Board Decisions

GF/B15/DP21


Approved by the Board on:
27 April 2007


Independent Analysis of Credit Suisse Account

During the First Special Board Meeting in February 2007, the Board requested that the Inspector General ad interim conduct an independent analysis of the remaining issues raised by the Inspector General's Report on the Credit Suisse Bank Account and the Management Response to the OIG Report on the Audit of Credit Suisse Bank Account Transactions, and advise the Board whether further action is required. In addition, the Board requested that Deloitte & Touche complete the draft Review of the Office of the Inspector General (the "Deloitte Report"). The Board has received the report of ORNA Corporate Integrity AG, retained by the Inspector General ad interim to conduct the requested independent analysis, and the Deloitte Report.

The Board notes with approval the conclusions of the ORNA Report that no fraud or misappropriation of funds occurred. It is satisfied that this report provides the review, analysis and conclusions necessary to bring this matter to a close. The Board requests the Inspector General ad interim to prepare a comprehensive account (including, as appropriate, original documents) of the findings and recommendations of the Deloitte Report, the OIG Report, the Management Response, and the ORNA Report. The comprehensive account should be drafted with the expectation that it be released publicly, in consultation with the Chair and Vice Chair of the Board and the Executive Director, not later than May 31, 2007. The Board requests the Secretariat to prepare a response to the recommendations in the ORNA Report and report to the Finance and Audit Committee on its response to, and implementation of, these recommendations.