This document provides an update for the Board on the discussion and outcomes of the initial organizational meeting (IOM) for the second replenishment of the GCF (GCF-2). It provides an overview of the agenda items that were discussed and covers the comments made by potential financial contributors and Board members and the subsequent decisions. It also includes the finalized rules of conduct for GCF-2 and the GCF-2 timetable and workplan, which were agreed upon at the IOM.