Having considered the recommendation of the EFC the Board decided to: 

(a) Approve the amendments to the CER monetization programme guidelines as contained in document AFB/EFC.8/9; 

(b) Allow the EFC to discuss a strategy for CER monetization at its 9th and 10th meetings; 

(c) Request the trustee to present a concrete proposal for direct CER sales to governments, including the preparation of a standard legal agreement, options for price maximization, and propose the appropriate amendments to the guidelines, taking into account the principle of transparency; and 

(d) Request that the trustee provide to the Board proactive advice regarding the issues under its responsibility.