Gavi Alliance Board Workplan
2023
Gavi Board Paper Type Dec Apr June Dec Mar/Apr June Nov/Dec Mar/Apr June Nov/Dec Mar/Apr June Nov/Dec
A.Strategy/Performance/Risk/MELCEO's Report CEO's Report Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion 2021-2025 Strategy Strategy, Programmes and Partnerships: Progress, Risks and Challenges Discussion Discussion Discussion Discussion Discussion Discussion Discussion 2021-2025 Strategy Gavi 5.0 Decision Measurement Framework (Targets & Indicators) Strategy, Programmes and Partnerships: Progress, Risks and Challenges Decision Innovation TBD Information Information Information Private Sector Engagement TBD Information Information Information Information Civil Society and Community Engagement Approach TBD Information Information Partners' Engagement Framework Strategy, Programmes and Partnerships: Progress, Risks and Challenges Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Disease Surveillance and Diagnostics in Gavi 5.0 TBD Decision Discussion Risk and Asurance Report Risk and Assurance Report Decision Decision Decision Decision Decision Decision 2026-2030 Strategy TBD Decision Guidance Decision Discussion Discussion Discussion Discussion Funding Policy Review TBD Decision Guidance Decision Measurement Framework (Targets & Indicators) TBD Decision Guidance Decision B.Vaccines & SustainablityTyphoid TBD Information Pneumococcal AMC (Advance Market Commitment) TBD Information Malaria Co-financing TBD Decision Decision Vaccine Investment Strategy Vaccine Investment Strategy Decision Decision Decision COVID-19 Vaccine Programme Update COVAX/COVID-19 Vaccine Programme Decision Information Information Gavi's role in Pandemic Prevention, Preparedness and Response Gavi's role in Pandemic Prevention, Preparedness and Response Decision Decision Information Gavi's role in support to Regional and African manufacturing Gavi's role in Pandemic Prevention, Preparedness and Response Decision Decision C.PolicyTransparency and Accountability Policy Decision Decision D.Country ProgrammesNigeria TBD Information Information Information Information PNG TBD Information Information Strategic Partnership with India Strategic Partnerships with India Information Post-Transition Support (e.g. Angola, Timor-Leste) TBD Information Fiduciary risk assurance and financial management capacity building Fiduciary risk assurance and financial management capacity building Decision Information Middle-Income Countries approach TBD Information Information E.Finance/Audit & Investigations Annual Accounts Annual Financial Report Decision Decision Decision Decision Decision Financial Forecast Financial Update, including forecast Decision Decision Decision Decision Decision Decision Budget Financial Update, including forecast Decision Decision Decision Decision Decision Decision Programme Funding Policy Consent Agenda Decision Treasury Governance Policy Consent Agenda Decision Treasury Risk Management Policy Consent Agenda Decision Independent Auditor Selection and Evaluation Policy Consent Agenda Decision Audit & Investigations Report Audit & Investigations Report Information Information Information Information Information Information F.GovernanceBoard Chair Appointment Consent Agenda Decision Decision Board Vice Chair Appointment Consent Agenda Decision Decision Decision Decision Committee Chair Appointments Consent Agenda Decision Decision Decision Decision Board and Committee Appointments Consent Agenda Decision Decision Decision Decision IRC Appointments Consent Agenda Decision CEO Appointment Consent Agenda Decision Decision Secretary Appointment Consent Agenda Decision Treasurer Appointment Consent Agenda Decision Appointment of MD A&I Consent Agenda Decision Amendments to Governance Documents (Statutes, By-Laws, Committee Charters) Consent Agenda Decision IRC Terms of Reference Consent Agenda Decision Audit & Investigations Terms of Reference Consent Agenda Decision Delegation of Authority Policy Consent Agenda Decision G.ReportingCommittee Chair Reports Committee Chair and IFFIm Board reports Information Information Information Information Information Information Information Information Information Information IFFIm Chair Reports Committee Chair and IFFIm Board reports Information Information Information Information Information Information Information Information Information Information Replenishment/Resource Mobilisaton Resource Mobilisation Update Discussion Discussion Discussion Discussion HR Report Closed Session Information Information Information Information Information Information Information Information Information Information Annual Report on Implementation of the Gender Policy Annex to Strategy paper Information Information Information Information Information Information CEPI Progress Report Annex to Board pack/On BE as additional materials Information Information Information Information Information Information Information Information Information Information Board and Committee minutes Annex to Board pack/On BE as additional materials Information Information Information Information Information Information Information Information Information Information H. Technical Briefing Sessions/Deep DivesEvaluation Discussion Discussion Discussion Discussion Discussion
2026 2027
Last updated - 12 June 2023
Next Board Meetings: 6-7 December 202317-18 April 2024, Retreat26-27 June 20244-5 December 2024
2024 2025

