1. Based on the recommendations of the Transitional Governance Committee (the "TGC"), as presented in GF/B34/ER06, the Board approves:
a. The establishment of the following three standing committees (the "Standing Committees"):
i. Audit and Finance Committee
ii. Ethics and Governance Committee;
iii. Strategy Committee;
b. The following core governance documents, which shall each become effective upon the conclusion of the first Board meeting in 2016:
i. Charter of the Audit and Finance Committee, as set forth in Annex 1 to GF/B34/ER06;
ii. Charter of the Ethics and Governance Committee, as set forth in Annex 2 to GF/B34/ER06;
iii. Charter of the Strategy Committee, as set forth in Annex 3 to GF/B34/ER06;
iv. Terms of Reference of the Coordinating Group, as amended and restated in Annex 4 to GF/B34/ER06;
v. Bylaws, as amended and restated in Annex 5 to GF/B34/ER06; and
vi. Operating Procedures of the Board and Committees, as amended and restated in Annex 6 to GF/B34/ER06.
2. The Board acknowledges the Standing Committees shall replace the Audit and Ethics Committee, Finance and Operational Performance Committee, and Strategy, Investment and Impact Committee upon the conclusion of the first Board meeting in 2016.
3. Accordingly, the Board requests the:
a. Chair and Vice-Chair of the Board to launch the process for the Board to appoint the Chairs and Vice-Chairs, as well as membership, of the Standing Committees, by no later than the first Board meeting in 2016; and
b. Secretariat, under the oversight of the Coordinating Group, to update any policies or prior decisions needed to align with the core governance documents approved under paragraph 1 of this decision point