EAC -201 9-Mtg -01 1
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G avi Alliance E valuation Advisory Committee Meeting
15 February 201 9
Teleconference


1. Chair ?s report

1.1 The meeting commenced at 14.39 Geneva time on 15 February 20 19. Rob
Moodie, Evaluat ion Advisory Committee (EAC) Chair , chair ed the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a).

1.3 Committee members noted the minutes of its meeting on 16 -17 October 2018
(Doc 01b) as well as the minutes of the joint meeting with the Programme and
Policy Committee (PPC) on 17 October 2918 which had been approved by no -
objection on 7 December 2018 and 20 December 2018 respectively .

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2. Uganda Country Programme Evaluation

2.1 Emmanuella Baguma, Programme Officer, Evaluation, presented this item to the
Committee (Doc 02) highlighting the process leading to the submission of this
proposal and providing information in relation to the key evaluation themes
namely urban immunisation, private sector and leadership, management and
coordination.

Discussion

? EAC members provided a number of comments in relation to the proposal, with
some members noting in particular that they would have found it useful if the data
analysis component had been described in better detail.

? There was lack of clarity on how the mixed methods had been balanced out and it
was also unclear as to how the sample size for the household survey had been
arrived at. The Secretariat noted in relation to the latter that the team wanted to
leverage some of the work carried out during Phase 1 of the Full Country
Evaluations (F CE) project and that they would be asked to build this out more
specifically in light of input from EAC members.

? EAC members agreed that DTP1 should be included in the outcomes.

? It was suggested that it would be good to link how the evaluation fits into or could
learn from ongoing activities in Bangladesh, Mozambique and Zambia. The

Minutes

Gov -2018 -Mtg -06 1




G avi Alliance Governance Committee Meeting
12 February 2019
Teleconference


1. Chair?s report

1.1 The meeting commenced at 16. 09 Geneva time on 12 February 2019 , with a
quorum from 16.21 to the end of the meeting . Mr Bill Roedy, Board Vice Chair and
Governance Committee Chair, chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack).

1.3 The Committee noted the minutes of its meeting on 26 November 2018 (Doc 01b)
which had been approved by no -objection on 17 January 2019 .

1.4 The Committee noted its action sheet ( Doc 01c ) and forward workplan (Doc 01d).

1.5 Joanne Goetz , Head, Governance, provided an update on the action related to the
gender balance in Independent Review Committee (IRC) nominations as noted by
the Committee at its November 2018 meeting. She confirmed that gender diversity
is one of the criteria con sidered when r ecruiting IRC members. The IRC pool of
review ers currently comprises 70% male and 30% female members . When IRC
panels are put together efforts are made to ensure a good gender balance, and
these will continue going forward.

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2. Board and Committee member nominations

2.1 Philip Armstrong, Director, Governance and Secretary to the Board, presented this
item (Doc 02), noting that a vacant seat remains on the Governance Committee
for the donor country constituency and on the Programme and Pol icy Committee
for an Unaffiliated Board member .












Minutes

Inv -201 9-Mtg -01 1



G avi Alliance Investment Committee Meeting
8 February 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 8 February 201 9. Stephen Zinser , Investment Committee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 Nov ember 201 8 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Investment Portfolio Review (including SRI)

2.1 Jeanne Shen, Chief Investment Officer, updated the Committee on the four th
quarter (4Q) 2018 performance of the investment portfolio, manager activities and
related transactions (Doc 02).

2.2 Ms Shen outlin ed the volatile financial market s during 4Q, pointing to geopolit ical
uncertainty , Sino -US trade tensions, concern about US rates ris ing too quickly and
falling oil prices.

2.3 In relation to the long -term portfolio, Ms Shen noted the negative return in 4Q. She
highlight ed that the greatest negative impact on an absolute basis was seen in
Equitie s although the Multi -Exposure asset class was a primary detractor on a
relative basis . It was further noted that several Fixed I ncome fund s also delivered
returns which were negative for Q4 while the index benchmark was positive .

2.4 Ms Shen explain ed that c ash was the only asset class with a n overall positive
return in 2018 and that Gavi had US $ 175 m illion of cash not yet invested at the
end of 2018 . It was however highlighted that , despite a challenging past year for
the long -term portfolio , the individual asset classes still beat their benchmark s over
long er periods .

2.5 With regards to manager performance , Ms Shen highlighted a disappointing
performance in 2018 for a Directional Long -Only Fixed Income manager for which
Gavi had already reduced the portfolio . In the Multi -Exposure asset class,


Minutes

Approval date: 07/02/2019

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