The Board of the GCF, at its thirteenth meeting, decided that GCF’s participation in a tranche will be subject to an independent third party advice on risk, except when GCF’s participation in a tranche is aligned with all terms and conditions of the AE other than pricing. It further decided that in case the GCF takes the position of the largest contributor (e.g. is the largest debt holder) or the largest financier in its tranche, the Secretariat shall seek an expert opinion from an independent and reputable third party on the risks of the investment decision and that this advice will also include an assessment of the capacity that will be needed to manage such a position.