Members of the World Bank Group Executive
Board have unanimously selected the Executive Director representing the Kingdom
of Saudi Arabia, Mr. Abdulmuhsen Al-Khalaf, as Chair of the Audit Committee of
the World Bank Group Executive Board. The committee includes, as members, the
Executive Directors representing the United States of America, France, Japan,
China, the United Kingdom, Brazil, and Poland.

This decision reflects the remarkable status
that the Kingdom holds globally and the international trust in the Executive
Director representing the Kingdom of Saudi Arabia to
assume the duties of this committee, which performs a vital role in the World
Bank Group.

The Audit Committee aims to support the Executive
Board in overseeing the World Bank Group finances, accounting, risk management,
inter controls and institutional integrity, including: (1) the integrity of
financial statements for World Bank Group institutions and financial reporting
related to trust funds; (2) the appointment, qualifications and independence of
the External Auditor; (3) the performance of Internal Auditor and the External
Auditor; (4) the adequacy and effectiveness of financial, accounting and
administrative policies and internal controls and the mechanisms to deter,
prevent and penalize fraud and corruption in World Bank Group operations and
corporate procurement; (5) the effective management of financial fiduciary
(including procurement procedures), compliance and administrative risks in WBG
institutions, including trust funds; and (6) institutional arrangements and
processes of risk management across World Bank Group institutions.