Boardroom

The Board,

Decides to defer its consideration of the performance criteria and measurement procedure of the Heads of the Accountability Units to the thirteenth meeting of the Board.

The Board, having reviewed document GCF/B.12/22 titled “Appointment of additional experts of the independent Technical Advisory Panel”,

1. Endorses the nomination by the Investment Committee of the following experts of the independent Technical Advisory Panel (the Panel) for one term:
   
   1. Mr. Felix Dayo (Nigeria);
   2. Ms. Marina Shvangiradze (Georgia); and
   3. Mr. Daniel Nolasco (Canada/Argentina);
2. Notes that the endorsed candidates have been informed of the Fund’s policy on ethics and conflicts of interest for external members of the Green Climate Fund panels and groups, and that they will be bound by the policy upon the endorsement under paragraph (a) above;
3. Also notes that the endorsed candidates have provided a list of their respective current functions and roles and have stated that they do not have any current conflict of interest;
4. Further notes that, with the candidates endorsed at this meeting, the composition of the Panel deviates on an exceptional basis from the geographical balance between developed and developing countries approved in decision B.09/10, paragraph (a);
5. Decides that the matter of the composition of the Panel, including balance in terms of geographical and technical expertise coverage, will be included as part of the review of the structure and effectiveness of the Panel requested by the Board through decision B.10/09, paragraph (d); and
6. Notes that each Panel member will be subject to regular performance evaluations, consistent with the Fund’s practice for external members serving on panels and groups of the Fund.

The Board, having considered document GCF/B.12/03/Rev.01 titled “2016 Work Plan of the Board: proposal from the Co‐Chairs”,

1. Approves the Work Plan of the Board for 2016, as set out in annex II to document GCF/B.12/03/Rev.01; and
2. Requests the Co‐Chairs to update the Work Plan following each meeting of the Board.

The Board,

1. Requests the Secretariat to prepare a document for consideration by the Board at its thirteenth meeting that outlines the Fund’s approach for ensuring complementarity and coherence with other institutions in accordance with paragraphs 33 and 34 of the Governing Instrument for the GCF and relevant guidance from the Conference of the Parties;
2. Also requests the Secretariat to prepare a document for consideration by the Board at its fourteenth meeting that outlines ways to provide support pursuant to the existing Fund modalities, for facilitating access to environmentally sound technologies in developing countries, and for undertaking collaborative research and development for enabling developing countries to enhance their mitigation and adaptation action;
3. Further requests the Secretariat to present a document for consideration by the Board at its thirteenth meeting on how the Fund may wish to support the Cancun Adaptation Framework and relevant adaptation planning articles of the Paris Agreement;
4. Also requests the Secretariat to provide a document for consideration by Board at its fourteenth meeting, allowing for the operationalization of results‐based payments for activities referred to in United Nations Framework Convention on Climate Change decision 1/CP.16, paragraph 70, consistent with United Nations Framework Convention on Climate Change decision 9/CP.19 and in accordance with Board decision B.08/08;
5. Further requests the Secretariat to provide a document, for the consideration of the Board at its fifteenth meeting, regarding alternative policy approaches, such as joint mitigation and adaptation approaches for the integral and sustainable management of forests consistent with United Nations Framework Convention on Climate Change decision 16/CP.21, paragraph 6, and United Nations Framework Convention on Climate Change decision 7/CP.21, paragraph 25;
6. Invites the Private Sector Advisory Group to make recommendations on the mobilization of private sector finance to progress the Fund’s forestry‐related result areas for consideration by the Board at its fifteenth meeting in 2016.

The Board,

1. Requests the Co‐Chairs to consult with Board members and alternate Board members on the establishment of an Appointment Committee as a standing committee of the Board and to present, for consideration by Board, the outcomes of their consultations no later than the fifteenth meeting of the Board; and
2. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Requests the Co‐Chairs to undertake consultations with the Board on the first formal replenishment process of the Green Climate Fund, and present a report on the outcomes of these consultations to the Board no later than its fourteenth meeting;
2. Also requests the Co‐Chairs to present their initial observations on the first formal replenishment process at the thirteenth meeting of the Board;
3. Further requests the Secretariat to support the Co‐Chairs to prepare documentation related to the design and development of the first formal replenishment process; and
4. Requests the Secretariat to support the Co‐Chairs to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board, having considered the views of Board members contained in the document titled “Compilation of submissions ‐ simplified processes for approval of proposals for certain activities, in particular small‐scale activities”,1

1. Requests the Co‐Chairs to consult the Board with a view to presenting for consideration and adoption by the Board, the outcome of their consultations related to simplified processes for the approval of proposals for certain activities, in particular small‐scale activities, at its thirteenth meeting;
2. Also requests the Secretariat to support the Co‐Chairs in the preparation of the documentation related to the consideration by the Board of a simplified approval process; and
3. Requests the Secretariat to support the Co‐Chairs to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Requests the Co‐Chairs to consult with a view to presenting, for consideration by the Board, further options for decision‐making in the absence of consensus no later than its fifteenth meeting; and
2. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Requests the Co‐Chairs to consult with a view to presenting, for consideration by the Board, matters related to the guidelines to determine in which cases decisions may be taken without a Board meeting, no later than its fifteenth meeting; and
2. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Requests the Co‐Chairs to consult with a view to presenting, for consideration by the Board, the Travel policy of the Fund no later than its fourteenth meeting; and
2. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Requests the Co‐Chairs to consult with fellow Board members and alternate Board members, active observers and accredited observer organizations in relation to the comprehensive review of the participation of observers in the activities of the Board, with a view to presenting, for consideration by the Board, the terms of reference for this review no later than the thirteenth meeting of the Board;
2. Invites observer organizations to submit to the Secretariat views on the terms of reference for the review by 10 April 2016;
3. Requests the Secretariat to support the Co‐Chairs in the preparation of the terms of reference and to undertake the review for consideration by the Board at its fifteenth meeting; and
4. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

1. Decides to defer the annual review of financial terms and conditions to its sixteenth meeting, which will be held in 2017; and
2. Requests the Investment Committee to provide the draft terms of reference for the annual review for consideration by the Board at its fifteenth meeting.

