.......
GAVI Alliance Investment Committee Meeting
21 September 2011
Inv -201 1-Mtg -04 1




GAVI Alliance Investment Committee Meeting
21 September 2011
Teleconference


FINAL MINUTES


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 11.02
Washington time on 21 September 2011. 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).

1.3 The Committee reviewed the minutes of it s meeting on 26 May 2011 (Doc
#1b) , noting they were approved by unanimous consent on 4 June 2011 (Doc
#1c). Further, it reviewed the minutes of its meeting on 8 July 2011 (Doc #1d).

1.4 The Committee then reviewed its action sheet (Doc #1e) and forward
workplan (Doc #1f).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 8 July 2011.

------

2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, provided an overview of the portfolio,
highlighting the financial environment, risk -off environment, and the
environment?s impact on fixed -income investing (Doc #2). In addition, she
reviewed GAVI?s asset allocation, net returns, compar isons to peers , and
contribution to income. She also reported on the Secretariat?s evaluation of all
investment managers and vendors, including the reasons why one vendor
was terminated. Finally, she provided an update on Socially Responsible
Investing (SR I), informing the Committee that a new SRI vendor had been
hired, relaying how the competitive search process was conducted for this
vendor , and providing information on the new vendor ?s services .
 

Marking the end of GAVI's first decade, the 2010 Progress Report shows how unprecedented demand, accelerated access to vaccines and strong country ownership have helped save over five million future deaths.

Minutes of the GAVI Alliance Audit and Finance Committee Mee ting
29 July 2011

AFC -2011 -Mtg -3 1




GAVI Alliance Audit and Finance Committee Meeting
29 July 2011
Teleconference


FINAL MI NUTES

Finding a quorum of members present, the meeting commenced at 16.10 Geneva
time on 29 July 2011 . Wayne Berson , Audit and Finance Committee Chai r chaired
the meeting.

1. Executive session with the external auditor

1.1 The Committee moved immediately into executive session with Marianne
Fallon and Pierre -Henri Pingeon from KPMG, GAVI?s external auditor to
discus s the conduct of the 2010 audit (Doc #1 in the Committee pack).

---

2. 2010 GAVI Alliance Annual Financial R eport

2.1 At 1 6.28, the Committee convened in general session.

2.2 Louis Mkanganwi, Director of Financial Reporting reviewed the 2010 Annual
Financial Report (Doc #2). In order to make the financial statements clearer
and more useful to donors, partners and other stakeholders, the Secretariat
made certain enhancements to the report including inserting the IFFIm and
GFA financial statements, crafting a ?Discussion and Analysis? section , and
inserting supplemental schedules analysing contributions and pledges .

2.3 KPMG expected to deliver a clean opinion on the audit .

Dis cussion

? The Committee wanted to ensure that the donors would be comfortable
disclosing the contributions and pledges schedule. It was reported that the
table replicated an unaudited table presented at the 13 June 2011 pledging
event and so the informatio n was generally publically available . The
Committee requested the Secretariat to update the table to state that the
contents only represented incoming funds through 2015 and that confirm that
the donors were comfortable that the table was included in the audited
financial statements.
 

This publication is part of the Global Task Force on Expanded Access to Cancer Care and Control in Developing Countries (GTF.CCC) Working Paper and Background Note Series. It was produced in collaboration with the GAVI Alliance as a background note for a database on innovative finance strategies on cancer care and control in low and middle-income countries (LMICs), and particularly to document examples at the global level.

 

GAVI Alliance Investment Committe e Meeting, 8 July2011 DRAFT MINUTES
Inv -2011 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
8 July 2011
Geneva, Switzerland


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10. 22 Geneva
time on 8 July 2011. George W. Wellde, Jr, Investment Committee C hair chaired the
meeting.

Notice of the meeting was waived as all Committee members were present.

---

2. Revision to the Cash and Short -Term Investment Policy

On 4 June 2011, the Investment Committee recommended to the Board that it
approve a new Cash and Short -Term Investment Policy. Since then, the World Bank
proposed three amendments to the recommended policy. Barry Greene, MD,
Finance and Operations, reviewed these amendments with the Committee (Doc #1).

? The amendments were consistent with the intent of the Committee and so the
Committee was comfortable recommending the m to the Board. However, it
noted a strong preference in the future to receiv ing proposed amendments
further in advance of the Board meeting.

Decision One

The GAVI Alliance Inv estment Committee moved to:

? Recommend to the Board that it approve the new Cash and Short -Term
Investment Policy (8 July 2011 version).

