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Board minutes and presentations

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23 July 2021

PPC Chair Report to Board June 2021 pdf

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Board -2021 -Mtg -2-PPC Committee Chair Report


Section A: Introduction
? This report provides the Board with an overview of the activities of the
Programme and Policy Committee ( PPC ) since the Committee Chair last
reported to the Board in December 2020 .
? The PPC convened by videoconference on 2 February 2021 for an informal
disc ussion on two topics: (i) the COVAX Buffer for high -risk groups in
humanitarian situations , and (ii) on changes to the Partners? Engagement
Framework (PEF) approach for Gavi 5.0. The PPC comments from the
informal meeting help ed shape the work on the COVAX Buffer that came
back to the PPC for decision at a virtual meeting on 1 March 2021 .
? The PPC met virtually on 19 -20 May 2021 . During the meeting, the
Committee discussed a number of important topics for the Alliance and
agreed on recommendations which are being put forward to the Board at its
June meeting for consideration.
? The PPC Chair report is attached in the form of a presentation as Annex A
and the PPC recommendations to the Board are attached as Annex B.
Annexes
Annex A : PPC Chair report
Annex B : PPC recommendations to Gavi Alliance Board
SUBJECT : PROGRAMME AND POLICY COMMITTEE CHAIR REPORT
Category: For Information
Report to the Board
23 -24 June 2021

23 July 2021

GC Chair Report to Board June 2021 pdf

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Board -2021 -Mtg -2-Governance Committee Chair Report

Section A: Introduction
? This report provides the Board with an overview of the activities of the
Governance Committee (GC) since the December 2020 Board meeting .
? The GC met virtually on 11 February 2021, 16 March 2021 and 12 May
2021 .
? In addition to some routine business such as Board and Committee
nominations and the recruitment of Unaffiliated Board members, Committee
discussions focused on work in relation to (i) the Governance Risk Matrix ;
(ii) Best Practice Guidelines for Virtual Meetings for the Gavi Board and its
Committees ; (iii) the EAC Chair Recruitment process; and (vi) the
Governance Subcommittee for High -Level HR Issues .
? In addition, a number of nomination s for Board and Committee members
submitted electronically to the Governance Committee for consideration
have already been circulated to the Board for no -objection consent and
were approved on 10 February 2021, 16 March 2021 and 28 May 2021 .
? The GC will meet on 17 June 2021 and it is expected that further
recommendations will be put forward to the Board on the consent agenda
at its June meeting in relation to Board and Committee appointments and
Committee Chair appointments .
? The GC Chair report is attached in the form of a presentation as Annex A .
Annexes
Annex A : Governance Committee Chair report
Annex B: Best Practice Guidelines for Virtual Meetings for the Gavi Board and its
Committees
SUBJECT : GOVERNANCE COMMITTEE CHAIR REPORT
Category: For Information
Report to the Board
23 -24 June 2021

23 July 2021

IC Chair Report to Board June 2021 pdf

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Bo ard -2021 -Mtg -2-In vestmen t Co mmittee Ch air Rep o rt


Section A: Introducti on
? This report provides the Gavi Alliance Board with an overview of the
investment portf olio perf ormance, the changes in the portf olio related to the
ongoing f oc us on sustainability and the ac tiv ities of the Inv estm en t
Committee since the Committee Chair last reported to the Gavi Allianc e
Board 15 -17 December 2020.
? The total portf olio value is US$ 1.5 billion of which US$ 1,1 25 million is
invested in the long -term portf olio with an additional US$ 101 million
pending inv estm ent as of 31 M ay 2021 . The remaining US$ 236 million in
the short -term portf olio represents donor contributions which are invested
in very liquid, risk -f ree strategies such as money market f unds. This was
down f rom US$ 394 million at the end of December 2020. In Q 1 2021 the
Investments team transf erred US$150 million in cash to su pport Gavi
programmes which required the liquidation of US$ 110 million of long -ter m
portf olio proceeds and US$ 40 million f rom the termination of one manager
in the short -term portf olio.
? The Committee met twice in 1H 2021. In addition to the activities of
monitoring markets, risks and investment perf ormance, the Committee also
covered two topics whose prof ile has increased with the advent of the
COVID -19 pandemic: ESG and Sustainability and Diversity, Equity and
Inclusion.
? Estimated y ear -to-date p ortf olio perf ormance results have been compiled
as of 31 May 2021 . The long -term portf olio delivered year -to-date return s of
3.3 %. A component of the policy index is not yet available so a comparison
to the policy index cannot be of f ered as of this writing. However , as of 30
April the long -term portf olio return of +2.2% exceeded the policy index
return of +2.0%.
? In 2020 , equities and f ixed income enjoyed recoveries based on
accommodative monetary policy and large f iscal stimulus programs,
propelled f urther by expect ant and actual news on COVID -19 vaccine
successes. However, perf ormance diverged in 2021; equities remained
buoyant while the f ixed income f altered as f ears increased on the potential
f or interest rate hikes. Sovereign bond prices with long duration experi enced
the most damage (yields and prices have an inverse relationship). For
example, Bloomberg?s Long Treasury index, which measures long duration
US Treasury perf ormance, suf f ered a -13.5% drop in Q 1 2021 bef ore
enjoying a modest recovery in the months of April and May. The Fixed
SUBJECT : INVEST MENT COMMIT TEE CHAIR REPORT
Category: For Inf ormation
Report to the Board
23 -24 June 2021

23 July 2021

IFFIm Chair Report to Board June 2021 pdf

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Board - 202 1 - Mtg - 2 - IFFIm Chair Report

Section A: Introduction
? This report provides an overview of IFFIm?s contribution to Gavi in the 2016 -
2020 strategic period and the outlook on 2021 - 2025 activity .
? IFFIm?s financing model has proven well - suited to the current environment ,
which calls for flexibility and the means to provide surge financing.
? IFFIm is a valuable tool for Gavi to f inance both COVAX AMC activities and
Gavi?s core programmes .
? IFFIm executed a US$ 750 million bond in April 2021 that was well received
by the capital markets.
? Investor interest in IFFIm continues to grow, especially among those looking
to invest in social or sustainable sectors.
? The IFFIm Board is actively recruiting new members and expects to appoint
at least three new board members before the end of the year.
? The IFFIm Chair report is attached in the form of a presentation as Annex
A .
Annexes
Annex A : IFFIm Chair report SUBJECT : IFFIM CHAIR REPORT
Category: For Information Report to the Gavi Board
23 - 24 June 2021

Financial reports

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Last updated: 1 Apr 2021

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