Boardroom

The Board, having reviewed document GCF/B.05/21 Administrative Budget of the Fund for 2014:

1. Approves, from the resources available or to be made available in the GCF Trust Fund, the administrative budget of the Fund for the period from 1 January 2014 to 31 December 2014 of up to US$ 18,817,566, as set out in Annex XXIII to this document;
2. Notes that the Secretariat will continue to operate efficiently and will seek to maximize savings where possible;
3. Approves, from the resources available or to be made available in the GCF Trust Fund, the budget cost of staff salaries and emoluments for the three‐year contract period as follows:
   
   1. For 2015: US$ 12,042,101;
   2. For 2016: US$ 12,403,364;
   3. For 2017: US$ 3,125,835.
4. Authorizes the Interim Trustee to make cash transfers from the GCF Trust Fund to the Secretariat, and to the World Bank, as the Interim Trustee, in accordance with the administrative budget of the Fund approved by the Board, subject to adjustment based upon revised costs and expenditures to be incurred. In the event that the Interim Trustee determines that the amount of available resources in the GCF Trust Fund is insufficient to cover the total estimated budgets specified in paragraphs (a) and (c) above, the Board authorizes the Interim Trustee to make cash transfers to the Secretariat and the Interim Trustee up to the pro rata amount of available resources in the GCF Trust Fund to cover the total estimated budget as determined by the Interim Trustee;
5. Notes that the Secretariat will submit proposals for the full administrative budget of the Fund for 2015, 2016 and 2017 in due course.

The Board, having reviewed document GCF/B.05/22 Agreements with the Interim Trustee:

1. Approves the Agreement on the Terms and Conditions for the Administration of the Green Climate Fund Trust Fund between the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, presented in Annex XXIV to this document;
2. Authorizes the Executive Director of the Fund to execute, on behalf of the Fund, that Agreement, as well as the contribution agreements to be executed between the Fund, the Interim Trustee and the Contributors, as described in the Agreement;
3. Approves the Amendment to the Amended and Restated Transfer Agreement under the Green Climate Fund Trust Fund (MTO No. 069022), presented in Annex XXV to this document.

The Board:

1. Reaffirms taking a gender‐sensitive approach as outlined in the Governing Instrument;
2. Decides to consider, at its first meeting in 2014, a gender‐sensitive approach to the Fund’s objectives and operational policies;
3. Requests the Secretariat to present for consideration by the Board, at its first meeting in 2014, including through consultations with relevant bodies and observer organizations, a working document setting out the options for a Fund‐wide gender‐sensitive approach.

The Board:

1. Takes note of the information presented in document GCF/B.05/Inf.05;
2. Requests the Secretariat to prepare a document on the participation of observers in Board meetings for the consideration by the Board at its first meeting in 2014.

The Board:

1. Decides that its first meeting in 2014 will take place on 19‐21 February 2014 in Indonesia;
2. Decides that the arrangements for this meeting will be made according to the practice of the previous meetings that took place away from the headquarters.

The Board, through a decision taken between meetings on a no-objection basis:

Approved the accreditation of following organizations as observer organizations with the Fund:

International entities:

African Development Bank (AfDB)

Corporación Andina de Fomento (CAF)

Economic Community Of West African States Bank for Investment and Development (EBID)

International Renewable Energy Agency (IRENA)

United Nations Environment Programme (UNEP)

Civil society organizations:

Abibimman Foundation

Action de Jeunesse pour le Développement (AJED-Congo)

CARE Denmark

Centro Alexander von Humboldt

Centro de Transporte Sustentable de México A. C. (CTS EMBARQ México)

Christian Aid

College of the Atlantic (COA)

Deutsches Institut für Entwicklungspolitik (DIE) - German Development Institute

E3G Third Generation Environmentalism

Environmental Defense Fund (EDF)

Forum for Nature Protection

Fundación M’Biguá Ciudadanía y Justicia Ambiental

NeoNepal

The Nature Conservancy

Ogiek Peoples' Development Program (OPDP)

Pesticide Action Network (PANeM)

U.S. Climate Action Network (USCAN)

Women in Informal Employment: Globalizing and Organizing (Wiego)

Zambia Climate Change Network (ZCCN)

Private sector organizations:

Air Transport Action Group (ATAG)

Amsterdam Capital Trading B.V.

Business Council for Sustainable Energy (BCSE)

ICF Incorporated, L.L.C.

International Chamber of Commerce (ICC)

International Emissions Trading Association (IETA)

Philippine Chamber of Commerce and Industry, Inc. (PCCI)

The Board:

1. Adopted the report of the third meeting, contained in document GCF/B.01‐13/Drf.04;
2. Agreed to publish it on the Fund’s website (document GCF/01‐13/13 Report of the Third Meeting of the Board, 13‐15 March 2013).

The Board:

1. Decided by consensus to select Ms. Hela Cheikhrouhou for the post of the Executive Director of the Fund;
2. Requested the Interim Secretariat to engage an executive search firm to facilitate the negotiation of the terms of the contract that will be in accordance with the approved terms of referencei (annex to Board decision B.01‐13/07) with Ms. Cheikhrouhou, including on a remuneration package that will be in accordance with Board decision B.01‐13/07, with the terms of the contract being subject to the approval by the Co‐Chairs;
3. Authorized the Co‐Chairs to sign, on behalf of the Fund, the contract between Ms. Cheikhrouhou and the Fund.