The Board,

1. Decides to review the gender policy and gender action plan at its fifteenth meeting, which will be held in December 2016; and
2. Requests the Secretariat to provide the draft terms of reference of the review for consideration by the Board at its thirteenth meeting.

The Board,

1. Decides to defer its consideration of the policy regarding the cases in which the high‐level concessional terms and the low‐level concessional terms for public sector proposal will apply, no later than its sixteenth meeting, which will be held in 2017, noting that in the interim they will be applied on a case‐by‐case basis per decision B.09/04 and annex III to decision B.05/07;
2. Requests the Co‐Chairs to consult with Board members and alternateBoard members, the Risk Management Committee, the Investment Committee and external stakeholders, including accredited entities, in order to provide a recommendation based on lessons learned from the current application of financial terms and conditions, to the extent available, and in line with the set of guiding principles and factors for determining terms of financial instruments as outlined in annex III to decision B.05/07, for consideration by the Board at its fifteenth meeting; and
3. Requests the Co‐Chairs with the support of the Secretariat to summarize the outcome of their consultations and to propose a draft decision in a written report to be transmitted to the Board in line with the Rules of Procedure of the Board.

The Board,

Decides to defer the annual scaling review till 2017 and requests the Co‐Chairs to include this matter in the Work Plan for 2017.

The Board, having considered document GCF/B.12/16 titled “Performance review of the Executive Director, report from the Executive Director Performance Review Committee”,

Takes note of the documents titled “Summary report of the performance review of the Executive Director of the independent Secretariat of the Green Climate Fund”, “Lessons learned through the Executive Director performance review”, “360 degree feedback Report conducted by the independent firm” and “Executive Director self‐assessment (July 2013 to end‐December 2015)” shared as confidential documents with Board members and alternate Board members on the grounds that these documents contain personal information.

The Board, having considered document GCF/B.12/06 titled “Report on the development of the draft Strategic Plan for the Green Climate Fund: Submission from the ad hoc group of Board/Alternate members”,

1. Endorses the Strategic Plan for the Green Climate Fund, which is a living document, as contained in annex I, as the initial GCF Strategic Plan to guide the Board in addressing policy gaps and programming the Fund’s resources of the Initial Resource Mobilization period between 2015 and 2018 and to invest the Fund’s resources in transformational climate actions in a country‐driven manner;
2. Resolves to swiftly implement the Strategic Plan in order to meet the Board’s aspirational approvals target for 2016 and to scale up the Fund’s investments in ambitious climate action;
3. Requests the Secretariat, under the Co‐Chairs’ guidance, to integrate the operational priorities and action plan included in the Strategic Plan in the Work Plan for 2016, and subsequent Work Plans;
4. Requests the Secretariat to take all steps necessary to implement the action plan in a gender‐responsive manner, and report at each Board meeting on progress achieved;
5. Notes that the implementation of the operational priorities and action plan will be guided by the Governing Instrument for the GCF, including the objective and principles laid out therein;
6. Requests the committees, panels and groups of the Board to include the actions outlined in the Strategic Plan in their respective deliberations and work programmes, as appropriate, throughout the Initial Resource Mobilization period, and to present these work programmes for consideration at the thirteenth meeting of the Board;
7. Acknowledges that the strategic priority matters as expressed by Board members during the discussion at the twelfth meeting of the Board, which will be recorded, will be considered in the course of the implementation of the Strategic Plan, and urges the Co‐ Chairs, committees, groups and panels, and the Secretariat to consider these matters;
8. Welcomes the decision reached at the twenty‐first session of the Conference of the Parties that the GCF, as an operating entity of the Financial Mechanism of the Convention, will serve the Paris Agreement;
9. Requests the Secretariat to present, for consideration by the Board at its thirteenth meeting , a proposal on how the Fund could support the implementation of the Paris Agreement and related decisions of the Conference of the Parties; and
10. Decides to review the Fund’s Strategic Plan as part of each replenishment process with a view to revising the strategic vision, if and as needed, and to update the core operational priorities and underlying action plan for the coming replenishment cycle, taking into account evolving priorities, including guidance from the Conference of the Parties and relevant reports from the independent evaluation unit.

The Board,

1. Takes note of the report of the Accreditation Committee on its progress to develop a strategy on accreditation, as contained in annex II; and
2. Decides to defer its consideration of the strategy on accreditation to the thirteenth meeting of the Board.

The Board, having reviewed the proposition of the Executive Director Selection Committee,

1. Notes the decision of the Executive Director to complete her current term in office, and not to seek an appointment for the second term at the end of the three‐year term;
2. Acknowledges with appreciation the contributions of the Executive Director to the establishment of the Fund’s Secretariat at its headquarters in Songdo, Republic of Korea, and the operationalization of the Fund, including the significant role of the Executive Director in the Initial Resource Mobilization process; and looks forward to working with the Executive Director until the completion of her term;
3. Requests the Co‐Chairs to agree a set of objectives with the Executive Director to cover the remainder of the term, and to share them with the Board;
4. Establishes the ad hoc Executive Director Selection Committee as an ad hoc committee of the Board in accordance with paragraphs 2(g) and 30 of the Rules of Procedure of the Board;
5. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex III;
6. Requests the Executive Director Selection Committee to develop a performance framework for the Executive Director;
7. Appoints as members of the Executive Director Selection Committee:
   
   1. Mr. Omar El‐Arini;
   2. Mr. Anton Hilber;
   3. Ms. Caroline Leclerc;
   4. Mr. Leonardo Martinez‐Diaz;
   5. Mr. Jorge Ferrer Rodriguez; and
   6. Mr. Ayman Shasly;
8. Adopts the updated terms of reference of the Executive Director as set out in annex IV;
9. Adopts the selection process for the Executive Director as set out in annex V;
10. Takes note of the indicative timeline of the entire process for the appointment of the Executive Director as set out in annex VI;
11. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
12. Endorses the terms of reference of the independent executive search firm as set out in annex VII; and
13. Approves a budget increment for 2016 for the selection of the Executive Director, including the costs of the independent executive search firm as set out in an annex, which has been shared as limited distribution.

