75982   FROM: Vice President and Corporate Secretary     Minutes of Meeting of the Executive Directors of the Bank and IDA,   held in the Board Room on Thursday, January 10, 2013, at 10:05 a.m.     1. There were present: CHAIR:   S.M. Indrawati, Managing Director   EXECUTIVE DIRECTORS AND ALTERNATES ACTING AS EXECUTIVE DIRECTORS:   K. Alkhudairy (Temporary Alternate) J.-P. Julia (Alternate)   J. Alvarez (Temporary Alternate) D. Kalyalya S. Annamalai I. MacDonald (Temporary Alternate)   S. Aviel (Alternate) A. Mendes Dias O. Bougara M. Muhtar   A. Brandt S. Nanu (Alternate) P. Cipollone M.S. Pamuksuz (Alternate)   J. Frieden K. Panov (Temporary Alternate) B. Han (Alternate) M.N. Prasad   M. Hasan R. Raineri (Alternate) R. Hernandez (Temporary Alternate) Y. Takamura (Alternate)   I. Hoven J. Whitehead S. James (Alternate)   ALTERNATES NOT ACTING AS EXECUTIVE DIRECTORS:   A. Alkaffas A. Lourenco   G. Balcytyte W. Rissmann D. Bohan W. Szczuka   I.-K. Cho     OFFICERS AND STAFF PARTICIPATING: J. Familiar, Vice President and R. Kyte, Vice President, SDNVP Corporate Secretary M. Brennan, Director, IMD A.-M. Leroy, Senior Vice President and S. Miller, Director, CBGDR Group General Counsel, LEGVP A. Peuker, Director, FABDR M. Antoncic, Vice President and P. Verkooijen, Special Representative, Climate Change, CPF Treasurer, TREVP R. Krech, Corporate Secretariat This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.    -2-   Reserves Advisory and Management Program (RAMP) for Member Country Central Banks and Official Sector Institutions: 2012 Review   2. The Executive Directors considered the President's Memorandum and a report entitled "Reserves   Advisory and Management Program (RAMP) for Member Country Central Banks and Official Sector Institutions: 2012 Review" (R2012-0202[IDA/R2012-0244], dated November 2, 2012), approved the   recommendation in paragraph 5 of the Memorandum and outlined in the report, and adopted the following resolution:   International Bank for Reconstruction and Development   Resolution No. 2013-0001   GENERAL INVESTMENT MANAGEMENT AUTHORIZATION   WHEREAS it is desirable that the International Bank for Reconstruction and Development provide investment management services to clients of its Reserves   Advisory and Management Program in connection with the capacity building and knowledge transfer activities of that program;   WHEREAS it is desirable that the International Bank for Reconstruction   and Development provide investment management services to other international organizations as part of its general mandate to cooperate with such organizations;   NOW THEREFORE BE IT RESOLVED AS FOLLOWS:   1. The Bank is hereby authorized to provide investment management services   to:   (a) official sector asset managers, including without limitation central banks, sovereign wealth funds, pension funds, and any other institutions engaged   in the management of reserves or other official funds; and   (b) other international financial institutions and other international organizations with sovereign members.   All such entities shall be referred to collectively as “Clients”. As used in this   Resolution, “official sector asset manager” means a governmental body or another entity that has been established by a member country to perform (or appoint others     to perform) an asset management function, regardless of the form of the entity. “Official sector asset manager” also means an entity that performs governmental, sovereign, or quasi-governmental) functions that has been established by the governing authority of a non-member economy with which the Bank has an active, ongoing engagement process. 2. The terms and conditions of the investment management services to be provided shall be set forth in an advisory and investment management agreement or other written agreement or instrument (“Investment Management Agreement”) between the Bank and each Client. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.    -3-   3. The terms and conditions of each Investment Management Agreement, and   each transaction authorized hereby and pursuant to the relevant Investment Management Agreement shall be as determined by any Authorized Officer, and any   Authorized Officer is hereby authorized in connection with any such transaction, in the name and on behalf of the Bank and any Client:   (a) to open and operate such demand, time deposit, custody, customer and   margin accounts with central banks, commercial banks and other financial institutions as shall be necessary or advisable in order to carry on   investment operations; and   (b) to enter into such agreements and to execute such other instruments and documents as shall be necessary or advisable in order to carry out the   purposes of this Resolution and the relevant Investment Management Agreement, including to enter into agreements by the Bank as agent for its   clients with counterparties and others.   4. The Bank is authorized to engage one or more asset management firms and other financial institutions or entities for the purpose of managing and supervising   the investment of all or part of the assets of any Client, subject to the terms of the relevant Investment Management Agreement.   5. As used herein, the term “Authorized Officer” means any of the following   officers of the Bank, acting jointly or severally, in the name and on behalf of the Bank: (a) the President; the Group Chief Financial Officer or any Managing   Director; the Vice President and Treasurer; the Vice President and General Counsel; any Deputy General Counsel; the Director, Investment Management Department;   the Director, Pension and Endowments Department; the Director, Financial Advisory and Banking Department; the Director, Treasury Operations Department;   the Chief Counsel, Corporate Finance Practice Group; and any person designated to act in an official capacity for any such officer in his or her absence, and (b) any   other officer of the Bank designated in writing for this purpose by the President; the Group Chief Financial Officer or any Managing Director; the Vice President and   Treasurer; the Director, Investment Management Department; the Director, Pension and Endowments Department; the Director, Financial Advisory and Banking   Department; the Director, Treasury Operations Department; and any person designated to act in an official capacity for any of the foregoing officers in his or her   absence.   Oral Briefing - Doha Climate Change Conference 3. Management briefed the Executive Directors on the outcomes of the UNFCCC's meeting (COP18) in Doha, Qatar (November 26 to December 7, 2012), including the Bank Group's engagements. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.    -4-   Minutes of Previous Meeting   4. The Executive Directors recorded their approval on January 4, 2013 of the Minutes of the   meeting held on November 20, 2012 (M2013-0002[IDA/M2013-0002]).   Date of Next Meeting   5. It was agreed to hold a meeting of the Executive Directors of the Bank and IDA on Tuesday, January 15, 2013.   Adjournment   6. The meeting adjourned at 12:03 p.m.                             This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.