THE WORLD BANK GROUP 2010 A BANK GROUP WORLD THE Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Public Disclosure Authorized nnual Meetings of the Boards of Governors Meetings of the Boards nnual Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org THE WORLD BANK GROUP SUMMARY PROCEEDINGS PROCEEDINGS SUMMARY Public Disclosure Authorized 2010 Annual Meetings of the Boards of Governors Public Disclosure Authorized 2010 Summary Proceedings Washington D.C. Ocotober 8–10, 2010 Public Disclosure Authorized 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page i THE WORLD BANK GROUP 2010 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS Washington D.C. October 8–10, 2010 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page ii THE WORLD BANK GROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Telephone: (202) 477-1234 Telex Nos: FTCC 82987 RCA248423 WUI64145 TRT197688 Facsimile: (202) 477-6391 Internet: http://www.worldbank.org Cable Address World Bank: INTBAFRAD IFC: CORINTFIN IDA: INDEVAS MIGA: MIGAVEST 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page iii INTRODUCTORY NOTE The 2010 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place on October 8, 2010 in Washington D.C. The Honorable Olusegun O. Aganga, Governor of the Bank and the Fund for Nigeria served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, the resolutions and reports adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. Jorge Familiar Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. March 2011 iii 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page iv 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page v CONTENTS Page Opening Address by the Chairman Olusegun Olutoyin Aganga Governor of the Bank and the Fund for Nigeria . 1 PowerPoint Presentation from Robert Zoellick President of the World Bank Group . 4 Report by Ahmed Bin Mohammed Al Khalifa Chairman of the Development Committee . 21 Statements by Governors and Alternate Governors . 23 Australia . 23 Malta . 92 Bangladesh . 25 Mongolia . 95 Belarus . 31 Myanmar . 96 Belgium . 33 Nepal . 98 *Belize . 36 Netherlands . 100 Bolivia . 41 New Zealand . 104 China . 44 *Palau . 107 Colombia . 46 Papua New Guinea . 110 Ecuador . 48 Philippines . 114 Fiji . 49 Poland . 115 *Finland . 56 *Sierra Leone . 118 France . 59 South Africa . 122 Germany . 63 Spain . 123 India . 64 Sri Lanka . 128 Indonesia . 66 Sudan . 130 Iran, Islamic Switzerland . 132 Republic of . 69 Thailand . 133 *Iraq . 71 Timor-Leste . 136 Ireland . 77 Tonga . 138 Jamaica . 81 Turkey . 141 Japan . 82 Ukraine . 143 Korea . 85 United Kingdom . 144 Lao, PDR . 88 United States . 147 Malaysia . 90 * Speaking on behalf of a group of countries. v 7912_CH00_FM_pi-viii.pdf 3/18/11 2:31 PM Page vi Page Documents of the Board of Governors . 150 Schedule of Meetings . 150 Provisions Relating to the Conduct of the Meetings . 151 Agendas . 152 Joint Procedures Committee . 153 Report II . 154 Report III . 156 MIGA Procedures Committee . 158 Report I . 159 Resolutions Adopted by the Board of Governors of the Bank between the 2009 and 2010 Annual Meetings . 161 No. 605 Membership of Tuvalu . 161 No. 606 Direct Remuneration of Executive Directors and their Alternates . 163 No. 607 2010 Regular Election of Executive Directors . 164 No. 608 Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank . 164 No. 609 Forthcoming Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund—Change of Dates to 2010 and 2011 Annual Meetings in Washington, D.C. 165 Resolutions Adopted by the Board of Governors of the Bank at the 2010 Annual Meetings . 166 No. 610 Financial Statements, Accountants’ Report and Administrative Budget . 166 No. 611 Allocation of FY10 Net Income . 166 Resolution Adopted by the Board of Governors of IFC at the 2010 Annual Meetings . 167 No. 252 Financial Statements, Accountants’ Report, Administrative Budget and Designations of Retained Earnings . 167 vi 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page vii Page Resolutions Adopted by the Board of Governors of IDA between the 2009 and 2010 Annual Meetings . 168 No. 224 Amendment to Resolution No. 211— Additions to Resources: Financing the Multilateral Debt Relief Initiative . 168 No. 225 Membership of Tuvalu . 168 Resolution Adopted by the Board of Governors of IDA at the 2010 Annual Meetings . 171 No. 226 Financial Statements, Accountants’ Report and Administrative Budget . 171 Resolutions Adopted by the Council of Governors of MIGA between the 2009 and 2010 Annual Meetings . 172 No. 86 Modernizing MIGA’s Mandate: Amendments to MIGA’s Convention . 172 No. 87 2010 Regular Election of Directors . 175 Resolution Adopted by the Council of Governors of MIGA at the 2010 Annual Meetings . 