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Figure 4.8Sex composition of board of directors for select intergovernmental and private financial and regulatoryinstitutions, 2014Women are under-represented in key institutions of global economic governanceSex of thechairpersonIMF Board a1234%World Bank b52020%Number of women and menInternational AccountingStandards Board cInternational Institute of Finance dBank for InternationalSettlements e22212192914%6%10%International Organizationof Securities Commissions f62619%Source: a. IMF Board of Directors as of April 2014. b. World Bank’s Public Information Centre. c. IAS Plus 2015. d. IIF 2015. e. BIS 2015. f. IOSCO 2015.BOX 4.8Maastricht Principles, extraterritorial obligations and global economic governanceIn 2011, a group of experts on international law and human rights developed a core set of principleson extraterritorial obligations in the area of economic, social and cultural rights. The result was theMaastricht Principles, which recognize that the policies adopted by governments affect the realizationof rights beyond their own borders. The preamble to the Principles states:‘The human rights of individuals, groups and peoples are affected by and dependent on theextraterritorial acts and omissions of States. The advent of economic globalization in particular, hasmeant that States and other global actors exert considerable influence on the realization of economic,social and cultural rights across the world.’ 146The Maastricht Principles reaffirm the existing framework for economic, social and cultural rights—as reflected in the Universal Declaration of Human Rights, the ICESCR and other international227