AUDIT COMMITTEE                               65190
FROM: The Secretary, Audit Committee

                           Minutes of Meeting held on Monday, July 25, 2011
                                    at 2:34 p.m. in the Board Room

Present

Committee
Mr. Chatterji (Chairman)
Mr. Cipollone
Mr. Dhanpaul (Alternate)
Mr. Hagan
Mr. Manao
Ms. Massenet (Acting Alternate)
Ms. Mokate
Mr. Solomon
Other Executive Directors and Alternates
Messrs./Mmes. Alvarez, Bohan, Castro y Ortiz, Donegan, Feidieker, Gunz, Haarlov, Larose, Li,
MacDonald, Mirjalili, Misyukovets, Mufarrij, Paganini, Panov, Pasi, Pedro, Pribadi, Rushing, Sovala,
Subrahmanyam, Thakur, Wakamatsu and Zang
Officers and Staff
Messrs./Mmes. Cooran, Dhar, Dubois, Ezzeddin, Fariello, Flah, Forder, Frazier, Harvey, Klein,
Kumar-Capoor, Leroy, Morin, Simpson, Smith, Vannari, Vumendlini-Schalk, Zimmermann and Berger
(Committee Secretary)

Sanctions Reform - Proposed Terms of Reference for a Review of the Sanctions Regime

1.      The Committee discussed the Sanctions Reform - Proposed Terms of Reference for a Review of
the Sanctions Regime (AC2011-0042). The highlights and conclusions of its discussion were circulated
to the Board (AC/GS2011-0026).

Other Business

2.     The Committee discussed the Advisory Committee for the Selection of the New Sanctions Board
Members. Mr. Solomon and Mr. Studart would continue to be the Audit Committee members of this
committee.

Farewell to Mr. James Hagan

3.      On behalf of the Committee, the Chair thanked Mr. Hagan for his work and dedication, both as
member of the Committee since August 2007 and as vice-chairman since March 2009.

Date of Next Meeting

4.     The Committee was scheduled to meet on August 1, 2011 to discuss IBRD/IDA, IFC and MIGA
Financial Statements for FY11, IBRD’s Allocation of FY11 Net Income and MIGA’s FY11 Review of
Guarantee Portfolio, Risk Management and Provisioning Arrangements.

Adjournment

5.        The meeting adjourned at 3:30 p.m.


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