---

There being no further business, the meeting was brought to a close.


__________________________
Mr Kevin A. Klock
Assistant Secretary

 

Board -2011 -Mtg -2-Doc 00b




GAVI Alliance Board Meeting
7-8 July 2011
Intercontinental Hotel, Geneva, Switzerland

Wednesday, 6 July: Pre -Board m eetings
Thursday , 7 July: 8.30 -18.30 (Board meeting Day One)
Friday , 8 July: 8.00 -15.15 (Board meeting Day Two)
Quorum: 12

Agenda (v. 30 June 2011)

Pre -Board Meetings ? Wednesday 6 July 2011
Item Subject Room Schedule

Preview of the new GAVI Alliance website ?
available all day

Foyer 9.00 -18.00
A Pre -Board meetings ? Morning session
? Technical briefing on cash based programmes
? IFFIm Board meeting
? AMC stakeholders meeting
? Civil society organisations meeting
? Chair?s individual meetings with Committee Chairs


Ballroom C
Berne
Ballroom B
Ballroom C
10.00 -13.30
10.00 -11.00
11.00 -12.30
11.15 -13.30
11.30 -13.00
Ongoing
Lunch

Benelux -Lon dres 12.30 -14.30
B Pre -Board meetings ? Afternoon session
? IFFIm donors meeting
? Developing country Board members meeting
? GAVI donors meeting
? New Board members meeting hosted by the Chair
? Unaffiliated board members briefing


Ballroom C
Berne
Ballroom B
Ballroom C
Berne
13.30 -17.30
13.30 -15.30
14.00 -16.00
15.30 -17. 30
16.00 -17.00
16. 15 -17.00
C Governance Committee meeting

Berne

17. 30-19.00
D GAVI Alliance Board ? Closed session
? Dinner
? Follow up to Oslo retreat

Ballrooms A -E

19.00-21. 30

Next Board Meeting : 16 -17 November 2011, Dhaka, Bangladesh ---
Debbie Adams , Secretary, +41 22 909 6504, dadams@gavialliance.org
Kevin A. Klock , Assistant Secretary, +1 202 478 7734, kklock@gavialliance.org

1
7-8 J

Report to the
GAVI Alliance Board

Board -2011 -Mtg -2-Doc 02
7-8 July 2011
Subject: CEO report
Report of: Helen Evans, Interim CEO
Authored by: Daniel Thornton , Senior Adviser to the CEO
Agenda item : 02
Category: For Information
Strategic goal s: All

1. Introduction

1.1 The seven months since the Board met in Kigali at the end of 2010 have been
extremely busy and productive ones across the full range of priorities for the
GAVI All iance .

1.2 At that Board meeting , the UK Government offered to host our pledging
conference , and with that political leadership, backed in particular by t he Bill and
Melinda Gates Foundation and the Government of Norway , and through a great
collective effort in the best spirit of the Alliance , we were very successful on 13
June.

1.3 A few months after I joined GAVI as Deputy CEO, the Board took the painful but
necessary decision to delay consideration of the 2009 applications for funding of
new vaccines . By the time I took over as Interim CEO, we had made progress
in setting out the case for the power and the value for money of immunisation
and GAVI , and in ge nerating momentum in support for GAVI?s mission . We had
ambitious goals to immunise 250 million children up to 2015 and prevent four
million future deaths. However, GAVI?s ability to pursue its mission was still
significantly constrained by uncertain ty about whether there would be sufficient
and predic table financial resources in the years ahead .

1.4 The lead up to 13 June and our success on that day has renewed the Alliance
and we now have the means to accelerate the introduction of new and
underused vaccines so that they are available to the children who need them
most. But beyond that it has raised awaren es s of the importance of
immunisation and of the value of investing in health as a driver of development,
a position passionately articulated in Pr ime Minister Cameron ?s opening address
to the pledging conference .

1.5 Not surprisingly , because we exceeded our funding target , people have been
asking what our additional priorities will be. My first response is that with 1.7
million children dying e ach year from vaccine preventable diseases, our work is
far from complete. Our plans were ambitious but they need to be more so ,

1


Report to the
GAVI Alliance Board

Board -2011 -Mtg -2-Doc 03
7-8 July 2011
Subject: Resource mobilisation update: r eport from the
2011 Pledging Conference
Report of: Joelle Tanguy, MD, External Relations
Authored by: Joelle Tanguy and Marie -Ange Saraka -Yao
Agenda item: 03
Category: For information
Strategic goal: SG3 - Financing


Section A: Overview


1. Purpose of the report

1.1 This report to the GAVI Alliance Board is intended to: (i) review the progress of
the 2011 -2015 replenishment ; (ii) present the outcomes of the Pledging
Conference held in London on 13 June 2011; and (iii) clarify next steps. This
report is for information only.