1


Board -2023 -Mtg -02-Doc 02a FR
Rapport pour le Conseil d?administration
26 -27 juin 202 3

Rapport du Directeur ex?cutif

Le 19 juin 2023
Chers membres du Conseil d?administration ,

En r?digeant ce rapport - le dernier d'une s?rie de 24 - je repense aux 12 ann?es
extraordinaires qui viennent de s'?couler. Je suis impressionn? par tout ce qu?on t
r?alis? les pays avec lesquels nous travaillons, les partenaires de l'Alliance et le
personnel du Secr?tariat , dont je salue la comp?tence et le d?vouement . Cela a ?t?
un v?ritable honneur pour moi que de contribuer ? un travail d?une telle importance
aux c?t?s de coll?gues aussi motiv?s . Je tiens ?galement ? remercier tout
particuli?rement notre Conseil d'administration, pour la confiance qu?il a accord?e ?
l'Allianc e, au Secr?tariat et ? moi -m?me au cours de toutes ces ann?es. Je vous suis
profond?ment reconnaissant pour toutes les ann?es pass?es ici avec vous tous, et je
suis particuli?rement optimiste pour l'avenir de Gavi. Je me r?jouis d'accueillir
officiellement en personne le Dr Muhammad Pate lors de notre r?union qui va se tenir
dans une semaine.

Depuis sa cr?ation, Gavi a permis de vacciner plus d'un milliard d'enfants. Si l'on
ajoute le soutien accord? directement aux pays par Gavi pour la vaccination de
routine, les campagnes de vaccination pr?ventive, la constitution de stocks de vaccins
pour la riposte aux ?pid?mies et les vaccins distribu?s par le biais de COVAX, Gavi a
permis plus de 6 milliards de vaccinations compl?tes et particip? ? plus de
700 introductions de vaccins - ce qui a permis de r?duire de 70 % le nombre de d?c?s
?vitables par la vaccination chez les enfants des pays soutenus par Gavi, et contrib u?
? r?duire de plus de 50 % la mortalit? des enfants de moins de cinq ans. Sur la base
des donn?es 2011 -2022 (celles 2022 ?tant toutefois pr?liminaires), les pays soutenus
par Gavi ont vaccin? plus de 741 millions d'enfants rien que sur les douze derni?res
ann?es , ce qui a permis d??viter ? terme 13,5 millions de d?c?s et de g?n?rer des
b?n?fices ?conomiques d?un montant de 177,7 milliards de dollars am?ricains. Par
ailleurs , 19 pays ont cess? de b?n?ficier du soutien de Gavi. Mais cela n'a pas ?t?
facile. Chaque vaccin, chaque programme, chaque d?cision a fait l?objet d?analyses et
de discussions , tout en sachant que le principal risque , c?est le plus souvent l'inaction.

? cet ?gard , et comme il est d'usage, je profiterai de ce rapport pou r faire le point sur
les six derniers mois, qui ont ?t? tr?s charg?s. C?est encore une ann?e cruciale pour
Gavi. Certains d'entre nous l'appellent l'ann?e des r?sultats , et lors de la derni?re
r?union du Conseil d'administration elle a ?t? ?galement qualifi?e d'ann?e du
renouveau . C?est ?videmment aussi une ann?e de transition importante, et nous
avons proc?d? ? d'importants recrutements pour parvenir ? une organisation plus
stable apr?s la p?riode de travail intense que nous avons connue au cours des trois
derni?res ann?es . Nous avons notamment accueilli deux nouveaux directeurs
g?n?raux, Derrick Sim qui a pris la t?te du d?partement March ? des vaccins et s?curit?
sanitaire et, ce mois -ci, Kelechi Ohiri pour le d?partement Soutien ? la politique, ? la

