The report assesses the quality of the Funds governance from the standpoint of its efficiency, effectiveness, accountability, and voice - the extent to which all stakeholders are able to have their concerns considered in the decision-making process. It focuses on three major elements of the IMFs governance structure - the International Monetary and Financial Committee, the Executive Board, and the Funds management. It finds that effectiveness has been the strongest aspect of Fund governance, while accountability and voice have been the weakest. If left unaddressed, these weaknesses would likely undermine effectiveness over time. The evaluation suggests a number of ways to address the main areas in need of reform.