Like the IMF, the World Bank is managed by (a) the Board of Governors, (b) the Executive Directors and (c) the President.
1. Board of Governors:
The Board of Governors is the general body of the Bank which consists of one Governor (generally the Finance Minister) and one alternate Governor (generally the Governor of the Central Bank) appointed by each member country for the term of five years.
All powers of the Bank are vested in the Board of Governors. The Board is required to meet at least once a year. The voting power of each Governor is in proportion to the member’s financial contribution to the capital of the Bank.
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2. Executive Directors:
The Executive Directors are in charge of the general operations of the Bank. At present, there are 21 Executive Directors. Six of them are appointed by the largest shareholders, i.e., the U.S.A., the U.K., Germany, France, Japan and India, and the remaining 15 are elected by other members.
3. President:
The Executive Directors elect the President of the Bank who acts as the chief of the operating staff. He is responsible for the conduct of the ordinary business of the Bank, but is subject to the direction of the Executive Directors in matter of policy.
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4. Committees:
The functions of the Bank is further assisted by two committees, (a) Advisory Committee which consists of seven experts appointed by the Board of Governors and (b) Loan Committee which is appointed by the Executive Directors to examine the appropriateness of a loan.