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All investments involve taking on risk. It’s important that you go into any investment in stocks, bonds or mutual funds with a full understanding that you could lose some or all of your money in any one investment. While over the long term the stock market has historically provided around 10% annual returns (closer to 6% or 7% “real” returns when you subtract for the effects of inflation), the long term does sometimes take a rather long, long time to play out. Those who invested all of their money in the stock market at its peak in 1929 (before the. | DIIS REPORT DIIS REPORT THE WORLD BANK AND THE EMERGING WORLD ORDER ADJUSTING TO MULTIPOLARITY AT THE SECOND DECIMAL POINT Jakob Vestergaard DIIS REPORT 2011 05 DIIS DANISH INSTITUTE FOR INTERNATIONAL STUDIES DIIS REPORT 2011 05 Copenhagen 2011 Jakob Vestergaard and DIIS Danish Institute for International Studies DIIS Strandgade 56 DK-1401 Copenhagen Denmark Ph 45 32 69 87 87 Fax 45 32 69 87 00 E-mail diis@diis.dk Web www.diis.dk Cover photo ZUMA Press Polfoto Layout Allan Lind Jorgensen Printed in Denmark by Vesterkopi AS ISBN 978-87-7605-434-2 Price DKK 50.00 VAT included DIIS publications can be downloaded free of charge from www.diis.dk Hardcopies can be ordered at www.diis.dk Jakob Vestergaard Senior Researcher DIIS jve@diis.dk DIIS REPORT 2011 05 Contents Preface 6 Executive summary 7 Introduction 11 The governance of the World Bank 14 Shareholding and voting power 14 The Executive Board of Directors 16 Country constituencies 16 Voting system 17 Voting culture 18 Relations with Management 19 Evolution of the voice reform agenda in the Bank 20 The 2003 Background Paper 21 Proposals to enhance voice 22 Proposals to enhance voting power 23 The 2007 Options Paper 23 IMF quota as benchmark for the World Bank voice reforms 27 First phase of voice reform 29 Increasing basic votes 30 Realignment of IBRD shareholding 31 Increasing the voice of African countries on the Executive Board of Directors 32 The second phase of voice reform 33 The key components of the shareholding realignment 34 The GDP component 35 The IDA component 36 Overall results of the second phase of voice reform 38 The voting power realignment in perspective 41 Modest changes 41 Making small changes appear generous 45 Voting power imbalances 46