1


Board -2023 -Mtg -02 -Doc 02a

Report to the Board
26 -27 June 202 3

Report of the Chief Executive Officer
19 June 2023
Dear Board members,
As I write this report ? my last of 24 such reports ? I am reflecting on the past 12
extraordinary years. I am humbled by the incredible accomplishments of the countries
with which we work, the Alliance partners, and our talented and dedicated staff here
in the Secretariat . It has been the hono ur of my professional life to contribute to this
important work alongside such ins pirational colleagues . I also want to thank you, our
Board, for the trust you have put in the Alliance , the Secretariat and me over these
years. I am deeply grateful for my time here and with you all , and I have tremendous
excitement and optimism for Gavi? s future. I am looking forward to welcoming
Dr Muhammad Pate officially and in person at our meeting in a week?s time.
Since its inception, Gavi has helped vaccinate more than 1 billion unique children. And
if we add up Gavi's support to countries for routine immunisation, preventive
campaigns, stockpiles for outbreak response and through COVAX, Gavi has
supported over 6 billion completed vaccinations and more than 700 vaccine launche s
? which has led to a 70% reduction in vaccine -preventable child deaths in Gavi -
supported countries , contributing to a more than 50% reduction in under -five child
mortality. Over the course of the past 12 year s alone , based on data from 2011 -2022
(noting 2022 data is preliminary) , Gavi -supported countries have vaccinate d over 741
million unique children, avert ed 13.5 million future deaths , and yield ed economic
benefits of US$ 177.7 billion. In addition, 19 countries have transitioned out of Gavi
support. But it has not been easy. Each vaccine, each programme, each decision was
analysed and debated ? but with the understanding that often the biggest risk was the
one posed by inaction.
On that note, and as is customary, I will use this report to dive into the busy past six
month s. This is another critical year for Gavi. Some of us call it ?the year of delivery?,
and it was also referred to at our last Board meeting as ?the year of renewal?. This
year is also obviously an important year of transition, and we have been making
import ant appointments as we move to a more steady -state organisation following our
intense work period over the last three years ? including welcoming two new Managing
Directors : Derrick Sim for Vaccine Markets & Health Security ; and, just this month,
Kelechi Ohiri for Policy, Programme Design & Delivery Support . We have also
elevated and redefined two key roles as part of our operational excellence journey,
welcoming Laura McKeaveney as Chief People & Experience Officer and Maria
Thestrup as Chief Risk Officer.
With the Public Health Emergency of International Concern (PHEIC ) ended for both
COVID -19 and mp ox, a transition to this more steady state is welcome. However, this

Board -202 3-Mtg -02-Doc 00b 1

Gavi Alliance Board Meeting
26 -27 June 2023
Global Health Campus , Geneva, Switzerland

Monday 26 June : 08.30 -18.00 (Board meeting Day One)
Tuesday 27 June : 09.00 -18.00 (Board meeting Day Two)
Wednesday 28 June: Post -Board meetings

Quorum: 14



A genda

















Next Board Meeting : 6 -7 December 2023 , Ghana
17 -18 April 2024 (Board Retreat)
26 -27 June 2024
4-5 December 2024
---
Brenda Killen , Director, Governance and Secretary to the Board, +41 22 909 6680, bkillen@gavi.org
Joanne Goetz , Head, Governance, +41 22 909 6544, jgoetz@gavi.o rg
Please note that the Board meeting will be recorded. This recording will be used as an aid to minute the
meeting. A transcription of the full proceedings will not normally be made. Should a transcription be made it
will be used only as an aid to minute the meeting.

1

Board -2023 -Mtg -02 -Doc 01a

Gavi Alliance Board Meeting
26-27 June 202 3
Global Health Campus , Geneva, Switzerland
Quorum: 14
Declarations of Interest
Declarations
Section 5.5 of the Conflicts of Interest Policy for Governance Bodies states ?Members involved
in decision -making processes on behalf of Gavi must take appropriate action to ensure
disclosure of Interests and Conflicts of Interest, and take the necessary a ction in respect
thereof.?
Section 6.2 of the Conflicts of Interest Policy for Governance Bodies further states, ?The duty
to disclose [in 6.1 above] is a continuing obligation. This means that Members are obliged to
disclose any Interests and/or Conflict of Interest, whenever the Member comes to know the
relevant matter.?
The following declarations were made by members of the Board on their most recent annual
statements .
Board members:
Member Organisational Interests Financial/Personal/Advisor Int/
Others