The Board, having reviewed document GCF/B.BM‐2013/01 Administrative Framework for the Green Climate Fund,

1. Approved the following hybrid option as the basis for the administrative framework for the Fund:
   
   1. Privileges and immunities for the Fund's staff to be established consistent with paragraph 8 of the Governing Instrument, with reference to those provided to the International Fund for Agricultural Development and other international financial institutions that operate effectively internationally through appropriate bilateral and multilateral agreements; and
   2. The Fund's administrative policies, including for human resources, procurement, travel and finance, are to be based on those used by the Asian Development Bank;
2. Requested the Interim Secretariat to undertake work on obtaining administrative support from another organisation to facilitate the transition from the Interim Secretariat to the independent Secretariat, for consideration and adoption by the Board at its September 2013 meeting;
3. Further requested the Interim Secretariat to initiate work on the Fund's administrative policies based on the hybrid option, and advance work as rapidly as possible and report on progress to the Board at its September 2013 meeting;
4. Authorized the Executive Director to develop the necessary administrative guidelines for the operations of the independent Secretariat based on the direction provided by the Board.

The Board:

1. Noted convergence that the Fund will have a strategic focus on climate mitigation and adaptation, and also seek to maximize sustainable development;
2. Reaffirmed that country ownership will be a core principle of the business model framework of the Fund and that countries will identify their priority result areas in line with their national strategies and plans;
3. Decided to consider further the initial result areas of the Fund, with an aim to achieve substantial progress at its September 2013 meeting;
4. Further decided to consider the core performance indicators to be employed by the Fund to measure performance against the objectives of the Fund and the mitigation and adaptation results to be considered by the Board at its September 2013 meeting;
5. Further decided to consider the expected impacts and role of the Fund in the initial result areas at its second meeting in 2014.

The Board:

1. Reaffirmed that country ownership and a country‐driven approach are core principles of the Fund;
2. Noted convergence on the importance of readiness and preparatory support for country ownership practices;
3. Further noted that countries may designate a national designated authority (NDA), in conformity with the Governing Instrument, or mandate a country focal point to interact with the Fund;
4. Decided to consider, at its September 2013 meeting, countries’ transparent no‐objection procedure;
5. Decided that the NDA or focal point will:
   
   1. recommend to the Board funding proposals in the context of national climate change strategies and plans, including through consultation processes;
   2. facilitate the communication of nominations of entities to the Fund;
   3. seek to ensure consistency of funding proposals from national, subnational, regional and international intermediaries and implementing entities with national plans and strategies;
   4. implement the no‐objection procedure; and
   5. act as the focal point for Fund communication;
6. Further decided that countries should have flexibility in relation to the location, structure, operation and governance of NDAs or focal points;
7. Requested the Secretariat to make all necessary steps to open a call to developing countries to start the processes of designating a NDA or focal point as early as possible, and preferably before June 2014;
8. Requested the Interim Secretariat to reflect in the document on readiness and preparatory support, to be prepared for the September 2013 Board meeting, options to enhance country ownership, including possible support to, NDAs or focal points;
9. Decided to consider, at its first meeting in 2014:
   
   1. Best practices for the establishment and composition of NDAs or focal points; and
   2. Best‐practice options for country coordination and multi‐stakeholder engagement, including in the context of the development of funding proposals.

The Board:

1. Noted the direction of the Governing Instrument that the Fund will provide simplified and improved access to funding, to encourage a country‐driven approach;
2. Noted that the Board will consider additional modalities that further enhance direct access, including through funding entities with a view to enhancing country ownership of projects and programmes; and that the Fund will provide for readiness and preparatory activities and technical assistance, such as the preparation or strengthening of low‐ emission development strategies or plans, NAMAs, NAPs, NAPAs, and for in‐country institutional strengthening, including the strengthening of capacities for country coordination and to meet fiduciary principles and standards and environmental and social safeguards, in order to enable countries to directly access the Fund;
3. Noted convergence on the need to develop the Fund’s own access modalities, including, inter alia, accreditation procedures, best‐practice fiduciary principles and standards and environmental and social safeguards;
4. Further noted convergence on a phased approach, during which the Fund will use, on an interim basis, the accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards, of other relevant funds;
5. Noted the guidance contained in the Governing Instrument, which mandated the Board to consider additional methodologies that further enhance direct access, including through funding entities, with a view to enhancing country ownership of projects and programmes;
6. Decided to consider at its September 2013 meeting:
   
   1. interim accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards and any other relevant criteria to enhance transparency, effectiveness and efficiency, used by other relevant funds;
   2. the elaboration of criteria for the accreditation of sub‐national, national, regional and international intermediaries and implementing entities; and
   3. an assessment, against the criteria, of existing accredited national, regional and international intermediaries and implementing entities by other relevant funds, with a view to agreeing whether or not those intermediaries and implementing entities should be provided with interim accreditation;
7. Decided to consider at its first meeting in 2014 additional modalities that further enhance direct access, including through funding entities with a view to enhancing country ownership of projects and programmes;
8. Further decided to consider the process for transitioning from the interim accreditation procedures, fiduciary principles and standards and environmental and social safeguards to the Fund’s own accreditation procedures, including best‐practice fiduciary principles and standards and environmental and social safeguards, at its second meeting in 2014.

The Board:

Decided to consider the terms and criteria of the grants and concessional lending to be deployed by the Fund for mitigation and adaptation through accredited national, regional and international intermediaries and implementing entities at its September 2013 meeting.

The Board:

