| There are four Boards of Executive Directors representing the four institutions of the World Bank Group: International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency(MIGA). The Executive Directors serving on these Boards are usually the same. Under the Articles 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.
The Executive Directors are responsible for the conduct of the general operations of the Bank and exercise all the powers delegated to them by the Board of Governors under the Articles of Agreement. Five Executive Directors are appointed by the members with the five largest numbers of shares (currently the United States, Japan, Germany, France and the United Kingdom). The other Executive Directors are elected by the other members. Regular elections of Executive Directors are held every two years, normally in connection with the Bank's Annual Meetings. Over the years, it has been customary for election rules to ensure that wide geographical and balanced representation be maintained on the Board of Executive Directors. Increases in the number of elected Executive Directors require a decision of the Board of Governors by an 80% majority of the total voting power. Before November 1, 1992, there were 22 Executive Directors, 17 of whom were elected. In 1992, in view of the large number of new members that had joined the Bank, the number of elected Executive Directors increased to 19. The two new seats, Russia and a new group around Switzerland, brought the total number of Executive Directors to its present level of 24.
Bank's business requires Executive Directors consider and decide on IBRD loan and guarantee proposals and IDA credit, grant and guarantee proposals made by the President, and they decide on policies that guide the Bank's general operations. They are also responsible for presenting to the Board of Governors, at the Annual Meetings, an audit of accounts, an administrative budget, and an annual report on the Bank's operations and policies as well as other matters. In shaping Bank policy, the Board of Executive Directors takes into account the evolving perspectives of member countries on the role of the Bank Group as well as the Bank's operational experience.
In addition to attending regular Board meetings twice a week, the Executive Directors also serve 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 (COGAM). The committees help the Board discharge its oversight responsibilities through in-depth examinations of policies and practices. The Executive Directors maintain an Ethics Committee to consider matters relating to the interpretation or application of the Code of Conduct for Board Officials which came into effect on November 1, 2007 and supersedes the August 2003 Code of Conduct.
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