The Executive Board is the Fund's second main Governing Body, consisting of 18 elected Members and 18 Alternate Members. With the adoption of the Fourth Replenishment Resolution at the twentieth session of the Governing Council, in February 1997, Resolution 86/XVIII was put into force and effect amending the Fund's governance structure. This new framework provided for the present membership distribution on the Executive Board, reflecting as well the new redistribution of original votes into membership and contribution votes. The previous seating on the board consisted of 18 Members and 17 Alternate Members. Resolution 86/XVIII also amended Rule 40.1 of the Rules of Procedure of the Governing Council to specify the ineligibility of any Member State against which an accounting provision existed at the time of elections to the Executive Board.
The Members and Alternate Members are elected for a three-year term of office within their respective Lists and Sub-Lists, i.e. List A (former Category I), List B (former Category II), List C (former Category III) and within List C: Sub-List C1 for Countries in the Africa Group; Sub-List C2 for Countries in Europe, Asia and the Pacific; and Sub-List C3 for Countries in Latin America and the Caribbean and are approved by the Governing Council. The Members and Alternate Members in the respective Lists represent other constituents of that List.
The Members and Alternate Members for the three-year term of office approved by the thirty-fifth session of the Governing Council in February 2012 are as follows:
|Netherlands (2015-2016)||United Kingdom (2015-2016)|
|United Kingdom (2017)||Netherlands (2017)|
|Kuwait||United Arab Emirates|
|Venezuela (Bolivarian Republic of)||Algeria|
| Kenya (2015-2016)
|Europe, Asia and the Pacific|
|India||Republic of Korea|
|Latin America and the Caribbean|
The Board meets three times a year, in the months of April, September and December; the exact dates of which are decided upon by the Board.
As with the Governing Council the total number of votes in the Executive Board is now being calculated both on membership and contribution.
The Executive Board has full authority to decide on the programme of work, approval of projects, programmes and grants and to adopt/recommend action, pending the final approval of the Governing Council, on matters related to policy, the annual administrative budget; applications for membership and staffing within the Fund.
In addition, at its seventy-eighth session, the Executive Board adopted the IFAD Evaluation Policy wherein it was decided that the Office of Evaluation would operate as an IFAD organizational unit that is independent of IFAD management in the conduct of the evaluations that it undertakes. In this respect, the Office of Evaluation Director is now directly responsible to the Executive Board which oversees the work of the Office.
The Executive Board sessions are chaired by the President of IFAD.