Approved by the Board on: 09 February 2007
Credit Suisse Account
- The Board has fully considered the Inspector General's report on the Credit Suisse account, the Secretariat's response and the independent review on the performance of the Office of the Inspector General (OIG).
- The Board instructs the Secretariat to reduce and maintain the funds in the Credit Suisse account at the minimum level necessary to carry out the functions approved by the Board, which are the following:
- holding the foundation's capital, of CHF 50,000, as required by Swiss law;
- paying for fees to the Fund's external auditors;
- receiving private-sector contributions that the Trustee is not able to receive directly, such as proceeds from the Project(RED) campaign, and other miscellaneous receipts, which the Secretariat shall remit immediately upon receipt to the Trustee;
- paying rent and related charges for the Global Fund's premises in Geneva;
- paying the rental allowance for the current Executive Director, until 31 March 2007; and
- paying filing fees in certain jurisdictions for the Global Fund to qualify to receive private, charitable contributions.
- The Board requests the Director, Internal Oversight Services of the World Health Organization, in his role as the ad-interim Inspector General of the Global Fund to monitor the transactions of the Credit Suisse account on a continual basis.
- The Board takes note that the Secretariat has voluntarily suspended the use of the credit cards connected with this account since September 2006 and instructs the Secretariat to cancel the credit cards with immediate effect.
- The Board endorses the recommendations for improvement in controls contained in the report of the Inspector General, notes Secretariat agreement with these recommendations, and directs the Secretariat to complete their implementation as soon as possible.
- The ad-interim Inspector General and the new Inspector General should follow up on the full implementation of the improvements to the controls and report back to the Board at the Fifteenth Board Meeting (April 2007) and Sixteenth Board Meeting (November 2007), respectively.
- The Board requests the ad-interim Inspector General, to conduct an independent analysis of the remaining issues raised by the Inspector General's report and the Secretariat response, and advise the Board whether further action is required, not later than the Fifteenth Board Meeting in April 2007.