The Board of Governors is the highest decision making body of the Bank. It is comprised by one Governor and one Alternate Governor appointed from the 11 Member States of the Bank. Each Governor and each Alternate Governor shall serve at the pleasure of the appointing Member. The Board of Governors may delegate to the Board of Directors any or all of its powers, except the power to, among other things, to amend the Agreement Establishing the Bank, to approve the admission of new Members, to authorize any changes in the Bank’s capital stock and to terminate the operations of the Bank. The Board of Governors approves the annual report, the audited financial statements and appoints the President of the Bank. At its annual meeting, the Board shall elect one of the Governors as Chairman, who shall hold office until the election of the next Chairman at the next annual meeting of the Board. The Chairmanship rotates amongst the Member States.