Artikel 22

1. The Executive Board shall be responsible for the conduct of the operations of the Fund and shall report to the Governing Council thereon. For this purpose the Executive Board shall exercise the powers accorded to it elsewhere in this Agreement or delegated to it by the Governing Council. In the exercise of any delegated powers, the Executive Board shall take decisions by the same levels of majority that would apply were such powers retained by the Governing Council.
2. The Executive Board shall, unless the Governing Council shall decide otherwise with a Highly Qualified Majority, consist of not less than 20 and not more than 25 Executive Directors. There shall be one alternate for each Executive Director.
3. The Executive Directors and one alternate to each Executive Director shall be elected by the Governing Council in the manner specified in schedule E.
4. Each Executive Director and alternate shall be elected for a term of two years and may be re-elected.
They shall continue in office until their successors are elected. An alternate may participate in meetings but may vote only in the absence of his principal.
5. The Executive Board shall function at the headquarters of the Fund and shall meet as often as the business of the Fund may require.
6. The Executive Directors and their alternates shall serve without remuneration from the Fund. The Fund may, however, pay them reasonable per diem and travel expenses incurred in attending meetings.
7. A quorum for any meeting of the Executive Board shall be constituted by a majority of Executive Directors holding not less than two thirds of the total voting power.
8. The Executive Board shall invite the Secretary-General of UNCTAD to attend the meetings of the Executive Board as an observer.
9. The Executive Board may invite the representatives of other interested international bodies to attend its meetings as observers.