1. Decided that the Private Sector Facility will operate efficiently and effectively under the guidance and authority of the Board as an integral component of the Fund, including in relation to the result areas and specific core performance indicators, where relevant;
2. Decided that the Private Sector Facility will address barriers to private sector investment in adaptation and mitigation activities, such as market failures, insufficient capacity and lack of awareness, in order to mobilize private capital and expertise at scale in accordance with national plans and priorities. This will include facilitating and enhancing the participation of national, regional and international private sector actors in developing countries;
3. Recalled that, in line with the Governing Instrument, the Private Sector Facility will promote the participation of private sector actors in developing countries, in particular local actors, including small and medium sized enterprises and local financial intermediaries. The Facility will also support activities to enable private sector involvement in small island developing States and least developed countries. Modalities will be developed for consideration by the Board;
4. Acknowledged that private sector investment in general relies on readiness and enabling environments, the enhancement of which could be supported by the Fund at large;
5. Emphasized the need for the Private Sector Facility to pay specific attention to Africa and to adaptation activities at the national, regional and international levels;
6. Acknowledged the need to mobilize funds at scale from, inter alia, institutional investors, such as pension funds and sovereign wealth funds, and to design modalities to that end;
7. Decided that the Private Sector Facility will seek efficient solutions that minimize market distortions and moral hazard in the use of the Fund’s resources by using, inter alia, competitive processes;
8. Decided that the Private Sector Facility will initially focus on grants and concessional lending and will also draw on a broad range of other financial instruments and modalities to achieve its objectives;
9. Decided to establish a Private Sector Advisory Group that will make recommendations to the Board on Fund‐wide engagement with the private sector and modalities to that end. The Private Sector Advisory Group will comprise two developing country Board members, two developed country Board members, up to four private sector representatives from developing countries and up to four private sector representatives from developed countries, up to two civil society representatives, subject to the criteria determined through the terms of reference. Requested the Interim Secretariat to submit draft terms of reference, bringing in the views of independent experts, and including the criteria for selection, term of office, and replacement of these members, for consideration by the Board at its September 2013 meeting, with a view to establishing the Private Sector Advisory Group at that meeting;
10. Decided that an appropriate risk management framework will be developed, enabling the Fund to exert due diligence and manage its risks prudently. For this purpose, the Board decided to establish a Risk Management Committee, and requested the Interim Secretariat to submit draft terms of reference for consideration by the Board at its September 2013 meeting, drawing on independent expertise;
11. Decided to establish an Investment Committee that will review investment proposals and instruments and recommend their approval in accordance with social and environmental safeguards and the Fund’s objectives and the risk management framework. Requested the Interim Secretariat to submit draft terms of reference, taking into account delegating the appropriate level of final approval authority to the Committee, for consideration by the Board at its September 2013 meeting, drawing on independent expertise;
12. Decided that the Private Sector Facility, in accordance with non‐objection procedures and in order to ensure consistency with national climate strategies and plans and a country‐driven approach:
    
    1. Will commence its operations through accredited national, regional and international implementing entities and intermediaries; and
    2. May over time work directly with private sector adaptation and mitigation actors at the national, regional and international levels, subject to consideration by the Board of a phased approach.

The Board:

1. Noted convergence that the initial structure and organization of both the Fund and the Secretariat should be thematic, with a Private Sector Facility, a strong country and programmatic focus, internal coherence and linkages, and the flexibility to evolve over time;
2. Requested the Executive Director, with the support of the Interim Secretariat, to prepare for consideration by the Board at its September 2013 meeting, an initial structure that can be scaled up, organizational diagrams and a staffing table covering the core, operating and other relevant functions of a flexible and efficient Secretariat, as well as the cost, procedure, timeframe and process for implementing the proposed structure and organization, based on the views expressed by the Board during its June 2013 meeting;
3. Agreed to consider, at its September 2013 meeting, the establishment and terms of reference of permanent and ad hoc committees of the Board that will assist the Board in fulfilling its roles and functions;
4. Agreed to consider, at its first meeting in 2014, mechanisms to draw on appropriate expert and technical advice, including independent scientific and technical advice and from the other relevant thematic bodies, for the Board;
5. Recognized that the Fund will have a Trustee with administrative competence to manage the financial assets of the Fund, in accordance with the Governing Instrument;
6. Established independent evaluation and integrity units and an independent redress mechanism in accordance with the Governing Instrument;
7. Agreed to consider, at its first meeting in 2014, the terms of reference of the independent evaluation and integrity units and the independent redress mechanism.

The Board, having reviewed document GCF/B.04/10 Information Disclosure, including Webcasting,

1. Decided to adopt a negative list approach for the long‐term structure of the Fund’s information disclosure policy, but to use a simplified information disclosure practice in the interim, while the negative list approach is being developed;
2. Requested the Interim Secretariat to prepare a draft interim information disclosure practice for consideration by the Board at its September 2013 meeting;
3. Requested the independent Secretariat to develop in 2014 a comprehensive draft information disclosure policy based on the negative list approach;
4. Decided that full, non‐executive sessions of the Board will be subject to recording, and those recordings will be made available on the website of the Fund, through registration only, within three weeks of each Board meeting, and to review the matter in light of experience gained and the usage statistics of the service.

The Board, having reviewed document GCF/B.04./11, Participation of Advisers in Board Proceedings,

1. Adopted the Guidelines on the participation and conduct of advisers in Board meetings as set out in Annex I to this document;
2. Requested the Interim Secretariat to publish the Guidelines on the Fund’s website;
3. Decided to implement Option 2 as presented in paragraph 18 of document GCF/B.04/11 (‘Funding would be provided from the administrative budget of the Fund for the travel costs associated with Board meetings of one designated adviser per eligible developing country Board member and alternate member’) as the basis for providing funding for the participation of adviser travel to meetings of the Board until the adoption of the Fund’s overall travel policy, and requested the Interim Secretariat to reflect this in the Fund’s overall travel policy.

The Board:

Requested the Co‐Chairs to continue consulting with the Co‐Chairs of the Standing Committee on Finance and to develop the draft arrangements between the Conference of the Parties and the Fund for the consideration by the Board at its September 2013 meeting.

