The Executive Directors operate in continuous session and meet in accordance with Bank's requirements and needs.
Executive Directors consider and decide on the following:
IDA credits and grants;
MIGA guarantees; and
Policies and strategic issues that impact the World Bank Group’s general operations.
In addition, the Executive Directors are also responsible for presenting to the Boards 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.
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:
Audit Committee (AC) - Terms of Reference 1 ;
Budget Committee (BC) - Terms of Reference;
Committee on Development Effectiveness (CODE) - Terms of Reference;
Committee on Governance and Executive Directors' Administrative Matters (COGAM) - Terms of Reference; and
Human Resources Committee (HRC) - Terms of Reference.
The committees assist the Boards in overseeing and making decisions about the Bank Group’s policies and procedures, financial condition, risk-management and assessment processes, adequacy of governance and controls, and effectiveness of development and poverty reduction activities. In addition, an Ethics Committee provides guidance on matters covered by the Code of Conduct for Board Officials.
1 The terms of reference of the five committees are described in Resolution on Standing Committees (Resolution No. 2009-0002, Resolution No. IDA2009-0002, Resolution No. IFC2009-0037, Resolution No. MIGA2009-0002).