The Board,

1. Requests the Secretariat to review the initial proposal approval process taking into account the views expressed at the twelfth meeting of the Board, and to present, for consideration by the Board at its fifteenth meeting, the outcome and recommendations from the review; and
2. Invites submissions, no later than 10 April 2016, from Board and alternate Board members, observers, accredited entities, national designated authorities/focal points, and delivery partners, in relation to the review and in accordance with decision B.11/11, paragraph (j), as well as paragraphs (c) and (d).

The Board, having considered document GCF/B.12/Inf.06/Add.02 titled “Progress and outlook report of the Readiness and Preparatory Support Programme – addendum project preparation funding application”,

1. Takes note of the project preparation funding application for the Rural Green Economy and Climate Resilient Development Programme (by the Ministry of Natural Resources of Rwanda), as contained in document GCF/B.12/Inf.06/Add.02;
2. Also takes note of the assessment of the Secretariat in accordance with decision B.11/11, paragraph (l); and
3. Approves the amount of USD 1.5 million in grants for the project preparation of the programme titled “Rural Green Economy and Climate Resilient Development Programme”, submitted by the Ministry of Natural Resources of Rwanda.

The Board,

1. Requests the Secretariat to present a document, taking into consideration the views expressed by the Board at its twelfth meeting, on matters related to the scope and functioning of the Project Preparation Facility, for consideration and adoption by the Board at its thirteenth meeting; and
2. Notes that the Board will consider applications under the Project Preparation Facility once the guidelines are adopted.

The Board,

Decides to defer its consideration of the Communication strategy of the Fund to the thirteenth meeting of the Board.

The Board having considered document GCF/B.12/15 titled “Revised administrative budget and staffing of the Secretariat for 2016”,

1. Notes that the current workload is being carried out by a complement of 56 regular Secretariat staff and approximately 33 long‐term consultants, and acknowledges that this situation is unsustainable and should be addressed as a priority;
2. Further notes the need to increase the number of regular staff in the Secretariat to an approximate total of 100 by the end of 2016 and to further increase to a total of approximately 140 by the end of 2017, taking into consideration the ability of the Secretariat to recruit and absorb the increasing staff numbers, following the appropriate processes;
3. Requests the Secretariat to consider filling new positions with internal candidates where appropriate, on a priority basis;
4. Approves the following amounts additional to the approved administrative budget in decision B.11/08:
   
   1. USD 4,351,993 for staffing;
   2. USD 1,562,855 in ancillary non‐staff costs; and
   3. USD 772,640 for the administrative budget of the Board;
5. Notes that now the total administrative budget for 2016 will be USD 35,844,715, and takes note of the budgetary implications for future years;
6. Recognizes the need for further guidance from the Board on some of the Secretariat’s functions, inter alia, the appropriate level of due diligence for project proposals, and rationalization and streamlining of processes;
7. Requests the Secretariat to provide a revised version of the annual presentation of the staffing structure to inform the Budget Committee, in its review and recommendations on budget implications for 2017 and 2018, by the thirteenth meeting of the Board;
8. Also requests the Budget Committee to consult with the Secretariat and make recommendations on the administrative budgets for 2017 and 2018 by the fourteenth meeting of the Board;
9. Authorizes the Secretariat to enter into contractual obligations, from the approved budget, to ensure the continuation of the operations of the Fund beyond the current financial period; and
10. Agrees that for new decisions with additional budgetary implications, which may be taken at future Board meetings, the corresponding amounts will be considered by the Board to be added to the approved administrative budget.

The Board, having reviewed document GCF/B.12/14 titled “Status of the Initial Resource Mobilization process”,

1. Endorses that contributions pledged within, as part of, the Initial Resource Mobilization period, may be paid up to and including 2020; and
2. Also endorses (i) the terms specified in paragraph 6.4, and (ii) the payment schedule specified in paragraph 6.3 of the contribution agreement among the Kingdom of Spain, the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, dated 6 January 2016 as contained in annex VIII.

The Board, having reviewed document GCF/B.12/12 titled “Status of the Initial Resource Mobilization process: loan agreement/arrangement”,

1. Confirms the terms of the Loan Arrangement among the Government of Canada, the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, dated 9 December 2015 as contained in annex IX; and
2. Also confirms the terms of the Loan Agreement among Agence Française de Développement, acting on behalf and at the risk of the French Government, the Green Climate Fund and the International Bank for Reconstruction and Development, serving as the Interim Trustee of the Green Climate Fund Trust Fund, dated 9 December 2015 as contained in annex X.

The Board, having considered document GCF/B.12/07 titled “Consideration of accreditation proposals”,

1. Takes note with appreciation of the in‐depth assessment conducted by the Accreditation Panel contained within the relevant annexes for the following applicants:
   
