 25 Executive Directors, five appointed and 20 elected.
Under the IDA Articles of Agreement and the IFC Articles of Agreement, the Executive Directors of IBRD serve ex officio as Executive Directors of IDA and as members of the Board of Directors of IFC. The Multilateral Investment Guarantee Agency (MIGA) has its own separate Board of Directors, consisting of 25 members. All members of the MIGA Board are elected. In practice, the same individuals are chosen to serve on the IBRD Board of Executive Directors and the MIGA Board.
Regular elections of Executive Directors are held every two years, and are normally concluded at the time of the Annual Meetings. The rules adopted for each regular election are approved in advance of the election by a majority vote of the Boards of Governors. In the event that an Executive Director elected during the regular election terminates service before the next regular election, the constituency affected by the vacancy holds an interim election for a successor. Such interim elections are conducted either by mail vote or during an Annual Meeting that does not fall in a regular election year.