Board Decisions


Approved by the Board on: 19 November 2004

Committee Review Report

The Board adopts the following recommendations on Committee structure, role and process:

  • Streamline the number of core Board Committees from 6 to 4 to reflect the changing needs of the Fund

    • Strategy & Policy Committee
    • Portfolio Management Committee
    • Finance & Audit Committee
    • Ethics Committee
  • Maintain the Ethics Committee as a small standing committee. The Committee is to meet as ethical issues arise and are referred by the Board. The Committee will maintain its current size and continue to be comprised of Board members or their alternates only
  • Require financial literacy to serve as the Chair or Member of the Finance & Audit Committee
  • Require Committee Chair selection to explicitly consider the Chair's Committee leadership and management skills, specifically an ability to enforce adherence to the Committee's role and an ability to drive meetings efficiently
  • Confirm that only one delegate is permitted per Committee and that that delegate is expected to be available for all Committee meetings. In the event that membership must permanently change from one delegate to another, permit an overlap period of one committee meeting
  • Confirm the role of Committees to frame issues and bring options and recommendations on major strategies and policies, with supporting rationale, to the full Board for decision - to provide operational oversight but otherwise leave implementation activities to the Secretariat
  • Request Committee Chairs and Secretariat liaisons hold quarterly telephone calls. Parties should confirm that each is adhering to respective roles and discuss points of issue. This confirmation should be sent to the Board Chair and Vice Chair. Lack of agreement on roles should be reported to the Board Chair and Vice Chair for assistance in resolution if required.
  • Eliminate duplicate assignment of issues to Committees and resolve issues of consistency and duplication at the end of each Board meeting among decisions taken by the Board
  • Create a standard initiation manual for new Committee members and staff that communicates the roles and functions of the Committees and staff and expectations of Committee members to be approved by the Strategy and Policy Committee
  • Committees should monitor their own performance and conduct an annual "health check" - formal role and scope should be assessed every 2-3 years