   1. Applicant 021 (APL021) is the Agency for Agricultural Development of Morocco (ADA) based in Morocco, as contained in annex XI;
   2. Applicant 022 (APL022) is the Ministry of Finance and Economic Cooperation of the Federal Democratic Republic of Ethiopia (MOFEC) based in Ethiopia, as contained in annex XII;
   3. Applicant 023 (APL023) is the National Environment Management Authority of Kenya (NEMA) based in Kenya, as contained in annex XIII;
   4. Applicant 024 (APL024) is the Development Bank of Southern Africa (DBSA) based in South Africa, as contained in annex XIV;
   5. Applicant 025 (APL025) is the Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) headquartered in France, as contained in annex XV;
   6. Applicant 026 (APL026) is the HSBC Holdings plc and its subsidiaries (HSBC) headquartered in the United Kingdom of Great Britain and Northern Ireland, as contained in annex XVI;
   7. Applicant 027 (APL027) is the African Development Bank (AfDB) headquartered in Côte d’Ivoire, as contained in annex XVII;
   8. Applicant 028 (APL028) is the European Investment Bank (EIB) headquartered in Luxembourg, as contained in annex XVIII;
   9. Applicant 029 (APL029) is the International Finance Corporation (IFC) headquartered in the United States of America, as contained in annex XIX;
   10. Applicant 030 (APL030) is the Unidad Para el Cambio Rural (Unit for Rural Change, UCAR) based in Argentina, as contained in annex XX;
   11. Applicant 031 (APL031) is the International Union for Conservation of Nature (IUCN) headquartered in Switzerland, as contained in annex XXI;
   12. Applicant 032 (APL032) is the World Food Programme (WFP) headquartered in Italy, as contained in annex XXII; and
   13. Applicant 033 (APL033) is the World Meteorological Organization (WMO) headquartered in Switzerland, as contained in annex XXIII;
2. Accredits APL021, APL022, APL023, APL024, APL025, APL026, APL027, APL028, APL029, APL030, APL031, APL032 and APL033 pursuant to paragraph 45 of the Governing Instrument for the GCF, and subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant annexes for each of the applicant entities. A summary of the recommended accreditation type and conditions and remarks, if any, for each applicant is contained in annex XXIV;
3. Recalling decision B.10/06, paragraph (j), and decision B.11/10, annex I, paragraph 35, the Board underlines its expectation that accredited entities will advance the goal of the GCF to promote the paradigm shift towards low‐emission and climate‐resilient development pathways in the context of sustainable development, which includes shifting their overall portfolios in line with this direction;
4. Requests the Accreditation Panel, with the support of the Secretariat as necessary, to establish a baseline on the overall portfolio of accredited entities, including those already accredited at an earlier stage, that allows for an assessment of the extent to which the accredited entities' overall portfolios of activities, beyond those funded by the GCF, have evolved in this direction during the accreditation period;
5. Notes that the Accreditation Panel has recommended the accreditation of applicant 26 and further notes that in its review the Accreditation Panel identified a potential information gap associated with the implementation of its Global Standards programme, which overviews the applicant's progress in implementing stronger anti‐money laundering and sanctions compliance mechanisms (Global Standards);
6. Requests that the Accreditation Panel review prior to the fourteenth and sixteenth meetings of the Board, the applicant's progress in implementing its Global Standard, including a review of material external information. Further requests that the Accreditation Panel report to the Board on whether the results of these reviews would alter its recommendation to accredit the applicant;
7. Approves the accreditation of applicant 26 subject to the condition that the Board has the ability to temporarily or permanently suspend the applicant's accreditation based on the recommendation of the Accreditation Panel following its reviews;
8. Takes note that the process outlined for applicant026 applies only in this case, without prejudice to further decisions;
9. Takes note that, pursuant to decision B.08/03, paragraph (k), the Secretariat, in consultation with the Accreditation Panel, is proposing that the eligibility to apply under the fast‐track accreditation process be extended to those entities listed in annex XXV; and
10. Decides that those entities referred to in annex XXV are also eligible to apply under the fast‐track accreditation process for the standards of the GCF in accordance with decision B.08/03, paragraph (f), for entities accredited by the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate‐General for International Development and Cooperation of the European Commission (DG DEVCO).

The Board, having reviewed document GCF/B.12/23 titled “Template Accreditation Master Agreement”:

1. Takes note of the information provided by the Secretariat in document GCF/B.12/23 and of the progress made to date by the GCF in engaging with accredited entities on the execution of Accreditation Master Agreements;
2. Considers the template Accreditation Master Agreement as set out in annex XXVI adequate for completing stage III of the accreditation process;
3. Acknowledges that substantive changes from the template Accreditation Master Agreement may be necessary on a case‐by‐case basis as a consequence of negotiations with accredited entities, which will each have unique circumstances and requirements that may need to be taken into account. The Accreditation Master Agreement template should be considered flexible enough to ensure executed Accreditation Master Agreements are fit for purpose;
4. Requests the Executive Director to regard the template Accreditation Master Agreement as the basis for negotiations with accredited entities. The Executive Director will determine, in consultation with the risk and legal teams, and the Risk Management Committee, whether or not a change is considered substantive on a case‐by‐case basis, and would require Board approval;
5. Decides to approve the policy guidance, to be deemed substantive under paragraph (d) above in respect of Accreditation Master Agreements as set out in annex XXVII;
6. Requests the Executive Director, as a matter of urgency, to prioritize the execution of Accreditation Master Agreements with those entities accredited by the Board, and to remain in regular communication with the Co‐Chairs between formal meetings on progress made to that end;
7. Affirms the importance and urgency for the Fund to have adequate policies addressing fraud, corruption and other prohibited practices and policies addressing anti‐money laundering and countering the financing of terrorism;
8. Decides to adopt the General Principles on Prohibited Practices, as presented in Exhibit A of the template Accreditation Master Agreement, as the Fund’s interim policy on prohibited practices to be observed by accredited entities, and readiness partners;
9. Requests the Risk Management Committee, with the support of the Secretariat, to further develop the Fund’s Policies on prohibited practices for consideration by the Board at its fourteenth meeting;
10. Also requests the Risk Management Committee, with support of the Secretariat, to develop processes and tools to implement the Fund’s interim policy, taking into account staffing and resources; and
11. Notes that the Secretariat has been mandated to pursue, as a matter of urgency, entering into bilateral agreements with countries in which the Fund operates on privileges and immunities reflecting prudent international practice, consistent with decision B.08/24 and

The Board, having reviewed document GCF/B.12/Inf.06 titled “Progress and outlook report of the Readiness and Preparatory Support Programme,

