Decision 40/3

40th Meeting of the Executive Committee
July 2003
Institutional-Treasurer

The Executive Committee decided:

  1. To take note of the consultant’s report;
  2. To amend paragraph 3.1 of Article III of the agreement between the Executive Committee and UNEP to read as follows:

          “3.1 UNEP in its capacity as Treasurer shall be reimbursed for costs incurred for services it will provide pursuant to this Agreement. Modalities for the provision of services and the reimbursement of costs shall be agreed upon by the Executive Committee of the Multilateral Fund and the United Nations Environment Programme.”;

  1. To request UNEP to continue acting as Treasurer of the Multilateral Fund until the modalities of cost estimates and reimbursement could be agreed;
  2. Pending the conclusion of such agreement, to inform the Executive Director of UNEP that the Multilateral Fund would reimburse UNEP for the costs of doing so at a rate of US $301,000 per annum as quoted by UNEP, whose starting point would be 1 September 2003;
  3. To define precisely the services that would be required of the Treasurer and to request the Secretariat to collect additional information on the services available in other organizations and reflect them in a new draft agreement;
  4. To re-examine the issue at its 41st Meeting.