International financial institutions (IFIs), like the World Bank Group and the International Monetary Fund, have argued that good governance is an essential element of sound economic and democratic development. Yet when it comes to their own institutional governance, these institutions fall sorely short. How do the IFIs govern their own operations? How are decisions made and by whom? How do these institutions monitor their own behaviour? What mechanisms – both internal and external - exist to ensure they act responsibly and are disciplined when they do not? Finally, what role do elected officials, donor and borrowing governments, international bodies like the United Nations, and the public play to influence the activities of these institutions? Our work to fundamentally transform the internal governance, structures and operations of the IFIs has focused on: enhancing democratic governance at the IFIs, through greater transparency, decentralized decision-making, community involvement, full and open public participation, and full public accountability; advocating for an open and transparent process for electing key officials, including the President of the World Bank and the Managing Director of the IMF; promoting better, more comprehensive and more timely public disclosure of project and policy information; working to bring about greater involvement, oversight and influence by elected Canadian officials over the IFIs, their policies and practices; and pressing for greater transparency and accountability for the activities, decisions and positions of the Canadian government within these institutions.
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