Approved by the Board on: 08 November 2013
2014 Operating Expenses Budget Approval Process
- The Board delegates to theFinance and Operational Performance Committee (the “FOPC”) authority to approvean interim operating expenses budget for the first quarter of the 2014 fiscalyear (the “Q1 2014 Budget”), subject to the following:
- The Q1 2014 Budget will notexceed the first-quarter amount of the 2013 operating expenses budget; and
- The full 2014 operatingexpenses budget will be presented to the Board for approval at the Thirty-FirstBoard Meeting in February 2014.
- This decision’s impact onthe 2014 operating expenses budget will not exceed USD 77.4 million.
This decision’s impact on the 2014 operating expenses budget will not exceed USD 77.4 million.