An independent report has confirmed IFFIm's success in helping save additional lives. IFFIm continues to expand funding to support immunisation programmes in developing countries. Also, Australia has become IFFIm's ninth government donor and Brazil has also committed to joining.

GAVI Alliance Investment Committee Meeting , 26 May 2011 FINAL MINUTES

Inv -2011 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
26 May 2011
Teleconference


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.0 2
Washington time on 26 May 2011. George W. Wellde, Jr, Investment Committee
Ch air chaired the meeting.

Standing declarations of interest were tabled to the Committee (Doc #1a in the
Committee pack).

The Committee took as read the minutes of its meeting on 18 March 201 1 and noted
that they were approved with no objection on 11 April 2011 (Doc #1b). Also, t he
Committee took as read the action sheet of matters arising from previous meetings
(Doc #1c) and the Committee?s forward workplan (Doc #01 d).

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2. Portfolio overview

General

Jeanne Shen, Senior Director of Investments pro vided an overview of the portfolio,
highlighting GAVI?s asset allocation, peer comparisons, investment income, a s well
as sector and quality comparisons of its investments (Doc #2). She reported the
portfolio?s YTD return and projected 2011 returns.

? Du ring the Q1 2011, GAVI?s portfolio was outperformed by the endo wments
and foundation comparator benchmark. As noted in the past, GAVI?s portfolio
has no allocation to capital appreciation asset classes.

? The two most recently hired investment managers are performing as
expected.

Risk matrix

Jeanne Shen presented a new risk evaluation methodology which would be used to
assess certain compliance aspects of GAVI?s investment managers includ ing senior
management stability, internal controls, regulatory compl iance, GAAP compliance,

GAVI Alliance Audit and Finance Committee Meeting, 11 May 2011 FINAL MINUTES

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GAVI Alliance Audit and Finance Committee Meeting
11 May 2011
Geneva/Washington


FINAL MI NUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 15 .00 Geneva
time on 11 May 2011 . Wayne Berson , Audit and Finance Committee Chai r chaired
the meeting.

Standing declarations of interest were tabled to the Committee (Doc #1a in the
Committee pack). Next the Committee reviewed the minutes of its meeting on 24
March 2011 and noted they had been approved by email on 30 April 2011 (Doc #1b).
Finally, the Committee reviewed actions arising from previous meetings (Doc #1c)
and its forward workplan (Doc #1 d).

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2. Updated long term financials

Tony Dutson, Senior Director, Finance and Chief Accounting Officer updated the
Committee on the financial forecast , which incorporated the latest demand estimates
and funding decisions (Doc #2) .

? Programme expenditure estimates for 2011 -2015 had reduced by
approximately US$ 153 million. The principal reason was a delay in
commencing Rotavirus introduction in Bangladesh and Ethiopia.

? Projected inflows are included in the forecast once a pledge becomes
relatively assured. As a result, as pledges are firm ed up, the projected inflow
increases. Recent pledges by the Crown Prince of Abu Dhabi and the Bill &
Melinda Gates Foundation were confirmed, and the Committee expressed its
appreciation for the support.

? The Committee also discussed the amount of money available from IFFIm for
programmes as well as the impact of the IFFIm gearing ratio on available
funds.

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GAVI Alliance Programme and Policy Committee Meeting, 9 May 2011 FINAL MINUTES

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GAVI Alliance Programme and Policy Committee Meeting
9 May 2011
Geneva, Switzerland

FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 9.18 Geneva
time on 9 M arch 2011. Gustavo Gonz alez -Canali, Chair of the Programme and
Policy Committee, opened the meeting and welcomed Leone Gianturco and Anders
Nordstr ?m to their first PPC meeting. He also acknowledged that this would be the
final PPC meeting for Olga Pop ova and thanked her for her work on the Committee.

In accordance with the Conflict of Interest Policy (Doc # 01a in the Committee
binder) , standing declarations of interest were tabled to the Committee so that any
potential interests in the matters to be discussed could be transparent and
addressed in compliance with t he Policy. U pon advice from GAVI?s Legal Counsel ,
the Chair announced that during the vaccine supply and procurement strategy
discussion manufacturer board representatives and UNICEF would be allowed to
hear the presentation and give their viewpoints before being required to leave the
room for the discussion .

The Chair referred to the minutes of the Committee?s meeting on 3 March 2011 (Doc
#01b) and reminded the Committee that the minutes had been approved through the
no -objection voting process and were includ ed for reference purposes only .

The Chair provided an update on the Oslo retreat first thanking the Norwegian
government for hosting the retreat. He highlighte d that the Board discussed
operating pri nciples and how the B oard works with committees. He noted that there
were discussion s on cash -based programmes and market shaping.

Discussion followed:

? The Committee was complimentary of the Secretariat?s continuous efforts to
manage conflicts of interest. Some Committee members however expressed
disagreement with the decision to exclude UNICEF from the full discussion on
the supply and procurement strategy, highlighting UNICEF?s role as a key
partner.

? The Secretar iat informed the Committee that there would likely be
adjustments to the committee Workplan (Doc# 01c of the Committee papers ).