Having considered the recommendation of the Ethics and Finance Committee, the Board decided to:

(a) Note the additional information provided by the trustee on the administrative budgets of the Board and secretariat for the fiscal year 2011 as presented by the secretariat and trustee; and

(b) Approve an estimated budget of US$258,500 for the trustee for the balance of the 2011 fiscal year (April 1 to June 30, 2011), comprising US$168,000 for CER monetization services and US$90,500 for all other trustee services.