1. Requests the Secretariat to prepare a document for consideration by the Board at its thirteenth meeting, which identifies alternative arrangements to readiness grant agreements aimed at disbursing readiness grants, including those outlined in annex VI to document GCF/B.12/Inf.06, and also identifies obstacles faced by countries;
2. Requests the Secretariat to provide advance payments up to a limit of USD 50,000 to countries or their delivery partners that have signed readiness grant agreements where, in the judgement of the Secretariat, lengthy domestic processes are required to conclude the agreement, until a decision is taken regarding paragraph (a) above;
3. Decides to defer its consideration of the review of the resource allocation of the readiness programme until its thirteenth meeting, in accordance with decision B.11/04,paragraph (h), and decision B.08/11, paragraph (h);
4. Requests the Co‐Chairs to undertake consultations with the Board, national designated authorities, focal points, accredited entities and delivery partners to present a recommendation based on paragraph (c) above, for consideration by the Board at its thirteenth meeting;
5. Decides to defer the consideration of the improvement and simplification of the process to access the readiness programme, as mandated in decision B.11/04, to its thirteenth meeting;
6. Requests the Co‐Chairs to undertake consultations with the Board, national designated authorities, focal points, accredited entities and delivery partners, and to present a recommendation on paragraph (e) above for consideration by the Board at its thirteenth meeting;
7. Decides to amend decision B.08/11, annex XVIII, section 1.1, paragraph (a), by replacing the words "two‐year period" with "one‐year period"; decision B.08/11, annex XVIII, section 1.1, paragraph (d)(i), first bullet point by replacing the words "two‐year" with "one‐year", and decision B.08/11, annex XVIII, section 1.2, (a)(iv) by replacing limitations (i) and (ii) with "an annual cap of USD 100,000 for stakeholder meetings";
8. Requests the Secretariat to present, for consideration by the Board at its thirteenth meeting, a proposal on the activities to be covered by the Readiness and Preparatory Support Programme in relation to support for accredited direct access entities. The proposal may include building their capacities in areas related to adaptation, mitigation, environmental and social safeguards, gender, and monitoring and evaluation. The proposal should take into account lessons learned about the accreditation process from the experiences of direct access entities;
9. Also requests the Secretariat, in consultation with the Co‐Chairs, to present the Country ownership guidelines as referred to in decision B.10/10, paragraph (d), for consideration by the Board at its thirteenth meeting; and
10. Also requests the Secretariat, in its progress report to the Board, to include updates on the regional workshops to be organized, on the development of regional hubs, on strengthening expertise in regions to support countries, and an overview of activities being undertaken by readiness partners.

The Board, having considered document GCF/B.12/13 titled “Further development of indicators in the performance measurement frameworks”,

1. Decides to defer consideration of further development of indicators in the performance measurement frameworks as contained in document GCF/B.12/13 to the thirteenth meeting of the Board;
2. Invites submissions from Board members and alternate Board members, as well as active observers, on document GCF/B.12/13 no later than 10 April 2016; and
3. Requests the Secretariat to facilitate a technical consultation on document GCF/B.12/13 prior to the consideration by the Board of this matter at its thirteenth meeting.

The Board, having reviewed document GCF/B.12/17 “Initial risk management framework: risk register, risk appetite update and Initial risk guidelines for credit and investment”:

1. Adopts the risk register as contained in annex XXVIII and requests the Risk Management Committee to review probability, impact and resulting priorities prior to the thirteenth meeting of the Board. The risk register will be updated at least once a year;
2. Takes note of the development of the other elements of the risk management framework;
3. Also takes note of the progress in developing the risk appetite of the GCF;
4. Reiterates that the GCF is an institution promoting the paradigm shift, in the context of sustainable development, towards low‐emission and climate‐resilient development pathways, and acknowledges that this involves taking risks that other institutions/funds may not be able or willing to take;
5. Requests the Secretariat, in consultation with the Risk Management Committee, to present the Interim risk and investment guidelines at the thirteenth meeting of the Board with revised financial instrument parameters;
6. Decides that the Interim risk and investment guidelines will expire the earlier of (i) the fifteenth meeting of the Board, or (ii) at the adoption of an updated set of risk policies and guidelines;
7. Requests the Risk Management Committee, with support from the Secretariat, to prepare and present to the Board for its consideration, no later than the fifteenth meeting of the Board, an updated set of risk policies and guidelines that include internal risk ratings methodologies, which should consider a differentiation of risks between adaptation and mitigation;
8. Further requests the Secretariat to monitor and report to the Board at each Board meeting:
   
   1. The amount of GCF funding approved;
   2. The amount of GCF funding approved plus the submitted amount for approval at the specific Board meeting;
   3. The accumulated fund disbursed by each accredited entity, country and result area, and
   4. Any changes in priorities of the risk register; and
9. Takes note that the Secretariat will produce risk manuals for the GCF financial instruments, asset and liability management, liquidity, and market risk before the end of 2016;
10. Recognizes that while the GCF monitoring and accountability framework for accredited entities as set out in annex I to decision B.11/10 requires accredited entities to provide annual performance reports, including financial management reports, to the GCF, the GCF is required to prepare financial risk management summaries on a quarterly basis pursuant to annex II to decision B.07/05. Accordingly, such summaries may only reflect the risk categories applicable to the performance and projects of accredited entities on an annual basis; and
11. Requests the Secretariat to recruit, as a matter of urgency, staff with risk management expertise.

The Board, having reviewed the document GCF/B.12/24 titled “Comprehensive information disclosure policy of the Fund”,

1. Adopts the Information disclosure policy of the Green Climate Fund as set out in annex XXIX (the “Policy”);
2. Requests the Ethics and Audit Committee, once the environmental and social management system is developed, to review the relevant disclosure requirements under the Policy and make appropriate recommendations to the Board;
3. Decides that, pending the constitution of the Information Appeals Panel, under the Policy, the Ethics and Audit Committee will fulfil such a role on a temporary basis until the Information Appeals Panel shall have become operational;
4. Decides that formal Board meetings will be webcast live until the end of 2017;
5. Requests the Secretariat to undertake a qualitative and quantitative review of the webcasting service, to include the costs involved, the views of those who have accessed it, and other information that would be useful to assess the service;
6. Notes that the Board will decide on modalities for the qualitative and quantitative review of the webcasting service no later than its sixteenth meeting, noting that data collection will begin with the first webcast; and
7. Decides that the Board will consider the review of the webcasting service no later than March 2018.

