Who runs the Bank? What are the Boards of Governors and Executive Directors, and how are they selected?
• The Board of Executive Directors and the president of the Bank—who serves as chairman of the board—are responsible for the conduct of the general operations of the Bank, oversee the work of the Bank on a daily basis, and perform their duties under powers delegated to them by the Board of Governors. The directors meet twice a week in Washington, D.C., to approve new loans and review bank operations and policies. The Board of Governors is made up of shareholders—187 member countries—who are the ultimate policymakers at the Bank. Generally, the governors are member countries’ ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund to set the overall policies of the institution, review country membership and perform other tasks. Because the governors meet only annually, they delegate specific duties to the 24 Executive Directors, who work on-site at the Bank. Acco
