B.34/21: Updated salary system

The Board, having considered limited distribution document GCF/B.34/12 titled “Salary Structure and Compensation and Benefits Benchmarking Review”:

1. Takes note of the stepwise approach indicated by the Secretariat for the creation of a GCF salary structure;
2. Requests the Secretariat to present to the Board, for consideration and adoption, a Fundwide compensation philosophy based on a benchmarked assessment of comparable organizations, no later than the thirty-sixth meeting of the Board;
3. Also requests the Secretariat, in consultation with the Budget Committee, to present to the Board for consideration and approval a GCF salary structure based upon the methodology outlined within this paper and including a framework for performance-based merit increases, no later than the thirty-seventh meeting of the Board;
4. Further requests the Secretariat, in consultation with the Budget Committee, to report to the Board on the status of the work mandate in paragraphs (b)–(c) above at the thirtyfifth meeting of the Board;
5. Approves an additional administrative budget of USD 100,000 to support a comprehensive review of the Administrative Guidelines on Human Resources;
6. Decides to repeal, with immediate effect, the provisions of the Administrative Guidelines on Human Resources pertaining to:
   1. Individual medical insurance plan;
   2. Individual life insurance plan;
   3. Post-retirement group life insurance plan;
   4. Individual dependent life insurance plan; and
   5. Force majeure protection programme; and amend related provisions accordingly, as reflected in annexes XI, XII, and XIII;
7. Adopts, with immediate effect, the amendments to the provisions of the Administrative Guidelines on Human Resources pertaining to maternity/parental leave, as reflected in annex XI;
8. Also adopts, with immediate effect, the amendment to the provision of the Administrative Guidelines on Human Resources pertaining to the Death Grant, as reflected in annex XIII; and
9. Tasks the Secretariat with undertaking a comprehensive review of the Administrative Guidelines on Human Resources, including its compensation framework, and bringing it to the Board by no later than its thirty-ninth meeting in the form of revised principles-based Administrative Guidelines on Human Resources.