The Board, having reviewed the document GCF/B.12/25/Rev.01 titled “Term of Board Membership”,

1. Decides that the terms for members and alternate members of the Board are to be aligned to the calendar year;
2. Also decides, on an exceptional basis, without setting a precedent and for practical and pragmatic reasons only, that the current term for members and alternate members of the Board will end on 31 December 2018 and that the next term for members and alternate members of the Board will start on 1 January 2019;
3. Decides that the term of membership for members and alternate members of the Board appointed to the Accreditation Committee, the Investment Committee, the Risk Management Committee and the Private Sector Advisory Group will be three years;
4. Also decides, on an exceptional basis, without setting a precedent and for practical and pragmatic reasons only, that the current term of membership for the committees and groups referred to in paragraph (c) above and the Budget Committee established pursuant to decision B.12/37 will end on 31 December 2018;
5. Further decides that the current two‐year term for the representatives of the active observers from civil society organizations and private sector organizations formally commenced on 1 January 2016 and will end on 31 December 2017;
6. Decides to delete the text contained in Rule 7 of the Rules of Procedure of the Board and replace it with the following: “The term of the two Co‐Chairs is for one year starting on 1 January of the calendar year immediately following their election by the Board. They shall continue their functions until the term of their successors has commenced or, if later, once they have been elected”; and
7. Requests the Secretariat to publish the revised consolidated Rules of Procedure of the Board on the GCF website.

The Board, having reviewed document GCF/B.12/26 titled “Establishment of a Budget Committee of the Board”,

1. Establishes the Budget Committee as a committee of the Board in accordance with paragraph 30 of the Rules of Procedure of the Board;
2. Adopts the terms of reference of the Budget Committee as set out in annex XXX;
3. Appoints the following Board members/alternate Board members from developing countries as members of the Budget Committee for its first term: and
   
   1. Mr. Omar El‐Arini;
   2. Mr. Teimuraz Murgulia; and
   3. Ms. Diann Black‐Layne;
4. Appoints the following Board members/alternate Board members from developed countries as members of the Budget Committee for its first term:
   
   1. Ms. Caroline Leclerc;
   2. Ms. Ludovica Soderini; and
   3. Mr. Jose Delgado.

The Board, having reviewed document GCF/B.12/18 titled “Trustee arrangements, including the review of the Interim Trustee and the initiation of a process to select the Trustee of the Green Climate Fund”,

1. Takes note of the agreement to conduct a review of the Interim Trustee three years after the operation of the GCF as set out in the Governing Instrument for the GCF;
2. Requests the Secretariat to commission an independent third party to implement the review of the Interim Trustee, in consultation with and under oversight of the Risk Management Committee; and
3. Further requests the Secretariat to ensure that in undertaking the review, the independent third party:
   
   1. Develops terms of reference for the review drawing from the Governing Instrument and the contract between the Secretariat and the Interim Trustee, in consultation with the Secretariat and the Interim Trustee, and endorsed by the Risk Management Committee; and
   2. Conducts the review and provides a report for the consideration of the Board by its fourteenth meeting.

The Board, having reviewed document GCF/B12/19 titled “Extension of approval period for the Administrative guidelines on procurement”,

1. Decides to approve the continued application of the Corporate procurement guidelines on the use of consultants and the Corporate procurement guidelines for goods and services, until the Board shall have approved the revised guidelines, which should be no later than the seventeenth of the Board meeting; and
2. Authorizes the Executive Director to implement the guidelines.

The Board, having considered document GCF/B.12/21 titled “Administrative Tribunal of the Green Climate Fund”,

1. Takes note of the status of preparations and the urgent need to agree upon institutional arrangements for the Administrative Tribunal of the Green Climate Fund; and
2. Requests the Secretariat to prepare a document for consideration by the Board at its thirteenth meeting setting out the two options referred to in document GCF/B.12/21. In particular, the document should set out:
   
   1. The structure and mandate of the International Labour Organization Administrative Tribunal, a summary of its rules of procedure, the steps which the GCF must take in order to recognize the jurisdiction of the International Labour Organization Administrative Tribunal, the expected time frame for doing so and an estimate of the annual costs associated with adopting such an approach; and
   2. Other options.

The Board,

1. Affirms that the thirteenth meeting of the Board will take place from Tuesday, 28 June 2016, to Thursday, 30 June 2016, in Songdo, Republic of Korea;
2. Reaffirms that the fourteenth meeting of the Board will take place from Tuesday, 18 October 2016, to Thursday, 20 October 2016, with these dates to be confirmed at the thirteenth meeting of the Board;
3. Decides that the fourteenth meeting of the Board will take place in Quito, Ecuador;
4. Requests the Secretariat to pursue its consultations with Ecuador with a view to concluding the required legal agreement and to making the necessary arrangements;
5. Decides that the fifteenth meeting of the Board will take place from Tuesday, 13 December 2016, to Thursday, 15 December 2016, with these dates to be confirmed at the fourteenth meeting of the Board;
6. Decides that the fifteenth meeting of the Board will take place in Apia, Samoa; and
7. Requests the Secretariat to pursue its consultations with Samoa with a view to concluding the required legal agreement and to making the necessary arrangements.

The Board, having considered document GCF/BM-2016/04 titled “Clarification of Decision B.11/11 with respect to deadlines for general conditions”:

1. Recalls that eight funding proposals were approved in Decision B.11/11, subject to the general conditions in Table 1 of the Annex I to that decision,
2. Notes that general condition (iii) under the heading ‘Conditions to be met prior to the execution of the funded activity agreement’ requires that all accredited entities must obtain all final internal approvals to implement the project or programme, and an legal opinion/certificate confirming this within 120 days after Board approval,
3. Notes further that some accredited entities can only commence internal processes to fulfil condition (iii) once an Accreditation Master Agreement (AMA) has been signed by the GCF and the accredited entity in accordance with condition (i) of the same list,
4. Decides to clarify that in respect of an accredited entity, the 120 day period in condition (iii) will only commence once an AMA has been executed between the GCF and such entity.

