Boards of Governors and Boards of Directors
The Boards of Governors consists of one Governor and one Alternate Governor appointed by each member country. The position is usually held by the country’s minister of finance. Read more on: Boards of Governors.
The Boards of Directors (the Board) is made up of representatives of the Bank’s member countries that appoint them or elected them. They exercise powers delegated by the Boards of Governors.
Number of Boards
Member countries of the World Bank Group appoint or elect Executive Directors to the Boards of the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA). While there are four Boards, Executive Directors serving on these Boards are usually the same.
Under the Articles of Agreement of IDA and IFC, Executive Directors and Alternates of the Bank serve ex officio as Executive Directors and Alternates of IDA and IFC, as long as the country that appoints them, or any one of the countries that have elected them, is a member of IFC and IDA. Furthermore, it is customary for the Directors of MIGA to be the same individuals as the Executive Directors of the Bank.
Role of Executive Directors
Executive Directors (or Alternates) fulfill a dual function, as officials of the Bank and as representatives of the member country or countries that appointed or elected them. The Executive Directors are responsible for conducting the day-to-day business of the World Bank.
Under the IBRD Articles of Agreement, the Executive Directors are responsible for the conduct of the general operations of the Bank. The Executive Directors consider and decide on loan and credit proposals made by the President, and they decide policy issues that guide the general operations of the Bank. Read more on: Executive Directors.
Number of Executive Directors
There are 25 Executive Directors and 25 Alternate Executive Directors representing the 188 member countries.
Chairman of the Boards of Directors
The President of the World Bank Group serves as Chairman of the Board.
Election or Appointment of Executive Directors
Regular elections of Executive Directors are held every two years 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.
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 Board consists of 25 Executive Directors.
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. MIGA has its own separate Board of Directors, consisting of 25 members. In practice, the same individuals are chosen to serve on the IBRD Board of Executive Directors and the MIGA Board.
Frequency of Meetings
The Board usually meets twice a week on Tuesdays and Thursdays. Other meetings such as Board Committee meetings are held at various other times whenever required.
A quorum for any meeting of the Board shall be a majority of the Executive Directors, exercising not less than one-half the total voting power of the Board.