18. The Board of the Fund will:

(a) Oversee the operation of all relevant components of the Fund;

(b) Approve operational modalities, access modalities and funding structures;

(c) Approve specific operational policies and guidelines, including programming, project cycle, administration, and financial management;

(d) Approve funding in line with the Fund's principles, criteria, modalities, policies and programmes;

(e) Develop environmental and social safeguards and fiduciary principles and standards that are internationally accepted;

(f) Develop criteria and application processes for the accreditation of implementing entities of the Fund and accredit implementing entities and withdraw such accreditation;

(g) Establish sub-committees and panels and define their terms of reference, as appropriate;

(h) Establish additional thematic windows and/or sub-structures to address specific activities, as appropriate;

(i) Establish a framework for the monitoring and evaluation of performance and the financial accountability of activities supported by the Fund and any necessary external audits;

(j) Review and approve the administrative budget of the Fund and arrange for performance reviews and audits;

(k) Appoint the Executive Director of the secretariat,

(l) Appoint the head of the evaluation unit, and the head of all accountability units;

(m) Receive guidance and take action in response to any guidance from the COP and prepare annual reports to the COP on its activities;

(n) Develop working and coordination arrangements with other relevant bodies under the Convention and other relevant international institutions;

(o) Select, appoint and enter into legal and administrative arrangements with the trustee;

(p) Exercise such other functions as may be appropriate to fulfil the objectives of the Fund.


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