Report to Governors at the Spring Meetings on the 2025 Shareholding Review - Executive summary

Jul 19, 2026

Report to Governors at the Spring Meetings on the 2025 Shareholding Review summarizes how the World Bank Group’s IBRD and IFC shareholding structures were assessed against agreed benchmarks. It explains the Lima Principles and the Dynamic Formula, the emphasis on equitable voting power and protection of smallest poor countries, and the role of consensus-based, transparent engagement. Two tracks are covered: Shareholding alignment under agreed data, and a Voice track focused on strengthening client voice within the institution.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages14

Reading Time35 min

Introduction

2025 Shareholding Review Architecture and Approach

Lima Principles and Dynamic Formula

Review process and two work tracks

Shareholding Track

Calculated shareholding and misalignment results

Interpretation of results and protections

Public Disclosure Authorized Public Disclosure Authorized Report to Governors at the Spring Meetings on the 2025 Shareholding Review Introduction 1. Regular 5-yearly shareholding reviews in IBRD and IFC are a key element of the World Bank Group (WBG) shareholding architecture. They have been mandated by Governors since 20101. Shareholding realignment is not necessarily required with each review, but only when shareholders, through the Board of Governors, decide that the results warrant adjustment. However, periodic reviews provide an opportunity to take stock of the shareholding structure of the institutions against agreed benchmarks, assess whether shareholding is aligned or misaligned relative to those benchmarks, and if so, establish whether and how to adjust shareholding. In this way, the reviews provide opportunities for dynamic adjustment of shareholding over time in order to reflect the evolving global economy and so to maintain the legitimacy and good governance of the WBG as a multilateral institution. This report summarizes the work undertaken during the 2025 Shareholding Review (“the Review”) . 2025 Shareholding Review Architecture and Approach 2. The 2025 Shareholding Review has reaffirmed the importance and relevance of the Lima Principles endorsed by Governors at the 2015 Annual Meetings, namely: Regular shareholding reviews will take place every 5 years based on agreed principles anda dynamic formula. The guiding principle for shareholding realignments is to achieve an equitable balance of voting power. This can be assessed by looking at the balance of voting power between country groups and/or under-representation country-by-country. As a global cooperative, all voices are important. Where possible, decision-making is by consensus. All members have Basic Votes, protected in the constituent documents of the respective WBG entities. The smallest poor member countries shall be protected from dilution of their voting power. Shareholding brings both rights and responsibilities, and all shareholders have an interest in the long-term financial sustainability of the WBG, including IBRD and IFC’s AAA credit rating, contributing in line with their capacity to do so. 3. Together with the Dynamic Formula2, the Lima Principles provide a framework for shareholding reviews that is based on an agreed data set and a methodology to assess the shareholding structure of IBRD against agreed benchmarks. For IFC, Governors agreed in 2024 to use existing IBRD shareholding as the benchmark for the 2025 Shareholding Review3. 1 See DC2010-0006/1 2 The Dynamic Formula combines economic weight (80% GDP blend) and contributions to IDA (20%), with a compression factor applied to reduce the spread between largest and smallest shareholders. 3 DC2024-0005 1 Official Use Only 4. The 2025 Shareholding Review has been conducted in a structured, inclusive and transparent manner. In 2024, technical preparations for this Review were concluded as requested by Governors in the 2020 Review (see Annex 1) .4 These preparations included annual updates to the shareholding database, technical work on a benchmark for IFC, and a program of capacity building for EDs, their staff and for officials in capitals. Since 2025, with the start of the Review, Executive Directors have emphasized open dialogue, consensus-building and the importance of finding agreement wherever possible. Notwithstanding the challenging geopolitical backdrop, this approach enabled a constructive Review where options were co-created, different positions were freely expressed and all voices were heard. 5. The Review’s work has had two distinct but related tracks: on Shareholding and on Voice. The Shareholding track focused on how to address issues with the balance of shareholding in line with the Lima Principles and the Dynamic Formula. The Voice track focused on a range of options with the potential to strengthen client voice in the institution. Both are

FAQs

What is the purpose of the 2025 Shareholding Review for IBRD and IFC?

It reassesses the shareholding structure against agreed benchmarks to determine whether voting power alignment is achieved or misaligned, and whether adjustments are warranted. It also supports dynamic governance as the global economy evolves.

Which principles guide shareholding realignments in the Review?

The Lima Principles guide the Review, including achieving an equitable balance of voting power, protecting basic votes, relying on consensus where possible, and safeguarding the voting power of the smallest poor countries.

How were the two main tracks of the Review organized?

The Review had a Shareholding track focused on alignment issues for balance of shareholding using the Lima Principles and Dynamic Formula, and a Voice track focused on options to strengthen client voice within the institution.

Jul 19, 2026

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