B.08/22: Trustee arrangements, including the review of the Interim Trustee and the initiation of a process to select the Trustee of the Fund

The Board, having considered document GCF/B.08/33 Trustee Arrangements, Including the Review of the Interim Trustee and the Initiation of a Process to Select the Trustee of the Fund and its addendum, document GCF/B.08/33/Add.01:

1. Decides to invite the World Bank to continue serving as the Interim Trustee until a permanent Trustee is appointed. The process to appoint the permanent Trustee should end no later than the end of 2017, to enable the permanent Trustee to commence its contractual agreement with the Fund no later than April 2018; and
2. Requests the Secretariat to:
   
   1. Submit to the Board draft terms of reference for the review of the Interim Trustee, in accordance with paragraph 26 of the Governing Instrument, by the eleventh Board meeting;
   2. Examine the option for the Fund to provide its own permanent Trustee services, including an assessment of internal capacity requirements to perform this function;
   3. Develop a list institutions/organizations which could potentially serve as permanent Trustee, including, but not limited to, a synopsis of their experience, costs and qualifications, to be submitted to the Board by the eleventh Board meeting; and
   4. Develop a methodology for an open, transparent and competitive bidding process to select a Trustee, to be submitted to the Board by the eleventh Board meeting.