Documents

26 November 2018

AFC Mtg Minutes 26 November 2018

AFC -2018 -Mtg -07 1
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G avi Alliance Audit and Finance Committee Meeting
26 November 2018
G lobal Health Campus , Geneva , Switzerland


1. Chair?s report

1.1 Finding a quorum of Audit and Finance Committee (AFC) members present, the
meeting commenced at 13.00 Geneva time on 26 November 201 8. David Sidwell,
AFC Chair, chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack) alongside t he minutes of its meeting on 12 October 2018 (Doc
01b) . The Committee also reviewed its action sheet (Doc 01c).


Decision One

The Gavi Alliance Audit and Finance Committee :

? Approved the minutes of its meeting on 12 October 201 8.

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2. Forward year workplan review

2.1. The Committee note d its forward workplan for 2019 (Doc 02).

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3. Finance update

3a . Financ ial forecast

3a.1 Barry Greene, Managing Director, Finance and Operations, presented to the
Committee a summary of the Gavi financial forecast for the current strategic period
2016 -20 and a projection for the next period 202 1-25.

3a.2 Mr Greene started by reminding the Committee of the forecast from November
2017 for the current period of US$ 9.2 billion. He noted that while programme
decisions made earlier in 2018 by the Board added US$ 353 million to the
expenditure estimate, upda ted estimates of the overall costs for this period
resulted in a reduction of US$ 524 million , mainly from supply constraints and
pricing assumptions. This brought the expenditure forecast to US$ 9 billion prior
to providing US$ 174 million for the decisions for consideration at the November
2018 Board meeting . These decisions would bring the new forecast to US$ 9.2
billion , the same overall expenditure level as was forecast a year ago .

Minutes

12 October 2018

AFC Mtg Minutes 12 October 2018

AFC -2018 -Mtg -06 1
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G avi Alliance Audit and Finance Committee Meeting
12 October 2018
Gavi Office, Washington DC, USA


1. Chair?s report

1.1 Finding a quorum of Audit and Finance Committee (AFC) members present, the
meeting commenced at 08. 05 Washington DC time on 12 October 201 8. David
Sidwell, AFC Chair, chaired the meeting .

1.2 The Chair noted the Executive Session held by the Committee on 11 October.

1.3 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack) alongside t he minutes of its meeting on 26 July 2018, including
the commercially sensitive minutes (Doc 01b). The Committee also reviewed its
action sheet (Doc 01c).

1.4 Anthony Brown , Senior Legal Counsel , provided an update to the Committee on
the action item relating to cyber insurance coverage from the Committee meeting
of 4 June 2018. Mr Brown explained that the Secretariat had since met with the
insurance broker and confirmed coverage on all major elements relating to cyber
insurance.

1.5 It was however noted that some gaps had been identified for which additional costs
of between US$ 10,000 -15,000 may be applied for coverage . Mr Brown stated that
Gavi?s main risks from cyber -crime would be data theft or data breach but not
financial loss .

1.6 Finally Mr Brown explained that the Secretariat is looking to put in place a cyber -
security policy to cover these gaps and will consult with the insurance broker on
appropriate furthe r analysis . The Secretariat committed to updat ing the AFC on
any modified coverage at the next insurance update.

Discussion

? In response to a question from a Committee member , t he Secretariat confirm ed
that currently control assessments are not required to validate a cyber insurance
claim. It was clarified that there may be some requirements if a stand -alone cyber -
security policy is pursued but that the relevant analysis would be undertaken
before taking o ut any new policies.

? The Chair noted the positive steps taken by the Secretariat an d ask ed that the
insurance item be discussed on a regular basis by the Committee .

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Minutes

Last updated: 6 Jul 2020

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