The Board:

1. Took note of the extended deadline for submissions of 28 July 2013;
2. Constituted the Selection Panel, whose work will be supported by the Interim Secretariat, comprising:
   
   1. The following four members/alternate members of the Board: Ms. Ana Fornells de Frutos, Mr. Hong‐Sang Jung, Mr. Adam Kirchknopf, Mr. Farrukh I. Khan;
   2. [...] as the representative of civil society;ii
   3. (Mr. Miles Austin (CMIA) as the representative of the private sector;
   4. A well‐known graphic designer with substantial experience in designing logos; and
   5. The Director of the Interim Secretariat.
3. Requested the Interim Secretariat, under the guidance of the Co‐Chairs, to identify a well‐known graphic designer referred to in paragraph (b) (iv) above, and to invite him/her to become a member of the Panel on a pro‐bono basis;
4. Authorized the Selection Panel to establish a set of criteria to evaluate the entries and take a decision based on these pre‐determined criteria and to hold meetings, arranged with the assistance of the Interim Secretariat, as necessary for the conduct of its work;
5. Requested the Interim Secretariat, in accordance with the terms and conditions of the competition, to present a shortlisted set of 100 entries to the Selection Panel;
6. Requested the Selection Panel to assess the entries, and make a recommendation on the successful logo to the Board at its September 2013 meeting.

The Board, having reviewed document GCF/B.04/13 Concept Note on the Development of a Communication Strategy,

1. Decided to extend the timeframe for the completion of the communications strategy from September 2013 to the first Board meeting in 2014;
2. Approved the terms of reference for the development of a communication strategy, contained in Annex II to this document;
3. Requested the Interim Secretariat, under the guidance of the Co‐Chairs, to develop the communications strategy with the assistance of a consultant or consultants, on the basis of the terms of reference in Annex II to this document, for the consideration by the Board at its first meeting in 2014;
4. Acknowledged that US$ 35,000 from the administrative budget of the Fund for the period from 1 November 2012 to 31 December 2013 may be used for the completion of the work planned for 2013, as set out in Annex II to this document;
5. Further requested the Interim Secretariat to allocate US$15,000 from the administrative budget for the period commencing on 1 January 2014 to be used for the completion of the work planned in 2014, as set out in Annex II to this document.

The Board:

1. Decided that, in the short term, the Fund should commence its engagement with UNFCCC thematic bodies, with a view to reassessing this engagement as the Fund and UNFCCC thematic bodies evolve;
2. Requested the Interim Secretariat to invite the Global Environment Facility Secretariat, the Adaptation Fund and the Climate Investment Funds to take up observer status with the Green Climate Fund;
3. Further requested the Interim Secretariat to engage informally with other external bodies by exchanging information, as required.

The Board:

1. Decided that the election of the Co‐Chairs be scheduled for the end of its third meeting in 2013;
2. Further decided that the current Co‐Chairs will continue their functions for the duration of that meeting.

The Board:

1. Decided that its third meeting in the year 2013 will take place in Paris, France;
2. Authorized the Co‐Chairs, together with the Interim Secretariat and the country hosting the meeting, to change the dates of that meeting (4‐6 September 2013, with preparatory meetings on 3 September 2013) to later dates in late September or early October 2013, if possible, and inform the Board accordingly.

The Board:

Authorized the Interim Secretariat to provide from the administrative budget of the Fund the travel costs for the most direct and economical route associated with Board meetings of one designated adviser per eligible developing country Board member and alternate member.

The Board, through a decision taken between meetings on a no-objection basis:

Approved a partnership between the Fund and Caribbean Development Bank (CDB) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) for the purpose of organizing a workshop on readiness and preparatory support, to be held in Barbados in July 2013.

The Board, through a decision taken between meetings on a no-objection basis:

Approved the accreditation of following organizations as observer organizations with the Fund:

International entities:

African Union

Agence Française de Développement (AFD)

Asian Development Bank (ADB)

European Bank for Reconstruction and Development (EBRD) European Investment Bank (EIB)

Inter-American Development Bank (IADB)

International Civil Aviation Organization (ICAO) International Finance Corporation (IFC)

International Fund for Agricultural Development (IFAD) South Centre

United Nations Development Programme (UNDP)

World Health Organization (WHO)

World Meteorological Organization (WMO)

Civil society organizations:

ActionAid International

Asia Indigenous People Pact Foundation (AIPP)

Asociación Ambiente y Sociedad

Asociación Interamericana para la Defensa del Ambiente (AIDA)

Ateneo de Manila University (AdMU)

Both ENDS Foundation

Caucasus Environmental NGO Network (CENN)

Center for International Environmental Law, Inc. (CIEL)

Center for the Study of Law, Justice and Society (De Justicia)

Centre d'accompagnement des autochtones pygmées et minoritaires vulnérables (CAMV - International)

Centre for 21st Century Issues (C21st)

Centre for Community Economics and Development Consultants Society (CECOEDECON)

Centre for European Policy Studies (CEPS)

Climate Action Network e.V. (International) (CAN International)

Climate Analytics

Climate Policy Initiative (CPI)

Derecho, Ambiente y Recursos Naturales (DAR)

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

Earth Peoples

Energy, Environment and Development (ENDA)

Equidad de Género

Friends of the Earth International

Fundación Centro ESTUDIOS ECOLÓGICOS de la Republica Argentina (FUCEERA)

Germanwatch

Global Alliance for INCINERATOR Alternatives (GAIA)

Global Environment Centre (GEC)

Global Forest Coalition (GFC)

Global Network for Environment and Economic Development Research

Green Club

Greenpeace

Heinrich Böll Foundation

Human and Environmental Development Agenda (HEDA Resource Centre)

IBON International Foundation, Inc.

ICLEI – Local Governments for Sustainability

Institute for Climate and Sustainable Cities (iCSC)

Institute for Policy Studies

International Rivers

International Trade Union Confederation (ITUC)

International Union for Conservation of Nature (IUCN)

Jeunes Volontaires pour l'Environnement (JVE)

Jubilee South - Asia Pacific Movement on Debt and Development (JSAPMDD)

Keystone Foundation

Kitanglad Integrated NGOs, Inc. (KIN)

Maleya Foundation

Network of Sustainable Livelihood Catalysts, Inc.