176 No. 88 Financial Statements and the Report of the Independent Accountants . 176 Reports of the Executive Directors of the Bank . 177 Membership of Tuvalu . 177 Report of the Boards of Governors of the Bank and the Fund by the Joint Committee on the Remuneration of Executive Directors and their Alternates . 178 2010 Regular Election of Executive Directors . 183 Rules for the 2010 Regular Election of Executive Directors . 185 Statement of Results of 2010 Election of Executive Directors . 190 Transfer from Surplus to Replenish the Trust Fund for Gaza and West Bank . 197 vii 7912_CH00_FM_pi-viii.pdf 3/18/11 10:22 AM Page viii Page Forthcoming Annual Meetings of the Boards of Governors—Change of Dates for the 2010 and 2011 Annual Meetings . 199 Allocation of FY10 Net Income . 200 Report of the Board of Directors of IDA . 201 Amendment to Resolution No. 211—Additions to Resources: Financing the Multilateral Debt Relief Initiative . 201 Reports of the Board of Directors of MIGA . 203 Modernizing MIGA’s Mandate: Recommended Amendments to MIGA’s Convention . 203 2010 Regular Election of Directors . 208 Rules for the 2010 Regular Election of Directors . 211 Statement of Results of 2010 Election of the Board of Directors . 214 Accredited Members of Delegations at the 2010 Annual Meetings . 220 Accredited Members of Delegations (MIGA) at the 2010 Annual Meetings . 251 Observers at the 2010 Annual Meetings . 269 Executive Directors and Alternates, IBRD/IDA and Directors and Alternates of IFC . 274 Directors and Alternates, MIGA . 276 Officers of the Board of Governors and Joint Procedures Committee for 2010/2011 . 278 Officers of the MIGA Council of Governors and Procedures Committee for 2010/2011 . 279 viii 7912_CH01_p001-058.pdf 3/18/11 10:21 AM Page 1 OPENING ADDRESS BY THE CHAIRMAN THE HONORABLE OLUSEGUN OLUTOYIN AGANGA GOVERNOR OF THE BANK AND THE FUND FOR NIGERIA Welcome to the 64th plenary of the Boards of Governors of the International Monetary Fund and the World Bank Group. Back in early summer, I discussed wide-ranging reform ideas with the Fund, which is the lead agency for the preparation of the meet- ings this year, and with the Bank about modernizing the Annual Meetings. In just a few months, a full transformation of these Meet- ings has taken place, which had not changed in format for over half a century. We have a more focused and efficient plenary, we have a more attractive framework for Governors to deliver speeches, and we have an impressive Annual Meetings logo. I hope that in future years we can build on these far-reaching innovations and continue to take the Meetings forward. My fellow Governors, the global economic crisis has had a severe impact across the globe, exacerbating existing problems and creating new challenges. The international community must now develop a new global architecture that will reduce the chance of a recurrence, address negative spillovers more effectively, protect the vulnerable and lay the foundations for strong, sustainable, job-rich, and broad-based growth. When the membership of the Bretton Woods Institutions first came together in 1946, the global economy was vastly different. The chal- lenges facing the world were more formidable than today. And the membership’s capacity to act was more limited. Nonetheless, we suc- ceeded then; and, together, we can also succeed now. Through multilateral cooperation, the membership now provides an even stronger basis to tackle global challenges. Virtually every country and type of economy is a member, providing different perspec- tives, and allowing for greater collaboration. This capacity of the membership to act together, to act promptly, and to act decisively has supported the Institutions in providing unprece- dented levels of assistance to members in need during the financial crisis, and in what has followed since. Members responded by strengthening the lending capacity of the IMF and the World Bank Group to support future financing of growth and to help countries better confront risks. And the Institutions have delivered. Since the crisis began, the Fund committed an unprecedented 223 billion US dollars to its members, including under precautionary arrangements, and disbursed 72 billion US dollars. In the same time frame, the World Bank Group committed 138 billion US dollars to its members, and disbursed a record 88 bil- lion—including 22 billion to the world’s 79 poorest countries. 1 7912_CH01_p001-058.pdf 3/18/11 10:21 AM Page 2 Above all, this has been a human crisis. Vulnerable populations in middle-income and the poorest countries experienced setbacks that could stall progress toward achieving the Millennium Development Goals.