The independent Technical Advisory Panel (iTAP), in accordance with decision B.07/03, paragraph (f), was established to provide an independent technical assessment of and advice on funding proposals for the Board. The terms of reference approved in decision B.09/10 and revised by decision B.25/09, addresses the panel’s composition and structure, its operations, and its mandate to engage on the review of funding proposals. In its 39th meeting the Board noted the progress of the Investment Committee regarding the “Review of the structure and effectiveness of the independent Technical Advisory Panel” and recognized the evolving context of GCF work since the previous report commissioned in 2023. The Board requested the Secretariat under the guidance of the Investment Committee to commission a broad review of the objectives, role, structure, governance and operational modalities of the independent Technical Advisory Panel in supporting GCF business and Board decision-making.