Decision ID: 003094

In October 2005 the 1992 Fund Assembly adopted the budget for 2006 for the administrative expenses of the joint Secretariat for a total of £3,601,900. The Assembly decided to increase the honorarium payable to the six Audit Body Members nominated by Member States from £1,500 to £3,000 per annum and to increase the annual remuneration of the members of the joint Investment Advisory Body from £10,000 to £12,500. The Assembly renewed its authorisation to the Director to create positions in the General Service category as required provided that the resulting cost would not exceed 10% of the figure for the salaries budget. The Assembly authorised the Director to incur any additional necessary costs associated with holding meetings outside the IMO building during the period 1 July – 31 December 2006. The Assembly also authorised the Director to make the necessary funds available to the Supplementary Fund in the form of loans to be repaid with interest when the Supplementary Fund had received its first levy of contributions to the extent that this could be done without prejudice to the operations of the 1992 Fund.