68481 Update On The Bank’s Business Modernization: Results, Openness And Accountability CHAIR’S SUMMING UP Meeting of the Committee of the Whole April 5, 2012 Executive Directors discussed the second annual Update on the Bank’s Business Modernization (SecM2012-0147). Directors appreciated the comprehensive vision management has provided in moving the Bank forward, in order to better serve its clients. They commended Management’s approach to modernization and the selected priorities for FY13, in particular, simplification, quality assurance, and accountability; and also including developing options to reduce overlaps and duplication in our structural organization; taking the results agenda to the next level by building in client and beneficiary feedback and effectively utilizing the Corporate Scorecard; working to adopt a package of measures to scale up the Bank’s work in fragile and conflict-affected situations (FCS); implementing the WDR 2012 on Gender Equality and Development; setting an agenda for serving Middle Income Countries. They also urged Senior Management to deepen synergies and collaboration across the World Bank Group. Directors appreciated the special focus on the knowledge agenda. They highlighted the importance of measuring the quality and impact of Bank knowledge. They stressed the linkages between staff diversity and knowledge creation and dissemination. Directors underscored the need to tackle HR reforms, in particular with the introduction of a new approach to performance and talent management, benefits and compensation, and global mobility. Directors expressed support for the progress made on the business modernization agenda and emphasized the importance of maintaining momentum. Several EDs considered the continuity of the current modernization agenda important to smooth the Bank’s leadership transition. They underlined the importance of linking the modernization agenda to the budget process. Additionally, some Directors asked to ensure that due consideration is given in the paper to IEG’s recent review of the Bank’s matrix system. Finally, Directors looked forward to a modernized Bank that delivers results in the most effective manner possible, remains client-focused, and continues to adapt to a changing world.  This summary is not an approved record.