The World Bank is a shareholder-based institution that operates on a democratic decision-making system, with member countries as shareholders. The number of shares held by each country is proportional to its economic strength, ensuring that all members have an equal say in the Bank's governance. Currently, as of 2023, the largest shareholders of the World Bank are the United States, Japan, Germany, the United Kingdom, and France, with a significant share of the Bank's voting power. Member countries are represented on the Board of Governors, which is typically led by the finance ministers of each country. The Board convenes annually with the leadership of the IMF to tackle global issues related to poverty and economic development. The Board's decisions are executed by 24 Executive Directors, who oversee the Bank's day-to-day operations and implement policies. The President of the World Bank is elected by the Executive Directors from among the member countries, ensuring that the leadership of the Bank reflects the diversity of perspectives and needs of its stakeholders.