Multilateral Investment Guarantee Agency Council of Governors - Resolution No. 119 - Rules for the 2024 Regular Election of Directors

Jul 19, 2026

Resolution No. 119 of the Multilateral Investment Guarantee Agency (MIGA) Council of Governors sets the rules governing the 2024 regular election of directors. It defines key terms, provides the election timetable, and specifies how elections follow Schedule B provisions of the establishing Convention. The rules cover director allocation, nomination procedures, ballot preparation and counting, teller authority, and actions that may be taken through rapid communication channels.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Definitions

Timing of election

Basic rules - Schedule B

Supervision of the election

Nominations

Balloting

Public Disclosure Authorized Public Disclosure Authorized MULTILATERAL INVESTMENT GUARANTEE AGENCY COUNCIL OF GOVERNORS Resolution No. 119 Rules for the 2024 Regular Election of Directors RESOLVED: (a) THAT the 2024 Regular Election of Directors shall take place in accordance with the attached Rules; and (b) THAT a Regular Election of Directors shall take place in connection with the Annual Meeting of the Council of Governors in 2026. (Adopted on July 30, 2024) Rules for the 2024 Regular Election of Directors DEFINITIONS 1. In these Rules, unless the context shall otherwise require, (a) "Convention" means the Convention Establishing the Multilateral Investment Guarantee Agency, as amended. (b) "Council" means the Council of Governors ofthe Agency. (c) "Chair" means the Chair of the Council or a Vice-Chair acting as Chairman. (d) "Governor" includes the Alternate Governor or any temporary Alternate Governor, when acting for the Governor. (e) "Secretary" means the Corporate Secretary or any acting Corporate Secretary of the Agency. (f) "Election" means the 2024 Regular Election of Directors. (g) "Eligible votes" means the total number of votes that can be cast in the election of the Directors to be elected pursuant to the provisions of paragraphs 6 to 11 of Schedule B to the Convention. 2. All actions taken under these Rules, including communications by the Secretary and the Chair and nominations and balloting by the Governors, may be taken by rapid means of communication. TIMING OF ELECTION 3. The election shall be held by requesting nominations and conducting ballots so as to conclude a reasonable time in advance of November 1, 2024, when the term of office of the elected Directors shall commence. BASIC RULES-SCHEDULE B 4. The provisions of Schedule B of the Convention shall apply to the conduct of the election. For this purpose: (a) Twenty-five Directors shall be elected. (b) Six Directors shall be elected separately, one each by the Governors ofthe six members having the largest number of shares. The person nominated by each of the said Governors shall be deemed to be elected upon being so nominated. (c) The Directors not elected separately pursuant to paragraph 4(b) above shall be elected in accordance with the rules in paragraphs 5 through 12 below. SUPERVISION OF THE ELECTION 5. The Chair shall appoint such tellers and other assistants and take such other action as the Chair deems necessary for the conduct of the election. NOMINATIONS 6. (a) The Secretary shall request nominations from Governors during a suitable period specified by the Secretary. As noted in the Report of the Board of Directors to the Council of Governors dated June 21, 2024, Governors are urged to nominate the same persons as the Directors of MIGA as those elected to the Boards ofthe other World Bank Group institutions and to form the same constituencies in the MIGABoard of Directors as those in the Boards ofthe other World Bank Group institutions. In addition, the Directors, particularly those elected by more than one Governor, are urged to appoint the same persons as Alternate Directors of MIGA as they have in the Boards ofthe other World Bank Group institutions. (b) Each nomination shall be made on a nomination form furnished by the Secretary, signed by the Governor or Governors making the nomination and submitted to the Secretary. (c) Any person nominated by one or more Governors entitled to vote in the electionshall be eligible for election as Director. (d) A Governor may nominate only one person. (e) Ifa nominee withdraws from the ballot after the closing date of the nomination period, but before the closing date of the ballot, the Secretary shall inform all Governors eligible to vote of such withdrawal and invite them to submit nominations of a candidate by rapid means of communication, during a suitable period specified by the Secretary. At the end of the prescribed period of

FAQs

What does Resolution No. 119 establish for MIGA’s governance process?

It establishes the rules for conducting the 2024 regular election of directors and sets that a regular election will take place in connection with the Council of Governors’ annual meeting in 2026.

How is the election timeline determined for the 2024 regular election?

Nominations and ballots must be arranged so the election concludes a reasonable time before November 1, 2024, when the elected directors’ term begins.

What are the key nomination requirements for governors nominating directors?

The Secretary requests nominations during a suitable period, each nomination must use a form furnished by the Secretary and be signed by the nominating governor(s), and a governor may nominate only one person.

Jul 19, 2026

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