Having considered the recommendation of the Ethics and Finance Committee (EFC), the Adaptation Fund Board decided to:
(a) Include in the Project/Programme monitoring and evaluation (M&E) framework a break-down of how implementing entity (IE) fees will be utilized in the supervision of the M&E function;
(b) Set a cap of 9.5% of the project budget for execution costs and to require a Board approval if a project requires an additional budget beyond that limit;
(c) Endorse the standardized template table developed for project execution costs as contained in the Annex to document AFB/EFC.4/7 and to circulate it to IEs for their inputs before final approval at the fourteenth meeting of the Board and inclusion in the project template. The standardized template should be used as guidance in breaking down project execution costs; and
(d) Request IEs to provide budget notes along with a detailed budget for project components.