The 12 members of ADB's Board of Directors are elected by the Board of Governors. Eight of those 12 are elected by member countries from within Asia and the Pacific; the four others are elected by member countries from outside the region. The President of ADB chairs the Board of Directors. The Board of Directors performs its duties full time at the ADB headquarters in the Philippines and holds formal and executive sessions regularly. The Directors supervise ADB's financial statements, approve its administrative budget, and review and approve all policy documents and all loan, equity, and technical assistance operations.