The IMF and the World Bank Group are structured very differently from the specialized agencies. These agencies were established under the charter of the United Nations at a special conference held at Bretton Woods, New Hampshire in 1944. The World Bank Group comprises five separate organizations: the IBRD, the IDA, the IFC, MIGA, and the ICSD. Members of the IBRD can choose which of the four remaining organizations they wish to join.
One of the most fundamental differences between the UN and the Bretton Woods institutions is that voting in these organizations is governed according to the number of shares held by each member state. Therefore, the wealthier countries have more voting power.
IFAD, while not a Bretton Woods institution, is a more recent addition to the specialized agency family that deals with capital funding operations. It raises money through replenishments. Its governing council is made up of three groups of countries—industrialized, oil-producing, and other developing countries. Each group has equal voting rights.