The IMF has 188 member countries, which are all represented in the highest decision-making body, the Board of Governors. Each member country appoints its own governor, normally the country’s finance minister or head of the Central Bank, and an alternate governor. The Executive Board is responsible for daily operations of the IMF. It has 24 executive directors as members. The Executive Board appoints a managing director for a renewable term of five years to serve as chair of the board and as head of the IMF’s staff.