Jos? Manuel Barroso,
Chair
























None












Hult ? EF (Education First) (Visiting
Professor and Chair of Advisory
Council) ; Goldman Sachs (Chair of
International Advisors from 1 April
2023) ; Princeton University Princeton
School of Public Policy, LISD (Member
of the Advisory Council from 01 April
2023) ; CAPRI, Center for Asia Pacific
Resilience and Innovation (Member of
the International Advisory Council from
1 April 2023) ; Catholic University of
Portugal (Visiting Professor at the
Institute of Political Studies and Director
of the Centre for European St udies) ;
The EUROPEAUM (Board Member) ;
WPL Women Political Leaders
(Advisory Board Member) ; Jean Monnet
Foundation for Europe (Honorary
Committee Member) ; European Centre
for Culture, (Honorary Co -President) ;
Portuguese Diaspora Council
(Chairman of the Gen eral Assembly
and Chairman of the EurAfrican
Forum ); Bilderberg Meetings (Steering
Committee Member) ; Concordia
(Member of the Leadership Council) ;

Board -2022 -Mtg -03 1

Minutes


Gavi Alliance Board Meeting
7-8 December 20 22
Hilton Geneva Hotel and Conference Centre, Geneva, Switzerland

1. Chair?s report

1.1 Noting that the meeting had been duly convened and finding a quorum of
members present, the meeting commenced at 09.05 Geneva time on 7
December 2022. Prof Jos ? Manuel Barroso, Board Chair, chaired the meeting.

1.2 The Chair welcomed Deena Shiff, attending for the first time as a new
Unaffiliated Board Member. He also welcomed Kenneth Lay, IFFIm Board
Chair, and other directors of the IFFIm Board as well as David Sidwell, in his
capacity as member of the CEO Recruitment Search Committee .

1.3 He recognised two recent achievements of the CEO , firstly Dr Berkley?s
appointment as a member of the US National A cademy of Medicine and the
honorary degree bestowed on him by Makerere University in Uganda . He also
noted the awar d of the 2021 North -South prize of the Council of Europe to
COVAX.

1.4 The Chair presented a short summary of the All Chairs Group (ACG) meeting
held on 6 December 2022 during which the ACG had discussed the Board
agenda as well as outcomes of recent Board Committee meetings. He
highlighted the importance of the work by the Committees in bringing forward
recommendations to the Board and reminded Board members that they are
welcome to attend Committee meetings as observers .

1.5 He noted that the closed session of the Board held on the previous day had
included an update on the CEO search process, the annual human resources
update, and an update on CO VAX. He also noted that during that session, he
had stepped out to enable the Board to consider his re appointment, a dding that
he was humbled and honou red to be reappointed and to continue his service
to the Board.

1.6 The Chair reported on the panel he had facilitated on 6 December 2022 which
had discussed the global geopolitical, macroeconomic and financial context
and the implications of these uncertainties for health, and for Gavi. Attendees
heard how geopolitical frictions across multiple concurrent crises a re affecting
global consensus and cooperation and driving greater complexity in Gavi? s
operating environment. He noted the economic downturn would have
budgetary implications for both donor and supported countries.

1.7 Noting that the unfolding path of the COVID -19 pandemic remains uncertain,
the Chair commended the achievements of the AMC countries in delivering
4 billion vaccine doses as unprecedented , and evidence of the Alliance?s pivotal
role. He underscored the importance of reflecting on the number of lives saved

1


Board -2023 -Mtg -02 -Doc 01c

Report to the Board
26 -27 June 2023

Subject No -Objection Consent Decisions
Agenda item 01 c
Category For Information


Since the December 2022 Board meeting, four decisions have been circulated
electronically for approval by no -objection consent in line with Section 11 of the Board
and Board Committee Operating Procedures.
1) On 10 February 2023 , Board Members were invited to consider approv al of the
appointment of Board and Committee Members .

