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World Bank Governance

A part of the World Bank Group (WBG), the World Bank had its origin in the year 1945, following the confirmation of the Bretton Woods agreement. Originally the concept was initiated in the year 1944 at the United Nations Monetary and Financial Conference, a couple of years later the first loan of its kind was issued amounting to about $250 million to France for post war reconstruction. The World Bank Governance is a combined effort of the two most important entities (agencies) namely,

The International Bank for Reconstruction and Development (IBRD) The International Development Association (IDA)

World Bank Governance does not have any one head for the administrative purpose. Also since the Bank consists of about 185 member countries, the governance is not restricted to any particular nation and any individual. The World Bank Governance is basically collective administration. Most of the member countries are shareholders who are represented by the Board of Governors, who are the final policy makers of the Bank. The World Bank Governance thus comes under the Board of Governors that consists of finance or development ministers of the member countries. Regular annual meetings are also held from time to time. Since the job demands all time presence and monitoring, 24 executive directors are assigned duties. The five largest shareholders , France, Germany, Japan, the United Kingdom and the United States appoint one Executive Director each.

The President of the World Bank is Robert Zoellick who attends the meeting and the gatherings of the Board of Directors and is responsible for the overall governance of the World Bank. Generally, an U.S national is nominated for the post of the President ship as U.S is the largest shareholder. The President of the World Bank serves a term of 5 year, which is renewable. The Principal managers of the World Bank is the Vice President. In addition to the International Bank for Reconstruction and Development and the International Development Association, three other institutions associated with the World Bank , namely,

International Finance Corporation (IFC) Multilateral Investment Guarantee Agency (MIGA) International Center for Settlement of Investment Disputes (ICSID). All five of these institutions together make up the World Bank Group, of which World Bank is a part.

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