The World Bank said this week its executive board has endorsed the institution's updated governance and anti-corruption strategy.

The updated plan expands upon the 2007 strategy and reflects economic changes that have gripped the globe over the past five years, including the financial crisis, protests calling for greater governmental transparency and increased power and prominence for women.

"Accountable institutions are needed to improve development effectiveness, reduce poverty and promote inclusive economic growth," Linda Van Gelder, World Bank director for public sector and governance said in a statement.

The updated strategy rests on six pillars: mainstreaming governance, supporting country systems, a more-rigorous framework for measuring results, managing risk, improving global governance and changing the World Bank's systems for implementing its anti-corruption plan.

"The bank's country-driven approach will be supported by global initiatives against anti-corruption and malfeasance," Van Gelder said.