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p. 8 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report New and Revised Policies and Procedures Development Partnerships Governing Structures Board Committees Financing Operations Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor Part 1: Institutional Effectiveness Part 2: Poverty Reduction Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004 : 2004 in Review: Board of Directors' Report

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Governing Structure

ADB's highest policy-making body is its Board of Governors which comprises one representative from each ADB member. The Governors meet annually and elect the 12 members of the Board of Directors who serve 2-year terms. Each Director appoints an Alternate. The President is elected by the Board of Governors for a 5-year term and serves as Chairperson of the Board of Directors. The President manages ADB assisted by four Vice-Presidents and a Managing Director General. (For a current list of Governors and Directors, see appendixes 2 and 3.)

In August, ADB President Tadao Chino tendered his resignation. During his 6 years as President, Mr. Chino initiated and oversaw the adoption and implementation of policies and initiatives that will guide ADB's operations for many years to come. In 1999, ADB adopted poverty reduction as its overarching goal. Based on this strategy, negotiations to replenish the Asian Development Fund (ADF VIII) were successfully completed in 2000. That same year, ADB adopted a private sector development strategy aimed at fueling economic growth and creating more jobs. In 2001, ADB achieved another historic milestone with the adoption of its long-term strategic framework to guide directions and operations and to help its DMCs and the region achieve the MDGs by 2015. The reorganization of ADB in 2002, together with its resident mission policy, provided an effective institutional response to these objectives bringing ADB closer to its DMCs. The successful completion of ADF IX negotiations in 2004 led to ADB's reform agenda which provides another framework for enhancing development effectiveness.

In November 2004, the Board of Governors unanimously elected Haruhiko Kuroda as ADB President to take office in February 2005. He was Special Advisor to the Cabinet of the Japanese Prime Minister and Japan's former Vice Minister of Finance for International Affairs.

The Board of Directors met formally on 43 occasions and held 30 informal meetings in 2004 including briefings, discussion seminars, and presentations. In their informal meetings, the Directors examined a range of issues, including regional cooperation, private sector development, gender action programs, and knowledge management.

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