Following the discussion, the Executive Committee decided:
(a) To express appreciation for the fact that, consistent with the agreement reached with the Executive Committee in 1991, UNEP had acted as Treasurer of the Multilateral Fund for the past 12 years at no cost to the Fund;
(b) To take note of the fact that, in a letter submitted to the 38th meeting of the Executive Committee, the Executive Director of UNEP had informed the Executive Committee that UNEP’s role as Treasurer could no longer be performed free of charge;
(c) To request the Secretariat to explore with UNEP, the World Bank and other potential bodies which might act as Treasurer of the Multilateral Fund, their experience, potential services and fees associated with taking on that role, taking into account the views expressed by representatives at the 39th meeting of the Executive Committee, and to report back to the 40th meeting of the Executive Committee.