Canada’s Minister of Finance, the Hon. Joe Oliver, is Canada’s governor for the World Bank and is responsible for the management of Canada’s interests in the institution. The minister exercises his influence by exchanging views with fellow governors at the annual and spring meetings of the Board of Governors and of the Development Committee, as well as by engaging in direct discussions with the president of the World Bank.
The governor delegates day-to-day handling of Canada’s diverse interests at the Bank to the executive director for Canada. Executive directors reside in Washington and meet regularly throughout the year (normally at least twice a week) to review and act on lending operations, new policy directions, and financial matters. In keeping with the World Bank’s information disclosure policy, the monthly Board Calendar is a public document.
At the Board level, Canada is responsible for its own interests and those of Ireland and 11 other Commonwealth countries. The Canadian executive director is elected to the Board by the governments of Canada, Ireland, and the Caribbean-region countries of Antigua & Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts & Nevis, St. Lucia, and St. Vincent & the Grenadines.
The Canadian executive director is supported in his or her functions by an alternate executive director from one of the Caribbean members of the constituency.
Canada’s Department of Finance coordinates input from the Department of Foreign Affairs, Trade and Development and channels Canada’s unified policy advice through the executive director to the World Bank’s senior management.
Shares and Voting Power
The World Bank Group has a weighted system of voting. All members of the Bank receive votes consisting of share votes (one vote for each share of the Bank's capital stock held by the member) plus basic votes (calculated so that the sum of all basic votes is equal to 5.55% of the sum of basic votes and share votes for all members). The voting power distribution differs from agency to agency within the World Bank Group.
Canada holds 3.28% of shares in the International Bank for Reconstruction and Development, with 3.13% of the voting power. It holds 2.61% of the voting power in the International Development Association, the World Bank’s fund for the poorest countries. It has 3.39% of the shares and 3.23% of the voting power in the International Finance Corporation, the Bank’s private sector arm. And it has 2.95% of the shares and 2.5% of the voting power in the Multilateral Investment Guarantee Agency.
For the latest voting status, please visit the Voting Powers page.
Last Updated: Jun 04, 2013