GF/B05/DP09
Approved by the Board on: 06 June 2003
By-Laws and Board Operating Procedures
The Board approved the following changes to the Bylaws:
1. Article 20: Representation
The Chair and Vice Chair (for matters which are within the responsibility of the Foundation Board) and the Executive Director (for matters which are delegated to him/her) are entitled to represent the Foundation in all dealings with third parties.
(Option 2) Between Board meetings, the Chair and the Vice Chair acting together, are empowered to take on behalf of the Foundation any decision within the responsibility of the foundation which they consider must be taken urgently without recourse to other procedures as provided in the Bylaws and the Board Operating Procedures. In case no consensus is reached between the Chair and the Vice Chair, the Chair shall take the decision.
2. Article 12: The Chair and the Vice Chair of the Board
(Option 1)The Foundation Board members will select the Chair and the Vice Chair of the Foundation Board from among their own voting members, provided, that the two positions will alternate between voting groups described in Article 15. The Chair and the Vice Chair will each be elected for a period of two years.
The Board also:
Confirmed that the terms of office of the incumbent Chair and Vice Chair, at the date of entry into force of these amended bylaws, shall have commenced on the date of their respective election. This decision of the Board is subject to approval of the Bylaws by the Swiss Supervisory Authority.
The Board decided to defer the approval of 20.3 Election Procedure of the Board Operating Procedures until the next Board meeting.