2. Executive summary

2.1 On 13 June 2011 , major public and private donors achieved a milestone in
global health by committing funding to immunise by 2015 more than
250 million of the world?s poorest children against life -threatening diseases and
prevent more than four million premature deaths. The ?Saving Children?s
Lives? Pledging Conference was co -hosted by the government s of the United
Kingdom (UK) and Liberia and the Bill & Melinda Gates Foundation , with
strong support from the Norwegian government, and was attended by h igh
level representatives from government and private donors, implementing
countries, business and civil society .

2.2 The GAVI Alliance received a strong vote of confidence from the donor
community as US$ 4.3 billion were pledged, bringing to US$ 7.6 billion the
total resources available to GAVI for the period 2011 to 2015 . The GAVI
Alliance is now well positioned to achieve this milestone of a quarter of a billion
children receiving new vaccines . GAVI is furthermore positioned to accelerate
the roll out of existing and new vaccines, reach more children in developing
countries faster than planned, and prepare and expand introduction of new
vaccines.

1


Report to the
GAVI Alliance Board

Board -2011 -Mtg -2-Doc 04
7-8 July 2011
Subject : Financial Forecast update
Report of: Barry Greene, MD, Finance and Operations
Authored by: Tony Dutson and Barry Greene
Agenda item : 04
Category: For Information
Strategic goal : SG3 - Financing


Section A: Overview

1. Purpose of the repor t

1.1 This paper informs the Board of the updated GAVI financial forecast for 2011 -
2015.


2. Recommendations

2.1 For information only.


3. Executive summary

3.1 This updated GAVI financial forecast for 2011 -2015 incorporates the latest
demand estimates and funding decisions taken to date and reflects the level of
assured resources as known following the 13 June Pledging conference.

3.2 With assured resources for 2011 -2015 now amounting to US $ 7.6 billion, GAVI
is well placed to meet the current expenditure forecast of US $ 6.8 billion for
those years . Further resources are expected to be contributed by new donors
and existing donors who have not yet pledged for all of those years.

3.3 Expenditure is also likely to exceed the current estimate , enabling GAVI to
reach more children faster than planned and to accelerate the introduction of
new vaccines , in ways to be determined by the GAVI Board .

3.4 A further update will be provided to the Executive Committee in September
that will include the financial implications of the new proposals submitted to
GAVI in June 2011, following review by the Independent Review Committee
and based on its recommendations . The record number of new proposals

1


Report to the
GAVI Alliance Board

Board -2011 -Mtg -2-Doc 05
7-8 July 2011
Subject : GAVI Matching Fund for Immunisation
Report of: David Ferreira, MD, Innovative Finance
Authored by: Paolo Sison , Director, Innovative Finance
Agenda item : 05
Category: For Information
Strategic goal: SG3 - Financing


Section A: Overview

1. Purpose of the repor t

1.1 The purpose of this report is to provide information to the Board about work
done so far on a new GAVI initiative provisionally called the GAVI Matching
Fund for Immunisation (the ? Matching Fund ?). GAVI, in partnership with the
UK?s Department for International Development (? DFID ?) and the Bill & Melinda
Gates Foundation (?BMGF ?) recently launched the Matching Fund to
incentivise private donors to contribute to GAVI.

1.2 There is strong momentum on this project and it is in continuous development.
The presentation to the Board on this subject will update the Board on any
significant events occurring after the distribution of this paper.


2. Recommendations

2.1 This report provides an update on the Matching Fund and information on
options for setting up the Matching Fund to allow private sector contributions to
GAVI. As features of the Matching Fund are developed, the Secretariat will
report to, and where necessary request approvals of , the appropriate
Committees of the Board.


3. Background to the establishment of the Matching Fund

3.1 The UK Secretary of State for Development wrote to 18 business leaders in
April 2011 and the Chancellor of the Exchequer held a breakfast with business
leaders on 9 June 2011, in support of the Matching Fund. At the Secretary of
State?s request, Alan Gillespie, the Chair of the IFFIm Board, met with many of
these CEOs and Chairs to present GAVI and the Matching Fund concept to