 The IFC is governed by its Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). Each member typically appoints one governor and also one alternate. Although corporate authority rests with the Board of Governors, the governors delegate most of their corporate powers and their authority over daily matters such as lending and business operations to the Board of Directors. The IFC's Board of Directors consists of 25 executive directors who meet regularly and work at the IFC's headquarters, and is chaired by the President of the World Bank Group. The executive directors collectively represent all 184 member countries. When the IFC's Board of Directors votes on matters brought before it, each executive director's vote is weighted according to the total share capital of the member countries represented by that director. The IFC's Executive Vice President and CEO oversees its overall direction and daily operations. As of October 2012, Jin-Yong Cai serves as the Executive Vice President and CEO of the IFC. President of the World Bank Group Jim Yong Kim appointed Jin-Yong Cai to serve as the new Executive Vice President and CEO of the IFC. Cai is a Chinese citizen who formerly served as a managing director for Goldman Sachs and has over 20 years of financial sector experience.