Niger Delta Women’s movement for Peace and Development (NDWPD)

Overseas Development Institute (ODI)

Oxfam

Oxford Climate Policy

Pakistan Fisherfolk Forum (PFF)

Pan African Climate Justice Alliance (PACJA)

Sierra Club

Taiwan Youth Climate Coalition

Tebtebba Foundation

Third World Network

Transparency International

Women's Environment and Development Organization (WEDO)

World Future Council Foundation

World Resources Institute

Zambia Climate Change Network (ZCCN)

Private sector organizations:

Air Transport Action Group (ATAG)

Climate Markets and Investment Association (CMIA)

ECOFYS Germany GmbH

Federation of German Industries (BDI)

Indufor Oy

International Air Transport Association (IATA)

Selco Solar Light Pvt. Ltd.

United States Council for International Business (USCIB) World Business Council for Sustainable Development (WBCSD)

The Board, having considered document GCF/B.01-13/02/Rev.01 Additional Rules of Procedure of the Board,

1. Adopted the provisions on applicability and definitions set out in Annex I to this report;
2. Adopted the Additional Rules of Procedure of the Board relating to observers set out in Annex II to this report;
3. Adopted the Additional Rules of Procedure of the Board relating to composition, selectionand term of Board membership set out in Annex III to this report;
4. Adopted the Additional Rules of Procedure of the Board relating to Co-Chairs set out in Annex IV to this report;
5. Adopted the Additional Rules of Procedure of the Board relating to meetings set out in Annex V to this report;
6. Adopted the Additional Rules of Procedure of the Board relating to meetings set out in Annex VI to this report;
7. Adopted the Additional Rules of Procedure of the Board relating to meetings set out in Annex VII to this report;
8. Adopted the Additional Rules of Procedure of the Board relating to decision-making and voting set out in Annex VIII to this report;
9. Adopted the Additional Rules of Procedure of the Board relating to confidentiality and conflict of interest set out in Annex IX to this report;
10. Adopted the Additional Rules of Procedure of the Board relating to amendments to the Additional Rules of Procedure set out in Annex X to this report;
11. Adopted the Additional Rules of Procedure of the Board relating to the overriding authority of the Governing Instrument set out in Annex XI to this report;
12. Requested the Co-Chairs to consider the matter of formal voting and report back to the Board at its June 2013 meeting;
13. Requested the Interim Secretariat, under the guidance of the Co-Chairs, to prepare a document on the participation of advisers for the June 2013 Board meeting;
14. Requested the Interim Secretariat, under the guidance of the Co-Chairs, to prepare a document on information disclosure, including webcasting, for the June 2013 Board meeting;
15. Requested the Interim Secretariat to publish the rules of procedure, as adopted, in a consolidated manner.

The Board,

Mindful of the need for a comprehensive travel policy,

1. Decided that until the adoption of such a policy, the full cost of travel and daily subsistence allowance1 of the Board members and alternate members from eligible2 developing countries to attend Board meetings, or any ancillary meetings decided by the Board, will be provided from the administrative budget of the Fund;
2. Further decided that the cost of travel and daily subsistence allowance of the Co-Chairs and Board members or alternate members nominated by the Board to represent the Fund will be provided from the administrative budget of the Fund, when traveling on Fund- related business, subject to authorization by the Board;
3. Noted that other than for travel and daily subsistence allowance, Board members and alternate members will not receive any compensation from the Fund for their participation in the meetings of the Board;
4. Decided to consider funding of travel expenses of advisers and/or active observers in the context of the Fund’s overall travel policy; and
5. Requested the Interim Secretariat to present to it at its September 2013 meeting a working document setting out a draft travel policy for the Fund, for approval by the Board, to be applied for funding the travel of Board members, alternate members, advisers, active observers and staff of the independent Secretariat.

The Board

Approved the Guidelines relating to the observer participation, accreditation of observer organizations and participation of active observers set out in the Annex XII to this report.

The Board, having reviewed the Draft Headquarters Agreement,

1. Took note of the Draft Headquarters Agreement between the Republic of Korea and the Green Climate Fund;
2. Requested the Interim Secretariat, under the guidance of the Co-Chairs, to finalize the Draft Headquarters Agreement between the Republic of Korea and the Green Climate Fund in consultation with the Government of the Republic of Korea;
3. Authorized its Co-Chairs to sign, on behalf of the Fund, the Headquarters Agreement between the Republic of Korea and the Green Climate Fund;
4. Further authorized the Executive Director, once appointed, to sign, after consultation with the Co-Chairs, on behalf of the Fund, supplementary agreements with the relevant authorities of the Republic of Korea as identified in the Headquarters Agreement between the Republic of Korea and the Green Climate Fund;
5. Authorized the Co-Chairs to sign, on behalf of the Fund, supplementary agreements with the relevant authorities of the Republic of Korea as identified in the Headquarters Agreement between the Republic of Korea and the Green Climate Fund.

The Board, having reviewed document GCF/B.01-13/06 Green Climate Fund Communication and External Representation,

1. Approved the scope of further work on communication outlined in Annex XIII to this document;
2. Requested members and alternate members of the Board to provide inputs by 15 March 2013 for the finalization of the communication products included in Annex III of document GCF/B.01-13/06 by the Interim Secretariat under the guidance of the Co-Chairs;
3. Requested the Interim Secretariat to prepare a concept note on the development of a communication strategy for the Fund, based on guidance provided by the Board, for consideration at the June 2013 Board; and to provide a draft communication strategy for the consideration of the Board at its September 2013 meeting;
4. Took note of the guidance on representation at external events outlined in Annex V of document GCF/B.01-13/06;
5. Decided that financial sponsorship of events should initially be discouraged, and appropriate and relevant requests for partnership in external events, with no associated financial commitment, should be considered by the Board on a no-objection basis;
6. Decided that the approach to Fund’s representation at future meetings of the Technology Executive Committee and on the Advisory Board of the Climate Technology Centre and Network is interim, pending the development of a broader Fund strategy on engagement with UNFCCC and external bodies;
7. Decided that the selection of a Board representative in response to the ad hoc requests for Board’s representation at future meetings of the Technology Executive Committee be guided by paragraph 8 of Annex IV to this report (Additional Rules of Procedure relating to the Co-Chairs);
8. Decided that the selection of a Board representative on the Advisory Board of the Climate Technology Centre and Network be undertaken intersessionally, once further clarity on the role, expectations and time commitment is provided by UNEP.