No objections were received prior to the end of 22 February 2023 and the following
decision was therefore entered into the record:

In accordance with Section 11.3 of the Board and Board Committee Operating
Procedures, on a no -objection basis, the Gavi All iance Board:

a) ?Appointed Bruce Aylward as Board Member representing WHO in the seat
currently held by Zsuzsanna Jakab, effective immediately and until his
successor is appointed

b) ?Appointed Greg Widmyer as Alternate Board Member representing the Bill &
Mel inda Gates Foundation in the seat currently held by Alaa Murabit effective
immediately and until his successor is appointed

c) Appointed the following to the Market -Sensitive Decisions Committee effective
immediately:
? Greg Widmyer (Alternate Board Member) un til 31 December 2023

d) Appoint ed the following to the Governance Committee effective immediately:
? Kate O?Brien (Alternate Board Member) until 31 December 2023

2) On 28 March 2023 , Board Members were invited to consider approv al of the
appointment of an Audit and Finance Committee and an Evaluation Advisory
Committee Member .

No objections were received prior to the end of 11 April 2023 and the following
decision was therefore entered into the record:


In accordance with Section 11.3 of the Board and Board Committee Operating
Procedures, on a no -objection basis, the Gavi Alliance Board:

Gavi Alliance
Board Travel Policy
Version 5.0



DOCUMENT ADMINISTRATION



VERSION
NUMBER APPROVAL PROCESS DATE
1.0 Prepared by: Legal and Governance
Reviewed by:
Gavi Governance Committee 20 March 2013

Reviewed by: G avi Alliance Board
and referred to the Governance
Committee for further consideration
11-12 June 2013
Policy options reviewed by:
Gavi Governance Committee 26 September 2013
Reviewed and recommended by:
Gavi Governance Committee 4 November 2013
Approved by:
Gavi Alliance Board
21-22 November 2013
Effective from: 1 Jan uary 2014
2.0 Reviewed and recommended by:
Gavi Governance Committee 16 February 2016
Approved by:
Gavi Alliance Board
22 June 2016
Effective from: 1 July 2016
3.0 Reviewed and recommended by:
Gavi Governance Committee 5 December 2016
Approved by:
Gavi Alliance Board
7 December 2016
Effective from: 1 January 2017

4.0 Reviewed and recommended by:
Gavi Governance Committee 26 November 2018
Approved by:
Gavi Alliance Board
28 November 2018
Effective from: 1 January 2019

5.0
Reviewed and recommended by:
Gavi Governance Committee 22 June 2023
Approv ed by:
Gavi Alliance Board 26-27 June 2023
Next review: As and when requested

Gavi Alliance
Independent Auditor Selection
and Evaluation Policy
Version 2.0





DOCUMENT ADMINISTRATION


VERSION
NUMBER APPROVAL PROCESS DATE

1.0
Prepared by: Barry Greene, Managing
Director, Finance and
Operations

Reviewed by: Gavi Audit and Finance
Committee 9 November 2012
Approved by: Gavi Board 4 December 2012
Effective from: 1 January 2013

2.0 Updated by: Financial Reporting Team 19 January 2023
Reviewed by: Gavi Audit and Finance
Committee
14 February 2023

Approved by: Gavi Alliance Board XX June 2023
Gavi Alliance
Independent Auditor Selection
and Evaluation Policy
2



1. Definitions

1.1. The following definitions and acronyms shall apply:
? ?AFC ? ? Gavi Audit and Finance Committee.
? ?Board ? ? Gavi Alliance Board of Directors, or the Gavi Executive Committee
acting on behalf of the Board of Directors.
? ?IFFIm ? ? International Finance Facility for Immunisation
? ?IFRS ? ? International Financial Reporting Standards.
? ?Incumbent Gavi Auditor ? ? the public accounting firm engaged to perform
the audit of the consolidated financial statements of Gavi .
? ?Incumbent IFFIm Auditor ? ? the public accounting firm engaged to perform
the audits of the financial statements of the International Finance Faci lity for
Immunisation.
? ?Records ? ? all documents, reports, diagrams, correspondence, emails, and
other physically or electronically stored material, and other business records
regardless of where they are located or stored, including those stored in a desk
drawer, office, file cabinet, record center, hard drive, personal computer or lap -
top, or off -site location.
? ?US GAAP ? ? United States Generally Accepted Accounting Principles.
? ?UK GAAP ? ? United Kingdom Generally Accepted Accounting Principles.

2. Appointment of Independent Auditor

Appointment of Audit Firm
2.1. As per Gavi?s Statutes t he Board shall appoint a reputable firm of independent
auditors ("Auditors") to conduct an annual audit of the accounts of the Gavi
Alliance .

