Black, Eugene

(See Presidents of the World Bank Group).

Boards of Directors

(See also Organizational Structure.) General operations of IBRD are delegated to 25 resident Executive Directors, representing the World Bank's 188 member countries. Executive Directors fulfill an important role in deciding on the policies that guide the general operations of the World Bank and its strategic direction, representing the member countries'



viewpoints on the Bank's role. They consider and decide on proposals made by the President for IBRD and IDA loans, credits, and guarantees; new policies; the administrative budget, and financial matters. They also discuss country assistance strategies and are responsible for presenting to the Board of Governors an audit of accounts, an administrative budget, and the World Bank Annual Report on fiscal year results.

Boards of Governors

(See also Organizational Structure.) The World Bank Group operates under the authority of its Boards of Governors. Each member of the Bank appoints a Governor and an Alternate. If the member of the Bank is also a member of IFC and/or IDA, the appointed Governor of the Bank and his or her alternate serve ex officio as Governor and Alternate on the IFC and/or IDABoards of Governors. MIGA Governors and Alternates are appointed separately. For ICSID, the Bank Governor and Alternate also serve as a member and alternate on the

Administrative Council of ICSID, in the absence of a contrary designation.

Under the Articles of Agreement, all the powers of the Bank shall be vested in the Board of Governors. By a provision in the Bank's bylaws, the Board of Governors has delegated to the Executive Directors all its powers, except those reserved to it under the Articles, or specifically mentioned in the Articles as pertaining to the Board of Governors.

Powers specifically reserved by the Articles for the Governors are those to admit and suspend members, to increase or decrease the authorized capital stock, to determine the distribution of the net income of the Bank, to decide appeals from interpretations of the Articles by the Executive Directors, to make formal comprehensive arrangements to cooperate with other international organizations, and to suspend permanently the operations of the Bank. Other matters specifically mentioned in the Articles as requiring decision by the Board of Governors include increasing the number of elected Executive Directors.

The Board of Governors is also assigned responsibility for approving amendments to the Articles of Agreement of the Bank.

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