IFC corporate powers are vested in the Board of Governors, which delegates most powers to a board of 25 directors. Voting power on issues brought before them is weighted according to the share capital each director represents.
The directors meet regularly at World Bank Groupheadquarters in Washington, DC, where they review and decide on investment projects and provide overall strategic guidance to IFC management.
The World Bank Group consists of five distinct yet complementary organizations:
In December 2012, to take advantage of synergies among the organizations, the President of the WBG entities announced the establishment of a World Bank Group Senior Management Team (SMT).
The SMT advises the President on the direction of the WBG as a whole. At present, the SMT meets on a weekly basis to discuss issues concerning the business of the WBG and to assess progress against strategic development objectives. Currently, the SMT is composed of: the President of the five organizations, the EVP of IFC, the EVP of MIGA, the World Bank MDs, the WB Chief Economist, the WB Change Knowledge & Learning Vice President, the WBG HR Vice President, the WBG External and Corporate Relations Vice President, the WBG General Counsel, and the WBG Corporate Secretary.
The Management Teams of the individual WBG organizations remain responsible for decision-making regarding their respective operations, risks and balance sheets. They confer on a regular basis regarding implementation of the broad directives of the SMT, and meet regularly to deliberate the strategic priorities and operational issues of their respective institutions.
Dr. Jim Yong Kim is president of IFC and also serves as Chairman of the Boards. Jin-Yong Caiis IFC Executive Vice President and CEO. He leads the Corporation's overall strategy and operations.