The Board, having reviewed document GCF/B.01-13/11 Business model framework of the Green Climate Fund:

1. Took note of, and welcomed, the work of the business model framework team, comprised of six Board members/alternate members, formed at its second meeting under decision B.02-12/03, in the preparation of the detailed terms of reference for a consultancy on the business model framework of the Green Climate Fund, as contained in the Annex of document GCF/B.01-13/11;
2. Noted that the following areas of convergence on the business model framework of the Fund are consistent with the Governing Instrument, namely that the Fund will be ambitious, flexible and scalable, have a country-driven and owned approach, employ direct access and other access modalities, and leverage additional public and private resources through the operational modalities of the Fund, including through the private sector facility;
3. Further noted convergence that the Fund should also:
   
   1. Recognize that a country driven approach is a core principle to build the business model of the Fund;
   2. Commence as a fund that operates through accredited national, regional and international intermediaries and implementing entities;
   3. Focus initially on grants and concessional lending, and employ additional financial instruments as necessary to effectively achieve the objectives of the Fund;
   4. Enhance transparency and accountability;
4. Decided that the areas of the business model framework set out in Annex XIV to this report should be the focus of further analysis and work to develop options for consideration by the Board at its June 2013 meeting;
5. Decided that the areas of the business model framework set out in Annex XV to this report should be the focus of further analysis and work to develop options for consideration by the Board at its September 2013 meeting;
6. Requested the Interim Secretariat, under the guidance of the Co-Chairs, to draw from, and build on, the work on the terms of reference for a consultancy on the business model framework of the Green Climate Fund to develop the parameters for the work set out in Annexes XIV and XV to this report;
7. Requested the Co-Chairs to work with the Interim Secretariat to ensure that there is overall coherence within the development of the business model framework work, as well as coherence between the business model framework work and the broader work plan of the Board;
8. Requested thereafter that the business model framework team provides guidance on the work set out in Annexes XIV and XV to this report and coherence, and report to the Board at its June and September 2013 meetings;
9. Requested the Interim Secretariat to undertake the work set out in Annexes XIV and XV to this report with the assistance of consultants, and reflect upon the views expressed at the March 2013 Board meeting and in submissions on the business model framework by the members and alternate members of the Board and observers;
10. Decided to authorize the Interim Secretariat, if necessary, to organize one or several meeting/s of the business model framework team to review the Board documents, under the guidance of the Co-Chairs, prior to the June and September 2013 Board meetings;
11. Decided to authorize the Interim Secretariat to organize an informal discussion on the business model framework documents one day prior to the June and September 2013 Board meetings;
12. Acknowledged that an amount of US$ 600,000 from the administrative budget of the Fund for the period from 1 November 2012 to 31 December 2013, as amended in this decision, may be used for the completion of the work set out in Annexes XIV and XV to this report;
13. Requested the Interim Secretariat, under the guidance of the Co-Chairs, to ensure that expenditure under this decision is efficient and cost-effective and to seek the Co-Chairs’ approval if there is a requirement to exceed the amount of US$ 600,000, noting the Co-Chairs may approve a larger allocation of funding for this work, provided that it can be accommodated within the administrative budget of the Fund for the period from 1 November 2012 to 31 December 2013, as amended in this decision;
14. Approved the administrative budget for the Fund for the period from 1 November 2012 to 31 December 2013, as adopted in decision B.02-12/06 for the Interim Secretariat, and specifically the amount allocated for consultancies, be increased by US$ 150,000;
15. Invited contributions to the Green Climate Fund Trust Fund; and
16. Authorized the Interim Trustee to make additional cash transfers of US$ 150,000 from the Green Climate Fund Trust Fund to the UNFCCC secretariat for the Interim Secretariat for this purpose, subject to available resources in the Green Climate Fund Trust Fund, as determined by the Interim Trustee.

The Board, having considered document GCF/B.01-13/05 Progress Report of the Executive

Director Selection Committee,

1. Approved the terms of reference, including the job description and qualifications, for the Executive Director set out in Annex XVI to this report;
2. Authorized the Interim Secretariat to advertise the vacancy announcement.

The Board, having reviewed document GCF/B.01-13/04 Administrative Policies of the Independent Secretariat,

1. Requested the Interim Secretariat to further explore the feasibility of the options presented in document GCF/B.01-13/04, including a United Nations common system, a multilateral development bank system and a United Nations common system – multilateral development bank system hybrid option based on the International Fund for Agricultural Development and the Asian Development Bank, in its further work on preparing the administrative policies of the independent Secretariat and prepare a working document for an intersessional decision by the Board on a no-objection basis;
2. Decided that, upon an intersessional agreement of the Board, all necessary documents to this effect will be commissioned during the course of the next months and be ready for consideration by the Board at its next meetings in line with the timetable set out in Annex XVII to this report to ensure the transition from the Interim Secretariat to the independent Secretariat by December 2013;
3. Decided that, should the Board not agree intersessionally to an option for the administrative policies of the independent Secretariat, the matter be brought forward to the Board for consideration at its June 2013 meeting.

The Board, having reviewed document GCF/B.01-13/07 Resource mobilization for the Green Climate Fund,

Approved the scope of further work set out in Annex XVIII to this report.

