GAVI Alliance Audit and Finance Committee Meeting, 24 March 2011 FINAL M INUT ES

AFC -2011 -Mtg -1 1




GAVI Alliance Audit and Finance Committee Meeting
24 March 2011
Teleconference


FINAL MI NUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.00
Washington time on 24 March 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 29
November 2010 (Doc #1b). Finally, the Committee reviewed its forward workplan
(Doc #1c).

Decision One

The GAVI Alliance Audit and Finance Committee moved to:

? Approve the minutes of its meeting on 29 November 2010.

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2. KPMG audit strategy

Pierre Henri Pingeon and Karina Vartanova from GAVI?s external auditor KPMG
outlined their plan and strategy for the audit of the 2010 consolidated financial
statements (Doc #2). They highlighted key risk areas; KPMG?s focus, workflow, and
timin g; and communication among its audit professionals in Switzerland, the United
States, and United Kingdom.

? KPMG confirmed it would liaise with the World Bank, which serves as treasury
manager for IFFIm among other responsibilities, on the audit timeline.

? KPMG and the Committee are comfortable not consolidating the financials of
the GAVI Campaign into the GAVI Alliance financial statements given , among
other reasons, that the Alliance does not appoint th e board members of the
Campaign, nor does the Alliance control the Campaign .
 

GAVI Alliance Governance Committee Meeting , 23 March 2011 FINAL M INUTES

Gov -2011 -Mtg -2 1




GAVI Alliance Governance Committee Meeting
23 March 2011
Teleconference


FINAL M INUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 17.02 Geneva
time on 23 March 2011 . Dagfinn H?ybr?ten , Governance 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 29
November 2010 (Doc #1b). Finally, the Committee reviewed its forward workplan
(Doc #1c). The Chair thanked the Secretariat for assisting the Committee with its
advance planning.

Decision One

The GAVI Alliance Governance Committee moved to:

? Approve the minutes of its meeting on 29 November 2010.

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2. Nominations

Debbie Adams, Managing Director, Law and Governance reported that the
industrialised and developing country vaccine industry constituencies had submitted
Ronald Brus, CEO of Crucell and Mahima Datla, Senior Vice President of Biological
E. to be their respective Board members (Doc #2). In addition, she presented
candidates to serve as alternate Board mem bers and committee members . Finally,
Ms Adams reported that the Board?s next opportunity to make appointments was in
July 2011.

? The Board continues to move toward compliance with its gender guidelines ,
though it is doing so slowly.

? The By -Laws state that a representative Board member shall continue to
serve until a replacement is appointed by the Board. This provision allows
representative Board members to serve past the end of their terms until the
Board is able to make the formal appointment of their successors.

GAVI Alliance Investment Committee Meeting , 18 March 2011 FINAL MINUTES

Inv -2011 -Mtg -1a-Minutes 1




GAVI Alliance Investment Committee Meeting
18 March 2011
Teleconference


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.03
Washington time on 18 March 2011 . George W. Wellde, Jr , Investment Committee
Chai r chaired the meeting.

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

The Committee reviewed the minutes of its meeting on 11 November 2010, noting
that they were approved by unanimous consent on 10 December 2010 (Doc #1b).
The Chair referred to several matters listed on its action sheet , including that the
Committee had noted the Secretariat?s intention to hire two new i nvestment
managers and that the Secretariat would update the Committee on manager
compliance with the Socially Responsible Investment (SRI) policy (Doc #1c).

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2. Manager report: Bridgewater

Seth Birnbaum, Katie Allen, and Brian Lawlor from Bridgewater Associates delivered
a presentation on risk parity strategies (Doc #2). As part of their presentation, t hey
reviewed their firm?s history, discussed the ?building blocks? of a portfolio?s return,
analysed GAVI?s portfolio in comparison t o U.S. institutional portfolio risk, and
discussed ways in which some institutions balance risk across economic
environments .

? GAVI continues to have a balanced, diversified portfolio that is risk averse and
which emphasizes capital preservation . Howeve r, this diversification exists
within only a select number of asset classes.

? Exposure only to conservative asset classes could cause the portfolio to
suffer during periods of high inflation. Some members believe that additional
asset classes exist that would meaningfully increase returns while increasing
portfolio risk only nominally.