By decisions taken at the June and October 2013 meetings, the Board established the Investment Committee and the Risk Management Committee (decisions B.04/08 and B.05/13, respectively). At its February 2014 meeting, the Board informally discussed progress reports on the initial investment framework and the initial financial risk management framework (documents GCF/B.06/11 and GCF/B.06/10, respectively). The informal Board discussions and subsequent feedback received from the Investment Committee and the Risk Management Committee, as well as documents submitted to the Board at prior meetings, were utilized for the preparation of this document.