Decision ID: 003435

In October 2002 the 1971 Fund Administrative Council decided to remove the restriction on the composition of the Audit Body according to the ranking of contributing States (paragraph 2 of the composition and mandate) in order to ensure that appointments to the Body could be made entirely on merit. It was decided that the election of the members of the Audit Body should be held during a joint session of the governing bodies of the 1992 and 1971 Funds, by secret ballot, with all 1992 Fund Member States and all States that had at any time been Members of the 1971 Fund being eligible to vote, provided that each State had only one vote. At the joint session the 1992 Fund Assembly and the 1971 Fund Administrative Council elected, for a period of three years, six members of the Audit Body from the Member States of Italy, France, Canada, Finland, Germany and Japan as well as one member not related to the Funds. The Assembly and the Administrative Council elected Mr Charles Coppolani, the member from France, as the Chairman of the Audit Body. It was noted that under the mandate and composition of the Audit Body the mandate of three of the six members should not be renewable after three years. It was agreed that this matter should be considered by the Audit Body, that the Body’s Chairman should report on this issue to the governing bodies no later than at their autumn sessions in 2004 and that if agreement on this point could not be reached between the members of the Audit Body, the governing bodies would decide. The Administrative Council and the Assembly decided that the six members of the Audit Body elected from Member States should receive a reasonable honorarium to be paid to the members with effect from the date of their appointment.

Date: 30.09.2002
Category: Financial matters
Subjects: Appointment & activities of the Funds' External Auditors, Establishment, election and activities of the Audit Body