Following the discussion, and having considered the recommendation of the Ethics and Finance Committee, the Board decided to:
(i) The proposed budget US$ 3,422,101 to cover the costs of the operations of the Board and secretariat over the period July 1, 2011 to June 30, 2012; and
(ii) The estimated budget of US$ 1,088,000 for trustee services to be provided to the Adaptation Fund over the period July 1, 2011 to June 30, 2012, comprising US$ 678,000 for CER Monetization services, and US$ 410, 000 for all other trustee services; The summary of the Board and secretariat, and the trustee budgets for the fiscal year 2012 is included in Annex VI to the present report;
(b) Note the presentations by the secretariat and the trustee giving a break-down of the costs associated with their budgets;
(c) Further note that effective July 1, 2011 the policies and procedures of the World Bank will require the trustee to charge an additional 10 per cent on the estimated trustee costs to cover central unit over-head costs;
(d) Request the secretariat and the trustee to provide a similar break-down of the costs associated with their budgets when presenting their budgets for the fiscal year 2013; and
(e) Make provision to initiate the recruitment process to engage an additional technical expert to support the work of the Accreditation Panel intersessionally, if necessary, and amend the budget as appropriate.