AUDIT COMMITTEE FROM: The Secretary, Audit Committee Minutes of Meeting held on Wednesday, March 15, 2017 at 2:35 p.m. in the Board Room Present Committee Ms. Kunene (Chair) Mr. Almutairi (Alternate) Mr. Catzaras (Alternate) Mr. Doltu (Alternate) Mr. Garg Mr. Godts Mr. Mills (Temporary Alternate) Mr. Yang Other Executive Directors and Alternates Messrs./Mmes. Ansorena Montero, Beer, Bilbeisi, Cascino, Cipkute, Cowie, Dravniece, Engozogo Mba, Farnoux, Filartiga Cantero, Fujii, Gruber, Hoettcke, Lye, Mufarrij, Ncube, Nili, Nyunt, Pagano, Peng, Qureshi, Schoenleitner, Snisorenko, Souk Aloun, Tantitemit, Tazaki, Thermann, Torero and Trepanier Officers and Staff Messrs./Mmes. Assalini, Cumming, De Leede, Fawaz, Frazier, Gouled, Kumar-Capoor, Landy, Oteh, Prouvost, Quraishi, Richardson, Shyam-Sunder, Stephant, Sundberg, Tafara, Taverner, Thomas and Zelenko. Jarik (Committee Secretary) IFC's Quarterly Risk Report FY17 Q2 1. The Committee discussed the document entitled IFC's Quarterly Risk Report FY17 Q2 (AC2017-0009/1). A report from the Committee to the Board was prepared. The World Bank Quarterly Business and Risk Review, Quarter 2 FY17 (Part B) and World Bank Group Overview of Financial Performance, Operational Deliverables, and Staffing - FY17 Q2 (“The Chapeau�) 2. The Committee discussed the document entitled The World Bank Quarterly Business and Risk Review - Quarter 2, FY17 (Part B) (SecM2017-0069[IDA/SecM2017-0036]) and World Bank Group Overview of Financial Performance, Operational Deliverables, and Staffing - FY17 Q2 (“The Chapeau�) (SecM2017-0064[IDA/SecM2017-0033, IFC/SecM2017-0026, MIGA/SecM2017-0023]). A report from the Committee to the Board was prepared. MIGA: FY16 Review of Guarantee Portfolio, Risk Management, Capital Adequacy and Limits 3. The Committee discussed the document entitled MIGA: FY16 Review of Guarantee Portfolio, Risk Management, Capital Adequacy and Limits (AC2017-0010). A report from the Committee to the Board was prepared. 2 Date of Next Meeting 4. The next meeting of the Committee was scheduled for April 6, 2017. Adjournment 5. The meeting adjourned at 5:54 p.m.