Board of Governors
The Board of Governors is the highest decision-making organ of the Bank, composed of one Governor and one Alternate Governor appointed by each Member Country. Each Governor represents his or her country and exercises a voting power proportionate to the capital subscription of his or her country. Governors and Alternate Governors are generally Ministers of Finance, or Economic Planning, Central Bank Governors, or other high-ranking officials. They serve for a term of five years, subject to termination and reappointment by the member country.
The Governors and Alternate Governors of the Bank are ex officio Governors and Alternate Governors of the African Development Fund.
The Boards (of the Bank and Fund) of Governors holds an Annual Meeting usually in May to review the Bank’s operations, make major policy decisions and provide strategic guidance.
All the powers of the Bank are vested in the Board of Governors although it has delegated some of those powers to the Board of Directors except the power to:
- Issue general directives concerning the credit policy of the Bank;
- Decrease the authorized capital stock of the Bank;
- Establish or accept the administration of Special Funds;
- Authorize the conclusion of general arrangements for cooperation with the authorities of African countries which have not yet attained independent status or of general agreements for co-operation with African Governments which have not yet acquired membership of the Bank, as well as of such agreements with other Governments and
- with other international organizations;
- Elect the President of the Bank, suspend or remove him from office and determine his remuneration and conditions of service;
- Determine the remuneration of Directors and their alternates;
- Select outside auditors to certify the general balance sheet and the statement of profit and loss of the bank and to select such other experts as may be necessary to examine and report on the general management of the Bank;
- Approve, after reviewing the report of the auditors, the general balance sheet and statement of profit and loss of the bank; and
- Exercise such other powers as are expressly provided for that Board in the Bank Agreement.