OFFICIAL USE ONLY
                                                                                                         AC/M2012-0011
                                                                                                         BC/M2012-0008
                                                                                                                   May 18, 2012


                                                                             Closing Date: Tuesday, May 22, 2012
                                                                                           at 6 p.m.



                                                   AUDIT COMMITTEE
                                                  BUDGET COMMITTEE


FROM: The Secretaries, Audit Committee and Budget Committee




                           Minutes of Joint Meeting held on Tuesday, April 3, 2012
                                        at 3:39 p.m. in the Board Room



        In the absence of comments or objections to be notified to the Committee Secretaries
(Mr. G. Berger, ext. 81551 or Ms. H. Jarik, ext. 34965) by 6:00 p.m. on May 22, 2012, the following
Minutes will be deemed approved and so recorded in the minutes of subsequent meetings of the
Committees, and publicly disclosed.



Distribution:

     Committee                                                        For Information
     Mr. Alzetta (MIGA BC)                    Ms. Mokate              Other Executive Directors and Alternates
     Mr. Cipollone                            Mr. Prasad              President
     Mr. Fayolle                              Mr. Solomon             Bank Group Senior Management
     Mr. Frieden                              Mr. Studart             Vice Presidents, Bank, IFC and MIGA
     Mr. Grishin                              Mr. Taha
     Mr. Hasan                                Mr. Talat
     Mr. Hayashi                              Mr. Treffers
     Mr. Huber                                Mr. Whitehead
     Mr. Manao




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.
                                                                                      69037

                                       AUDIT COMMITTEE
                                      BUDGET COMMITTEE

FROM: The Secretaries, Audit Committee and
           Budget Committee

                       Minutes of Joint Meeting held on Tuesday, April 3, 2012
                                   at 3:39 p.m. in the Board Room

Present:

Committee
Mr. Treffers (Chair)                   Mr. Hayashi
Ms. Mokate (co-Chair)                  Mr. Huber
Mr. Ayesu (Acting Alternate)           Mr. Mufarrij (Acting Alternate)
Mr. Bangura (Acting Alternate)         Ms. Mya (Acting Alternate)
Mr. Cipollone                          Mr. Panov (Acting Alternate)
Mr. Dhanpaul (Alternate)               Mr. Prasad
Mr. Fayolle                            Mr. Solomon
Mr. Frieden                            Ms. Thompson (Acting Alternate)

Other Executive Directors and Alternates
Messrs./Mmes. Alvarez, Ambroise, Ayesu, Baeten, Castro y Ortiz, Chan, Dufey, Feidieker, Ferry,
Gooch, Inaka, Li, Liu, Maddirala, Mirjalili, Moongananiyil, Mozayani, Nanu, Ncube, Nishino, Orlos,
Pasi, Pedro, Pribadi, Rosseel, Ruggiero, Sovala, Stolorz, Suescun, Szczuka, Tchatchouang, Thakur and
Vumendlini-Schalk

Officers and Staff
Messrs./Mmes. Bakker, Bassani, Cadario, Cannon, Castro, Dasgupta, Davies, Dhar, Finneran, Frazier,
Karam, Koch, Kopech, Miles, Muleri, Nenova, Ordu, Park, Poffley, Prouvost, Pulley, Ravi, Sberro,
Schmidt, Sevimli, Sundararaman, Winsor, Zhang and Berger (Audit Committee Secretary) and Jarik
(Budget Committee Secretary)

External Auditor (KPMG)
Mr. Sweeney and Ms. Talan

FY13-15 Medium-Term Business and Finance Paper

1.       The Committee discussed the paper entitled FY13-15 Medium-Term Business and Finance Paper
(SecM2012-0160; IDA/SecM2012-0169). The highlights and conclusions of its discussion were
circulated to the Board (AC/GS2012-0013; BC/GS2012-0003).

Date of Next Meeting

2.     The Audit Committee was schedule to meet on April 25, 2012 to discuss two documents:
Recommendations of External Review of Oversight and Accountability Units of the WBG, focusing on
IAD and INT, and The World Bank Group Integrated Risk Management Report III. The Budget
Committee was scheduled to meet on May 21, 2012 to discuss three reports: The World Bank Quarterly
Business and Risk Review FY12 Quarter 3 (Part A), IFC Quarterly Report to the Board FY12 Quarter 3,
and MIGA EVP Report FY12 Quarter 3.

Adjournment

3.     The meeting adjourned at 5:45 p.m.