The World Bank Group has four Boards of Directors. There is a Board for each of the following four associated institutions of the World Bank Group: 1. the International Bank for Reconstruction and Development (IBRD), 2. the International Development Association (IDA), 3. the International Finance Corporation (IFC) and 4. the Multilateral Investment Guarantee Agency (MIGA). The Boards meet separately or jointly as business requires.
The IBRD Board is comprised of 24 Executive Directors. The Executive Directors of the IBRD serve ex-officio as Directors of IDA and the IFC provided that the country that appoints them or any one of the countries that elects them, is also a member of IDA
and IFC. It is customary for the Directors of MIGA to also serve as Executive Directors of the Bank. Five of the 24 IBRD Executive Directors are appointed by the members who constitute the five largest shareholders of the Bank (currently the United States, Japan, Germany, France and the United Kingdom). The 19 remaining Executive Directors are elected by the Bank's other members.Â
Each Board of Directors is responsible for the conduct of the general operations of its respective institution and each exercises all the powers delegated by the Board of Governors under the Articles of Agreements or the MIGA Convention. The Executive Directors select a President who serves as Chairman of the Boards. The Executive Directors approve the President's contract and have the authority to remove the President from office.
The Executive Directors operate in continuous session and meet in accordance with Bank requirements and needs. Executive Directors consider and decide on IBRD loans, IDA credits and grants, IFC investments, MIGA guarantees, and decide on policies that impact the World Bank Group’s general operations. In addition, the Executive Directors are also responsible for presenting to the Board of Governors an audit of accounts, an administrative budget, and an annual report on the Bank's operations and policies as well as other matters at the Annual Meetings.
Regular Board Meeting of Executive Directors - September 2003
All Executive Directors are members of the Boards’ Steering Committee that produces the Boards’ work program. Each Executive Director also serves on one or more of five standing committees: the Audit Committee, Budget Committee, Committee on Development Effectiveness (CODE), Personnel Committee, and Committee on Governance and Executive Directors' Administrative Matters. The committees help the Board discharge its oversight responsibilities through in-depth examinations of policies and practices. The terms of reference of the five committees are described in Resolution on Standing Committees of July 6, 2009.
Elections of Executive Directors are held every two years in connection with the Bank's Annual Meetings. The Bank applies its electoral rules to achieve a balanced and diversified representation on the Executive Directors. While an increase in the number of elected Executive Directors requires an 80% majority decision of the total voting power comprising the Board of Governors, new membership in the Bank has caused an increase in the number of Executive Directors.
1.The International Centre for Settlement of Investment Disputes (ICSID) is also an institution of the World Bank Group, but has a different governance structure. See http://www.worldbank.org/icsid/
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