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Draft governing instrument for the Green Climate Fund
- 01. Objectives and guiding principles
- 02.1 Relationship to the Conference of the Parties
- 02.2 Legal Status
- 02.3 Rules of procedure of the Board
- 02.4 Role and functions of the Board
- 02.5 Secretariat
- 02.6 Trustee
- 03. Administrative costs
- 04. Financial Inputs
- 05.0 Operational modalities
- 05.1 Complementarity and coherence
- 05.2 Eligibility
- 05.3 Funding windows and fund structure
- 05.4 Access modalities and accreditation
- 05.5 Allocation
- 05.6 Programming and approval processes
- 06. Financial instruments
- 07. Monitoring
- 08. Evaluation
- 09. Fiduciary standards
- 10. Environmental and social safeguards
- 11. Accountability mechanisms
- 12. Expert and technical advice
- 13. Stakeholder input and participation
- 14. Termination of the Fund
24. The Fund will have a trustee with administrative competence to manage the financial assets of the Fund. The trustee will maintain appropriate financial records and will prepare financial statements and other reports required by the Board, in accordance with internationally accepted fiduciary standards.
25. The trustee will administer the assets of the Fund only for the purpose of, and in accordance with, the relevant decisions of the Board. The trustee will hold the assets of the Fund separate and apart from the assets of the trustee, but may commingle them for administrative and investment purposes with other assets maintained by the trustee. The trustee will establish and maintain separate records and accounts in order to identify the assets of the Fund.
26. The World Bank will serve as interim trustee for the Fund subject to a review three years after the operationalization of the Fund.
27. The trustee will be accountable to the Board for the performance of its responsibilities as trustee for the Fund.