The Board, having reviewed document GCF/BM-2016/05 titled “Appointment of members to committees of the Board”:

1. Appoints as members of the Appointment Committee:
   
   1. Kate Hughes;
   2. Diann Black-Layne; and
   3. Lars Roth.
2. Also appoints as members of the Private Sector Advisory Group, for the second term:
   
   1. Anton Hilber;
   2. Zaheer Fakir; and
   3. Ramón Méndez
3. Further appoints as members of the Investment Committee, for a term starting on 8 July 2015:
   
   1. Amjad Abdulla;
   2. Nagmeldin Goutbi Elhassan; and
   3. Christian Salas.
4. Appoints Richard Muyungi as member of the Accreditation Committee, for a term starting on 18 November 2015.
5. Also appoints Maria de los Angeles Gonzalez Miranda as member of the Risk Management Committee, for a term starting on 8 July 2015 (Given that the membership of Maria de los Angeles Gonzalez Miranda of the Board terminated on 8 March 2016, her successor, Carlos Raúl Delgado Aranda, was appointed by the Board as a member of the Risk Management Committee during the twelfth meeting of the Board on 8 March 2016).

The Board, in accordance with decision B.08/20 and through a decision taken between meetings on a no-objection basis:

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

Civil Society Organizations:

• Forest Peoples Programme (FPP)
• Freedom from Debt Coalition
• Global Greens (Verts Mondiaux)
• Indigenous Livelihoods Enhancement Partners (ILEPA)
• Labour Health and Human Rights Development
• National Council for Climate Change Sustainable Development and Public Leadership (NCCSD)
• Project Gaia, Inc (PGI)
• Rights and Resources Initiative (RRI)

Private sector organizations:

• 3BL Associates

International entities:

• International Centre for Integrated Mountain Development (ICIMOD)
• Pacific Islands Forum Secretariat (PIFS)
• Regional Community Forestry Training Center for Asia and the Pacific (RECOFTC)

The Board:

Decides that the fifteenth meeting of the Board will take place in December 2016, with the dates and venue to be confirmed at the fourteenth meeting of the Board.

The Board, having reviewed document GCF/BM-2016/01 titled “Appointment of members to Committees of the Board”:

1. Appoints as members of the Accreditation Committee, for a term starting on 18 November 2015:
   
   1. Diann Black-Layne; and
   2. Yingming Yang.
2. Appoints as members of the Appointment Committee:
   
   1. Ayman M. Shasly.
3. Appoints as members of the Executive Director Performance Review Committee:
   
   1. Jorge Ferrer Rodriguez.

The Board following on decision B.11/03 (d) and having reviewed document GCF/BM2015/13 titled “Appointment of members to the ad hoc group for the Strategic Plan for the Green Climate Fund”:

1. Appoints as members of the ad hoc group for the Strategic Plan for the Green Climate Fund:
   
   1. Mr. Amjad Abdulla;
   2. Mr. Omar El-Arini;
   3. Mr. Henrik Harboe;
   4. Mr. Leonardo Martinez-Diaz;
   5. Mr. Karsten Sach; and
   6. Mr. Christian Salas.
2. Decides that the ad hoc group for the Strategic Plan for the Green Climate Fund shall function until the earlier of:
   
   1. The twelfth meeting of the Board having ended; and
   2. The Board having decided to terminate the ad hoc group.

The Board, having considered document GCF/B.11/13 titled “Comparison of salary levels for comparable positions at other specialized global funds for the Heads of Accountability Units”:

1. Takes note of the information on the comparison of salary levels for comparable positions at other specialized global funds; and
2. Decides that the appointment level for the Heads of Accountability Units will range from IS-6 to IS-8 taking into account the candidate’s work experience, current position and educational background.

The Board, having considered document GCF/B.11/21 titled “The financial statements of the Green Climate Fund for the year ended 31 December 2014 and Annual Report 2014/15”:

1. Approves the financial statements of the Green Climate Fund (GCF) for the year ended 31 December 2014 as contained in Annex I to this decision; and
2. Takes note of the GCF Annual Report 2014/15 as contained in Annex II to this decision.

The Board, having considered document GCF/B.11/Inf.07/Rev.01 titled “Strategic plan for the Green Climate Fund (progress report)”:

1. Takes note of the submissions made by Board members and constituencies (document GCF/B.11/Inf.07/Rev.01) as requested by decision B.10/14;
2. Notes convergence on the importance and need to set out a strategic plan for the Green Climate Fund (GCF) in order to further operationalize the Governing Instrument for the GCF and guide the GCF as a continuously learning institution in further developing its operational modalities, with a view to achieving its overarching objective to promote the paradigm shift towards low-emission and climate-resilient development pathways in the context of sustainable development;
3. Also notes convergence that the strategic plan should:
   
   1. Be guided by the Governing Instrument and the objectives and guiding principles laid out therein, including the arrangements with the Conference of the Parties to the United Nations Framework Convention on Climate Change, as per decision GCF/B.05/16, as well as build on the progress already made through previous Board decisions;
   2. Be a living document to be reviewed and updated on a regular basis, as determined by the Board;
   3. Clearly articulate to the world the vision and operational priorities of the GCF, thereby making it more accessible to countries and strengthening its partnerships with national designated authorities/focal points and accredited entities;
   4. Identify opportunities, policy gaps and challenges in operationalizing these objectives and guiding principles;
   5. Present an action plan for the implementation of strategic measures to address these opportunities, gaps and challenges in order to strengthen the GCF as the distinctly transformational, high-impact, country-owned, dedicated climate fund, operating at scale; and
   6. With regard to the strategic measures referred to in paragraph (c) (v) above, place a particular focus on:
      