Term of Appointment
2.2. An Incumbent Gavi Auditor may serve a first term of up to five consecutive financial
years.
2.3. After completion of its first term, an outgoing Incumbent Gavi Auditor may submit
a request to be considered for appointment to a second term of up to five
consecutive financial years.
2.4. No Incumbent Gavi Auditor may serve more than two consecutive five -year terms.
After completion of an Incumbent Gavi Auditor?s second consecutive five -year
term, the Board shall appoint a different public accounting firm t o serve as Gavi?s
independent auditor.

Request for Proposals by Audit Firms
2.5. While the World Bank serves as Treasury Manager to IFFIm , Gavi will aim to
appoint the auditor from the same firm in Switzerland that has been appointed to
serve as the World Ban k Auditor in the US to serve as Gavi?s next independent
auditor. Prior to the end of the last financial year of the current Incumbent Gavi
Auditor?s five -year term, as described in 2.2 to 2.4 above, the Secretariat will
request a proposal from the prospective accounting firm.
2.6. If the World Bank no longer serves as Treasury Manager to IFFIm and in

Gavi Alliance
Treasury Governance Policy
Version 2.0
DOCUMENT ADMINISTRATION
VERSION
NUMBER APPROVAL PROCESS DATE
1 .0 Prepared by: Treasury T eam
Reviewed by:
Director, Finance & Chief Accounting
Officer 4 August 2021
Reviewed by:
Treasury Risk Management
Committee 30 September 2021
Reviewed and recommended by:
Gavi Audit and Finance Committee 19 October 2021
Approv ed by:
Gavi Alliance Board 2 December 2021
Effective from: 2 December 2021
2.0 Reviewed and recommended by:
Gavi Audit and Finance Committee 11 May 2023
Approved by: Gavi Alliance Board XX June 2023
Effective from: 28 June 2023
Next review:
As and when required
Doc 01d - Annex 00030026





2 Gavi Alliance
Treasury Governance Policy
1. Purpose
1.1. The purpose of this Treasury Governance Policy ( the ? Policy ? ) is to strengthen the
management of treasury - related activities at the Gavi Alliance (?Gavi?). The Policy
provides key guiding principles and defines primary roles and responsibilities for
the execution of these guidelines.
2. Scope
2.1. This Policy shall apply to all business units within Gavi which are undertaking or
are engaged in decisions impacting treasury - related activities in the areas of:
2.1.1. Cash and liquidity management;
2.1.2. Cash flow forecasting;
2.1.3. Financial risk management;
2.1.4. Financial guarantees;
2.1.5. Bank relationship management;
2.1.6. Treasury technology including bank connectivity.
2.2. The Treasury function spans across Gavi?s business activities . Therefore, the
Policy is applicable to current a nd future Gavi programmes.
3. Policy Statements
3.1. Treasury T eam shall be ultimately responsible for recommending the treasury
improvement plan and operationally executing activities belonging to its remit.
3.2. The main Treasury T eam? s objectives are to :
3.2.1. Manage security, liquidity and yield (SLY princ ip l es ) i n order to fulfil Gavi?s
financial obligations in a timely and cost - effective manner;
3.2.2. Identify financial risks and measure financial exposures to protect Gavi
against negative financial impact by recommending and implementing
suitable risk management strat egies;
3.2.3. Define and maintain an efficient banking landscape to accommodate Gavi?s
business requirements, minimise operational complexity and maximise
flexibility;
Establish strict segregation of duties and controls to minimise operational
risks within treasu ry activities involving financial transactions;
Based on these primary objectives, detailed objectives are further
formulated in individual treasury policies.
3.3. The treasury governance framework is structured in three layers:
3.3.1. This Policy provides guiding principles and as sign s responsibility to
different organisational units to execute the treasury mandate; Doc 01d - Annex B

Gavi Alliance
Treasury Risk Management Policy
Version 2.0
DOCUMENT ADMINISTRATION
VERSION
NUMBER APPROVAL PROCESS DATE
1 .0 Prepared by: Treasury Team
Reviewed by:
Director, Finance & Chief Accounting
Officer 4 August 2021
Reviewed by:
Treasury Risk Management
Committee 30 September 2021
Reviewed and recommended by:
Gavi Audit and Finance Committee 19 October 2021
Approv ed by:
Gavi Alliance Board 2 December 2021
Effective from: 2 December 2021
2.0 Reviewed and recommended by:
Gavi Audit and Finance Committee 11 May 2023
Approved by: Gavi Alliance Board XX June 2023
Effective from: 28 June 2023
Next review:
As and when required
Doc 01d - Annex D





