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4. The Fund will be designated as an operating entity of the financial mechanism under Article 11 of the Convention and will be accountable to and function under the guidance of the Conference of the Parties (COP).

5. The Fund will be governed and supervised by a Board that will have full responsibility for funding decisions.

6. Arrangements will be concluded between the COP and the Fund, consistent with Article 11 of the Convention, to ensure that the Fund is accountable to and functions under the guidance of the COP. In order to ensure accountability to the COP, pursuant to Article 11.3, the Board will:

(a) Receive guidance from the COP, including on matters related to policies, programme priorities and eligibility criteria and matters related thereto;
(b) Take appropriate action in response to the guidance received; and
(c) Submit annual reports to the COP for its consideration and receive further guidance.


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