The Board, having reviewed document GCF/B.01-13/08 Modalities for Readiness and Preparatory Support,

1. Adopted the scope of further work on the modalities for readiness and preparatory support set out in Annex XIX of document GCF/B.01-13/08;
2. Decided to explore options for making short-term progress on readiness, including, given the availability of resources, to initiate work on operationalizing a readiness phase, including on:
   
   1. identifying and engaging with existing initiatives and programmes on readiness and preparatory support in order to enhance learning and ensuring coherence, including a possible workshop;
   2. identifying short-term initiatives to support readiness and preparatory support; and
   3. assessing available information on readiness and preparatory support needs and gaps;
3. Invited countries to provide additional resources to the administrative budget of the Fund.

The Board, having reviewed document GCF/B.01-13/10 Arrangements between the Conference of the Parties to the United Nations Framework Convention on Climate Change and the Green Climate Fund,

1. Recognized that the provisions contained in Article 11, paragraph 3, and decision 3/CP.17 of the of the United Nations Framework Convention on Climate Change and the Governing Instrument form the basis for arrangements between the Conference of the Parties and the Green Climate Fund, and that the Standing Committee on Finance and the Board develop the arrangements between the Conference of the Parties and the Green Climate Fund, consistent with decision 7/CP.18 of the Conference of the Parties at its eighteenth session;
2. Took note of the outcome of the Standing Committee on Finance discussion on the arrangements between the Conference of the Parties and the Green Climate Fund, as communicated by the Co-Chairs of the Standing Committee on Finance;
3. Decided that the Co-Chairs be mandated to develop, in accordance with paragraph 1 of decision 7/CP.18, the draft arrangements between the Conference of the Parties and the Green Climate Fund with the Co-Chairs of the Standing Committee on Finance;
4. Further decided that the draft arrangements between the Conference of the Parties and the Green Climate Fund be presented for consideration at the June 2013 Board meeting to be further developed for adoption at the September 2013 meeting for presentation to the Conference of the Parties at is nineteenth session for agreement.

The Board, having reviewed document GCF/B.01-13/09/Rev.01 Logo of the Green Climate Fund,

1. Requested the Interim Secretariat to launch an international competition inviting art and design schools and universities worldwide, and the broader public through the Fund’s website, to submit a proposal for a logo of the Fund that depicts its ideals and character. In order to attract youth participation, an age limit of 25 years will apply;
2. Agreed that the purpose of launching this competition will be to raise awareness:
   
   1. Of the Green Climate Fund;
   2. Of challenges and threats posed by climate change, in particular among the young generation;
3. Agreed that the logo of the Fund should:
   
   1. Reflect the resolve of the international community to address and overcome climate change;
   2. Reflect the inclusive and distinct institutional character of the Fund which involves States, private sector and civil society, working together to address the challenge of climate change;
   3. Be in line with the objectives of the Fund to achieve a new paradigm through low- emission and climate-resilient development pathways;
4. Requested the Interim Secretariat to develop a set of rules for the competition;
5. Requested the Co-Chairs to address a letter, containing an entry form, rules of the competition, and information regarding the work of the Fund, to the heads of such schools and universities, requesting them to inform and invite interested individuals to design the logo of the Fund. Such letters will also be addressed to the ministers of environment and/or climate change to ensure the widest possible circulation of the invitation. The same information will be posted on the Fund’s website;
6. Decided that:
   
   1. Entries for the logo of the Fund should be received by the Interim Secretariat no later than 30 June 2013;
   2. The Board, at its June 2013 meeting, will constitute a Selection Panel, supported by the Interim Secretariat, comprising:
      • Three members/alternate members from the developed countries and three members/alternate members from the developing countries;
      • A representative of civil society;
      • A representative of the private sector;
      • A well-known graphic designer, by invitation and on a pro-bono basis, with substantial experience in designing logos; and
      • The Director of the Interim Secretariat.
   3. The Interim Secretariat, in accordance with the rules of the competition, will present a shortlisted set of 100 entries to the Selection Panel for it to assess and make a recommendation to the Board at its September 2013 meeting;
7. Decided that the set of rules will also be used by the selection panel to evaluate submissions and make a decision based on pre-selected criteria. The winner will be announced during the September 2013 Board meeting;
8. Agreed that the cost of travel and up to two days of accommodation for the individual/group (maximum two persons) or its representative whose logo proposal is selected by the Board to attend a presentation will be borne from the administrative budget of the Fund;
9. Agreed that the approved logo of the Fund and the name of the individual/group who designed it will be displayed at the headquarters of the Fund.

The Board

1. Decided that its second meeting in the year 2013 will take place in Incheon City, Republic of Korea, on 25-28 June 2013; and
2. Decided that its third meeting in the year 2013 will take place on 4-6 September 2013, with preparatory meetings on 3 September 2013, at a venue to be confirmed.

The Board:

1. Approved the report of the first meeting of Board as contained in Annex II to document GCF/B.02‐12/11, with amendments (subsequently issued as document GCF/B.01‐12/10);
2. Agreed to publish the report of the first meeting of the Board on the Green Climate Fund website.

The Board:

1. Approved paragraph 3 of Annex III (Additional Rules of Procedure relating to Co‐Chairs) to document GCF/B.02‐12/02;
2. Decided, in accordance with the recommendations from the team on Additional Rules of Procedure, to organize a meeting of the team to continue their work one day prior to the third Board meeting.

The Board:

1. Agreed to take decisions with an aim to finalize the Fund’s business model and consider each related matter in detail as part of the Board’s work plan until the end of 2013;
2. Agreed in principle to the elements of the Board’s work plan until the end of 2013, as set out in Annex IV to document GCF/B.02‐12/03;
3. Agreed to the indicative priority matters in the work plan until the end of 2013, as set out in Annex III to this report;
4. Agreed to the indicative timeline for the Board’s work plan until the end of 2013, as set out in Annex IV to this report, noting that the Board will manage the timeline on a meeting‐by‐ meeting basis;
5. Agreed to the list of matters for consideration at its next meeting as outlined in Annex V to this report;
6. Requested the Interim Secretariat to prepare documents listed in Annex VI to this report for the first Board meeting in 2013;
7. Requested the team of six Board members/alternate members to facilitate the preparation of the documents on the business model framework. These Board members/alternate members are: Mr. Arnaud Buisse, Mr. Nick Dyer, Mr. Derek Gibbs, Mr. Kjetil Lund, Mr. Tosi Mpanu Mpanu and Ms. Adriana Soto.

