B.33/09: Consideration of funding proposals
The Board, having considered limited distribution document GCF/B.33/03 titled “Status of approved funding proposals: Waiver of Board Condition for Post-investment Voting Board Seats in Investee Companies in respect of FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries)”:
- Approves the waiver of the Board condition as described in document GCF/B.33/03;
- Agrees that the following condition for FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries) that was set out in decision B.30/03, annex I, table 2: “(c) the investee company has agreed to offer a voting Board seat to CRAFT after the execution of the investment, to ensure appropriate governance” shall be modified as follows: “(c) the investee company has agreed to offer a voting Board seat or a Board observer seat to CRAFT after the execution of the investment, to ensure appropriate governance.”;
- Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the changes approved in paragraph (b) above; and
- Requests the Secretariat to develop guidelines for accredited entities to follow when conducting consultations with national designated authorities when required by the Policy on Restructuring and Cancellation, taking into account the views expressed by Board members at the thirty-third meeting of the Board and other Board meetings on the importance of active consultations with national designated authorities.