Investment Committee Minutes 23 February 2009
GAVI Alliance Investment Committee teleconference ? 23 February 2009 FINAL MINUTES
GAVI Alliance Investment Committee teleconference
23 February 2009
Finding a quorum of members present
1, the meeting commenced at 9.07 Washington time on 23
February 2009 .
1 Remarks by the Chair of the Meeting
George W. Wellde, Jr., Chair of the Meeting reviewed the mandate of the Investment Committee
(?Committee?), stressing the need for appropriate oversight of the investment portfolio given the
external financial environment and GAVI needs. He also reviewed the GAVI Fund version of the
Investment Committee Conflict of Interest Policy (Doc #1 in the committee pack) noting a GAVI
Alliance policy would be crafted alongside a global policy. Discussion followed:
? As the economy worsens , more pressure will fall on donor governments to consider reducing
or stretching out their support to GAVI. This uncertainty may impact how the investment
portfolio is organised . Yoka Brandt confirmed that budget for development is tied to Gross
National Product, which has suffered under current global market conditions.
? The Board will lean heavily on the Investment Committee for oversight and guidance. As
such, it would be worthwhile for the Committee to consider face- to-face meetings.
? Committee member comments on a committee conflict of interest policy should be sent to
the Secretariat in due course.
2 Investment performance update
Alice P. Albright, EVP and Alliance CFIO delivered a report on the performance of GAVI?s
investment portfolio (Doc #2). In particular, she reviewed returns, asset allocation, risk, sector
performance, manager performance, diversification, benchmarks, and credit quality. She noted the
portfolio remained at the GAVI Fund and would transfer to the GAVI Alliance as the super grant
between the GAVI Alliance and the GAVI Fund was executed. Ultimately, the goal is a streamlined
portfolio with clear direction and horizons. Discussion followed.
3 Audit matters
Jeanne Shen, Senior Director of Investments provided an interim audit update (Doc #2). The
Secretariat has drafted FAS 157 policies and procedures and had reviewed investment managers? own
FAS 157 policies. Further, the Secretariat formed a FAS 157 evaluation committee to review
holdings at the end of each quarter. Finally, Ms. Shen presented a due diligence overview of the
investment managers. There was no discussion.
4 Investment and c ash investment policy r ecommendations
Ms. Albright presented a draft Investment Policy and Cash Investment Policy. The purpose of the
Investment Policy is to assist the Board, Committee, and Secretariat in effectively supervising,
1 P articipants are listed in Attachment A. 2 A 9 December 2008 email from Mary Robinson, Board Chair, nominated George W. Wellde, Jr. to be Chair of
the Investment Committee. As such, Mr. Wellde served as Chair of the Meeting.