      1. Allowing the GCF to scale up its investments in developing countries with the objective of tapping its full potential to promote urgent and ambitious actions enhancing climate change adaptation and mitigation in the context of sustainable development, and to maximize engagement with the private sector;
      2. Setting out the approach of the GCF to programming and investing the Initial Resource Mobilization resources, while striving to maximize the impact of its funding for adaptation and mitigation, and seek a balance between the two;
      3. Ensuring that the GCF is responsive to developing country needs and priorities, while ensuring country ownership, enhancing direct access, ensuring fast disbursement, implementing a gender-sensitive approach, supporting multi-stakeholder engagement, ensuring the effective use of funds and enhancing transparency;
4. Decides to establish an ad hoc group of members of the Board/alternate members of the Board consisting of three developing country members (Mr. Omar El-Arini, two additional names to be added) and three developed country members (Mr. Henrik Harboe, Mr. Leonardo Martinez-Diaz, and Mr. Karsten Sach) to oversee and guide the Secretariat’s preparation of the strategic plan;
5. Requests the Secretariat to facilitate the work of the ad hoc group;
6. Also requests the ad hoc group of members to base their deliberations in particular on the submissions made by members and the comments made at the eleventh meeting of the Board and to ensure an inclusive engagement process with all Board/alternate members;
7. Invites members of the Board/alternate members of the Board, active observers and observer organizations to make submissions to the Secretariat on the elements contained in paragraph (c) above by 1 December 2015;
8. Requests the Secretariat to publish all submissions on the GCF website;
9. Decides to hold an informal meeting of the Board open to active observers well before the twelfth meeting of the Board that would address the strategic plan as one of the key issues for its consideration, and requests the ad hoc group to present an initial draft and guiding questions requiring further consideration by the Board as input to the informal discussions of the Board. In this regard, the Board requests the Secretariat to make the necessary arrangements; and
10. Requests the Secretariat, under the direction and guidance of the ad hoc group of members of the Board/alternate members of the Board, to present a strategic plan for the GCF for consideration and possible approval by the Board at its twelfth meeting

The Board, having reviewed document GCF/B.11/06 titled “Readiness programme implementation (progress report)”:

1. Takes note of the information presented in document GCF/B.11/06;
2. Reaffirms that readiness and preparatory support is a priority for the Green Climate Fund (GCF) in order to enhance country ownership, ensure a strong pipeline and provide sustained support for building institutional capacity to enable direct access, and emphasizes that the execution of the readiness programme should take into account different national circumstances;
3. Recalls that, in accordance with decision B.08/11, paragraph (j), progress in meeting the objectives of the readiness and preparatory support programme will be subject to an independent evaluation;
4. Underscores the importance of significantly increasing the approval and timely disbursement of resources to support developing countries in undertaking country programming processes, and strengthening national institutions from the public and private sectors to access the GCF and to build country programmes and pipelines;
5. Requests the Secretariat, in consultation with national designated authorities and focal points and readiness delivery partners, to present to the Board at its twelfth meeting a proposal to improve and simplify the process to access funds for country programming and readiness and preparatory support;
6. Decides that an additional USD 14 million is to be made available for the execution of the readiness and preparatory support programme, including the activities referred to in paragraphs (b) and (d) above;
7. Reaffirms that the GCF, through its readiness and preparatory support programme, in coordination with other programmes and channels, may support a voluntary country-driven national adaptation planning process in accordance with paragraph 40 of the Governing Instrument for the GCF and decision B.08/11;
8. Decides to review the interim readiness funding allocation system at its twelfth meeting, in accordance with decision B.08/11, paragraph (h);
9. Requests the Secretariat to present, for consideration by the Board at its twelfth meeting, a revised allocation system for readiness and preparatory support taking into account the needs and priorities of developing countries and in line with decision B.06/06; and
10. Also requests that the revised allocation system for readiness and preparatory support includes an information note on how the GCF can support developing countries in their voluntary national adaptation planning processes, including activities for which the funds can be used.

The Board, having reviewed document GCF/B.11/Inf.05 titled “Status of the Initial Resource Mobilization process”:

1. Takes note of the information presented in document GCF/B.11/Inf.05;
2. Urges contributing countries to confirm their pledges to the Green Climate Fund (GCF) in the form of fully executed contribution agreements/arrangements as soon as possible;
3. Requests the Secretariat to prepare, for consideration by the Board at its fifteenth meeting, a document for understanding and defining alternative sources of financial inputs to the GCF that would be additional to current contributions, in accordance with decision B.05/04, paragraph (f); and
4. Also requests the Secretariat to develop, for consideration by the Board at its fourteenth meeting, policies and procedures for contributions from philanthropic foundations and other non-public and alternative sources to the Initial Resource Mobilization process, in accordance with decision B.08/13, annex XIX, paragraphs 5, 6 and 7, including a due-diligence process for these contributions.

The Board:

1. Decides on the need to undertake and conclude a review of the performance of the Executive Director by the first meeting of the Board in 2016;
2. Establishes an Executive Director Performance Review Committee as an ad hoc committee of the Board in accordance with paragraphs 2(g) and 30 of the Rules of Procedure of the Board;
3. Adopts the terms of reference of the Executive Director Performance Review Committee, as set out in Annex I to this decision;
4. Appoints as members of the Executive Director Performance Review Committee:
   
   1. Mr. David Kaluba;
   2. Ms. Caroline Leclerc;
   3. Ms. Andrea Ledward; and
   4. Mr. Yingming Yang;
5. Reaffirms the terms of reference, including the job description and qualifications, for the Executive Director adopted by decision B.01-13/07 (Annex XVI to the decision), which will guide the performance review of the Executive Director;
6. Adopts the methodology for the performance review set out in Annex II to this decision;
7. Decides to engage the services of an independent external evaluation firm to support the Executive Director Performance Review Committee;
8. Endorses the terms of reference of the independent external evaluation firm, as set out in Annex III to this document;
9. Decides that the Executive Director Performance Review Committee will engage the independent external evaluation firm following a procurement process in accordance with the GCF procurement guidelines and supported by the Secretariat; and
10. Approves a budget for the performance assessment process of the Executive Director, including the costs of the independent external evaluation firm of up to USD 20,000.