The Board:

1. Decided by consensus to select Songdo, Incheon City, Republic of Korea, as the host city of the Fund;
2. Agreed to present this decision for endorsement to the Conference of the Parties (COP) of the United Nations Framework Convention on Climate Change (UNFCCC) at its eighteenth session.

The Board:

1. Approved the Standard Provisions applicable to the Green Climate Fund Trust Fund in Annex II to document GCF/B.01‐12/05/Rev.01;
2. Approved the Transfer Agreement under the Green Climate Fund Trust Fund (MTO No. 069022) with the UNFCCC secretariat in connection with the Interim Secretariat in Annex III to document GCF/B.01‐12/05/Rev.01.

The Board, having reviewed document GCF/B.02‐12/06/Rev.01, and making a record of:

• Funds available for disbursement of US$ 2.7 million as at 19 October 2012;
• Previous pledges anticipated to be paid in of US$ 2.5 million;
• New pledges made at the meeting of US$ 1.5 million; and
• Strong commitments to additional pledges made,

1. Approved, from resources available or to be made available in the Green Climate Fund Trust Fund (GCFTF), the administrative budget of the Fund for the period from 1 November 2012 to 31 December 2013 of US$ 7,481,000, as set out in Table 2 of document GCF/B.02‐12/06/Rev.01;
2. Authorized the Interim Trustee to make cash transfers from the GCFTF to the UNFCCC and Global Environment Facility (GEF) secretariats as the Interim Secretariat, and to the World Bank as the Interim Trustee, in accordance with the administrative budget of the Fund approved by the Board, subject to adjustment based upon revised costs and expenditures to be incurred. In the event the Interim Trustee determines that the amount of available resources in the GCFTF will be insufficient to cover the total estimated budgets specified in (a) above, the Board authorizes the Interim Trustee to make cash transfers to the Interim Secretariat and the Interim Trustee up to the pro rata amount of available resources in the GCFTF to cover such total estimated budget as determined by the Interim Trustee;
3. Authorized the Interim Secretariat to recruit staff for the period from 1 November 2012 to 31 December 2013, in accordance with the administrative budget of the Fund approved by the Board and subject to availability of resources, by:
   
   1. Issuing fixed term contracts up to December 2013;
   2. Further staff assignments from the UNFCCC and GEF secretariats;
   3. Reimbursable secondments of experts from relevant institutions; and/or
   4. Hiring consultants for extended periods of time;
4. Took note of the supplementary information presented in the document, including on the status of financial resources in the GCFTF.

The Board:

1. Took note of the information presented in document GCF/B.02‐12/07;
2. Requested the Board members to submit any comments they may have on the document to the Interim Secretariat no later than 3 November 2012.

The Board:

1. Decided to establish an Executive Director Selection Committee consisting of six Board members (H.E. Mr. Jan Cedergren, H.E. Mr. Ernesto Cordero Arroyo, Mr. Omar El‐Arini, H.E. Ms. Audrey Joy Grant, Mr. Manfred Konukiewitz and Mr. Alexey Kvasov ) that will oversee the selection process and make recommendations to the Board;
2. Agreed to request the Executive Director Selection Committee to:
   
   1. Agree to revise the draft terms of reference for the Executive Director (Annex III of document GCF/B.02‐12/08), taking into account written comments received from Board members, which will be provided no later than 3 November 2012;
   2. Decide the selection process for the Executive Director, considering the most effective and efficient approach, including whether an executive search firm is required to assist in the process;
   3. In the event that an executive search firm is the option of choice, agree on the terms of reference for the search firm, and provide guidance to the Interim Secretariat to identify a suitable firm in a cost‐effective manner, for approval by the Selection Committee;
   4. Approve the text and media for disseminating the advertisement for the Executive Director;
   5. Agree a short‐list of candidates, interview the short‐listed candidates and create a final list of three candidates without ranking for consideration by the Board, at its third meeting;
   6. Incur expenses of up to US$ 200,000, ensuring expenditure is efficient and cost‐effective. If there is a requirement to exceed this amount, the Selection Committee will seek the Co‐Chairs’ approval; and
   7. Keep the Board informed of progress, including a report to the third meeting addressing action in relation to sub‐paragraphs (i)‐(vi) above.

The Board:

1. Requested the Co‐Chairs, assisted by the Interim Secretariat, to finalize the Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change in Annex II to document GCF/B.02‐12/09, taking into consideration the comments and amendments made at the meeting, and forward it to the UNFCCC secretariat;
2. Authorized the Co‐Chairs to present the report to the COP.

The Board:

1. Noted the need for further work and consultations and requested the Interim Secretariat to prepare a working document on these issues for discussion at its next meeting;
2. Invited its members to send comments on the issues raised at this meeting or additional issues to the Interim Secretariat by 30 August 2012, so that they can be addressed in the working document;
3. Agreed, on a provisional basis, that the Co‐Chairs, when chairing the meeting, may designate their alternates to act on their behalf and take their seats and that this arrangement would not set a precedent and will be replaced by more permanent arrangements at the next Board meeting under the additional rules of procedure.

The Board:

1. Agreed, on an ad hoc basis, to provisionally invite four active observers to participate in its meeting and to each make a statement on the issues that are on its agenda;
2. Requested the Interim Secretariat to prepare a policy document on how to operationalize paragraph 16 of the Governing Instrument and invited its members to provide their views on this issue to the Interim Secretariat and observers present at the meeting to contribute as well. Input should reach the Interim Secretariat by 30 August 2012.