This document presents an update on the steps towards selecting a Permanent Trustee and proposes a draft decision for consideration by the Board on the terms of reference of the selection process for the review of the Interim Trustee. The following points will be discussed:

• Drafting the terms of reference for the review of the Interim Trustee, following paragraph 26 of the Governing Instrument for the Green Climate Fund (GCF);
• Examining the option for the GCF to provide its own Permanent Trustee services;
• Developing a list of institutions/organizations which could potentially serve as Permanent Trustee;
• Developing a methodology for an open, transparent and competitive bidding process in order to select the Permanent Trustee; and
• The anticipated activities and the necessary documents to be submitted by the Secretariat in order to further develop, implement and finalize the selection process for the Permanent Trustee.