2 Gavi Alliance
Treasury Risk Management Policy
1. Purpose
1.1. The purpose of the Treasury Risk Management Policy (the ?Policy? ) is to define
how the Treasury team manages financial risks to which the Gavi is exposed,
namely, financial counterparty credit risk, sovereign counterparty credit risk ,
foreign exchange (FX) risks and l iquidity risks .
1.2. Financial risk management is defined as the process of identification,
measurement, mitigation and reporting of financial risks. The Policy defines the
objectives, guiding statements and responsibilities with regards to counterparty
credit and FX risks.
2. Objectives
2.1. The objectives of the Policy are to:
2.1.1. Provide maximum predictability of funding when Gavi engages in
programmes. Gavi shall apply currency hedging to reduce its exposure to
potential decreases in the value of future net cash inflows due to exchange
rate fluctuations ;
2.1.2. Identify, measure and manage counterparty credit risks with approved
financial counterparties against approved counterparty credit limits to
safeguard the value of financial assets and minimise potential losses from
coun terparty defaults ; and
2.1.3. Minimise Gavi?s risk to sovereign counterparties by implementing effective
risk mitigation mechanisms, including but not limiting to financial
guarantees or letter of credit.
2.1.4. Manage liquidity in order to fulfil Gavi?s financial oblig ations in a timely and
cost - effective manner .
3. Risk Assessment
3.1. FX risk. Gavi receives contributions and other inflows in a variety of currencies.
Gavi?s programme expenditures for vaccine purchases and cash grants are mainly
incurred in USD. Business plan expenditures for staff costs, office facilities and
other services are incurred mainly in USD and CHF. Because FX rates fluctuate,
the value in a given currency of future cash flows denominated in another currency
will vary over time, resulting in increases or decreases in th e value of these future
cash flows . These variation s may be substantial, especially in periods of high FX
volatility.
3.2. Permitted hedging instruments (as defined in Section 8.1 ) enable reduction of the
ris k of decreases in the value of future net cash inflows. This provides greater
certainty of the value of future cash flows in the currency to which they will
ultimately be converted.
3.3. Financial counterparty credit risk . This is the risk that a financial coun terparty
will fail to meet its obligations. It applies whenever Gavi is exposed to a default by
financial counterparties. Financial transactions at Gavi include cash on bank
accounts, term deposits, money market investments, financial guarantees, FX
deriva tives and collateral payments. The credit exposure per financial counterparty
is measured by aggregating the following items:
Doc 01d - Annex D

1


Board -2023 -Mtg -02-Doc 01d

Report to the Board
26 -27 June 2023

Subject Consent Agen da ? as at 25 June 2023
Agenda item 01d
Category For Decision

Section A : Introduction
Six recommendations are being presented to the Board under the Consent Agenda
for consideration. Detailed information on the items can be found in the relevant
Committee papers in a dedicated folder on BoardEffect at:
https://gavi.boardeffect.co.uk/workrooms/6459/resources/230527
Section B : Actions Requested of the Board
The Gavi Alliance Board is requested to consider the following recommendations f rom
the Gavi Alliance Governance Committee and the Gavi Alliance Audit and Finance
Committee.
Decision One ? Board and Committee Appointments

The Gavi Alliance Governance Committee recommend s to the Gavi Alliance Board
that it:

a) ?Appoint Sai Prasad as Board Member representing the vaccine industry
developing countries in the seat currently held by Mahima Datla effective 1 July
2023 and until 30 June 2026

b) Reappoint Beth Arthy as Board Member representing the United Kingdom on the
donor constituency cluster anchored by the United Kingdom, effective 1 September
2023 and until 31 August 2024

c) Reappoint the following to the Market -Sensitive Decisions Committee and to the
Programme and Policy Committee eff ective immediately:
? Beth Arthy (Board Member) until 31 December 2023

d) Appoint the following to the Governance Committee effective 1 July 2023:
? Sai Prasad (Board Member) until 31 December 2023