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GAVI Alliance Audit and Finance Committee Meeting
5 February 2013
AFC -201 3-Mtg -1 1




GAVI Alliance Audit and Finance Committee Meeting
5 February 201 3
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting comm enced at 16.00
Geneva time on 5 February 2013 . Wayne Berson, Audit and Finance
Committee Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee also reviewed its action sheet (Doc 1b) and
its forward workplan (Doc 1c ).

1.3 Tony Dutson, Senior Director Finance & Chief Accounting Officer noted that
the Secretariat was setting up a process to implement the Board -approved
Carry Forward Policy and would report on it at the Committee?s April 2013
meeting. In addition, he noted that the World Bank was assessing its external
audit arrangements and that the outcome would be reported to the Committee
during the April meeting. He also reported an early indication of the fi rm likely
to receive the appointment.

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2. Programme Funding Plan approval / IRC Recommendations

2.1 Tony Dutson reported that the Secretariat would request that the Executive
Committee endorse a net increase in programme budgets by US$
392,179 ,000 for 2013 -2017 and a pprove a net increase of near -term
programme liabilities (a sub -component of endorsed programme budgets) by
$226,675,000 for 2013 -2014 (Doc 2).

2.2 In addition, he noted that the EC would be asked to consider conditionally
endorsing a further net increase in programme budgets of $ 288,924,000 for
2013 -2016 and a further approval of near -term programme liabilities of up to
$199,310,000 for 2013 -2014. Funding for these progr ammes had been
recommended by the Independent Review Committee with conditions,
necessitating a further IRC review in March 2013. However, the EC was being
asked to endorse those programmes now, subject to the IRC reporting that its
own conditions had been met.

 

The annual progress report gives a comprehensive overview of the activities and performance of the Gavi Alliance, illustrating the work and achievements of this public-private partnership.

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GAVI Alliance Audit and Finance Committee Meeting
30 July 2013
AFC -2013 -Mtg -03 1




GAVI Alliance Audit and Finance Committee Meeting
30 July 201 3
Teleconference


FINAL M INUTES

Finding a quorum of members present, the meeting commenced at 08 .10
Washington time on 30 July 2013 . Wayne Berson, Audit and Finance Committee
Chair, chaired the meeting. Standing declarations of interest were tabled to the
Committee (Doc 3a in the Committee pack).

1. Executive session with the external auditor

1.1 The Committee held an executive session with Pierre -Henri Pingeon , Partner,
and Karina Vartanova , Senior Manager, from KPMG, GAVI?s external auditor
to discuss the conduct of the 201 2 audit (Doc 1).

1.2 At 08 .30 , the Committee convened in open session.

Discussions out of executive session

? The following outcomes were reported during general session:

? Pierre -Henri Pingeon had reviewed the key risk areas that KPMG focus ed on
during its audit , including two risks related to c ash -based programmes and the
effect of the IFFIm downgrade.

? In relation to the cash -based programmes, Mr Pingeon confirmed that KPMG
had worked with Simon Lamb, Managing Director of Internal Audit, and
Bernardin Assiene, TAP Director, to review GAVI?s risk management policies
and procedures around these programmes . The Chair suggested that more
pro active discussions and controls with GAVI -eligible countries should be
established to further mitigate risk. The Committee also request ed the
Secretariat f inance team and KPMG continue to work together to further
improve the control s, and explore additional policies and procedures for risk ier
implementing countries . The Committee also mentioned the possibility of
getting support from partner agencies working in the GAVI countries to reduce
risk. Simon Lamb indicated new ways these process es are being scrutinised.

? In relation to the effect of the IFFIm credit downgrade, Barry Greene ,
Managing Director of Finance and Operations, and Louis Mkanganwi , Director
of Financial Reporting , confirmed GAVI had work ed closely with the World
Bank to address the risks related to this matter , including the risks associated
 

Welcome to the first edition of the GAVI Alliance Programme Bulletin, a new information resource designed specifically for implementing partners in all countries supported by GAVI. 

.......
GAVI Alliance Investment Committee Meeting
24 July 2013
Inv -2013 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
24 July 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.35 New
York time on 24 July 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 26
April 2013 (Doc 1b), its action sheet (Doc 1c) and its forward workplan (Doc
1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 26 April 201 3.

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2. Investment portfolio re view

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance year -to -date and for the second quarter of
2013 specifically ( Doc 2 ). She also reviewed the major asset classes in
GAVI?s portfolio and re port ed on key macro risks ; asset allocation ; returns ;
manager allocation ; peer comparisons ; credit quality ; and contribution to
mission .

Discussion

? The Committee noted that the two newest a sset classes to the portfolio are at
or very close to the ir permitted targets in the Investment Policy Statement of
15% each . The Committee also noted it will continue to report from time to
time to the Board on changes to the asset allocation, investments goals and
objectives , consistent with its Board -approved Charter .

 

Innovative Finance Update 8: July 2013 IFFIm disbursements for pentavalent now US$ 1.17 billion.