Bo ard -2021-Mtg -2-Do c 00a




G avi Alliance Board Meeting
23-24 June 202 1 - Virtual Meeting

Wednesday 23 June : 13.30 -18.30 Geneva Time
Thursday 24 June : 13.30 -18. 30 Geneva Time
Quorum: 14

Document list

No. Document
00a Document list
00b Agenda
01a Declarations of interest
01b Minutes f rom 29 -30 September 2020
01c Minutes f rom 15 -17 December 2020
01d Minutes f rom 22 March 2021
01 e No Objection Consent Decisions
01f Consent Agenda
01g Workplan
02 CEO?s Report ? To follow
03 Strategy, Programmes and Partnerships: Prog ress, Risks and Challenges
04a Financial Upda te, including f orecast
04b COVAX AMC f inancial f orecast ? To follow
05 Committee Chair and IFFIm Board reports ? To follow
06 COVAX Update
07 Fiduciary Risk As surance and Financial Management Capacity Build ing
08 Civil Society and Community Engagement Approach
09 Strategic Partnerships with India
10 Review of decisions ? No paper
11 Closing remarks ? No paper
No. Ad ditional Doc uments f or Informa tion (on Boa rdEffect )
A Board and Committee minutes (For i nformation only)
B CEPI 2020 Annual Progress Report
C Audit and Investigations Report

Board -2020 -Mtg -6-Doc 00b








G avi Alliance Board Meeting
23 -24 June 2021
Virtual Meeting



Wednesday 23 June : 13.30 -18.30 Geneva Time
Thursday 24 June : 13.30 -18. 30 Geneva Time
Quorum: 14



Agend a








Nex t Board Me eting s: 28 September 2021, Virtual
1-2 Decem ber 202 1, Virtual

---
Brenda Killen , Director, Governance and Secretary t o the Board, +41 22 9 09 6680 , bkillen @gavi.org
Joanne Goetz , Head, Governa nce, + 41 22 9 09 6 544, jgoetz@gavi.org
Please note that the Board mee ting will be recorded. This recording will be used as an aid to minute t he meeting .
A transcr iptio n of the full proceedings will not normally be made . Shou ld a tr ansc riptio n be made it wil l be used
only as an aid to minute the meeting .




Boar d-2021-Mtg-2-Doc 00b 2

Board M eeting - D AY ONE ? Wednesday 23 June 2021

Item Sub ject Action Schedule

Closed Session: For Board Members and Alternate Board
Members only
13.30 -14.30
1 Chair?s report
? Declarations of interest
? Minutes
? No Objection Cons ent Decisions
? Co nsent Agenda 1
? Wor kpla n
Jos ? Manuel Barroso , Board Chair
DECISION 14. 30 -14. 45
2 CEO? s Report
Seth Berkley, Chief Executive Officer
14. 45 -15. 45
Break 15. 45 -16.00
3 Strate gy, Programmes and Par tn erships : Pro gres s, Risks and
Challenges
Anura dha Gupta, Depu ty C EO
Jacob van der Bli j, Head, Risk
DECIS ION 16.00 -17.00
4 Financ e
Dav id Sidwe ll, Chair, Audit and Finance Committee
Assie tou Diou f, Managing Director , Finance & Oper ations
The two separate papers listed below will be taken as one
discussi on:
4a Fi nancial Update, including forecast
4b COVAX AMC financial for ecast
DECI SION 17.00 -17.45
5 Comm ittee Chair and IFFIm Board reports
? Go vernance Committe e ? Sarah Gou lding
? Audit and Finance Committee ? David Sidwell
? Inve stmen t Committee ? Stephen Zinser
? Progr amme and Policy Committee ? Helen Re es
? Evalua tion Advisory Comm ittee ? Zulfiqar Bhutta 2
? IFFI m Comp any ? Kenneth G Lay
17.45 -18.30





1 Any Board m ember can ask that an y item be removed from the consent agenda for f urth er dis cussion. S hould
there be any such reques t, the relevant discussion will take place on Day Thr ee of the Board meetin g,
immedia tely precedin g th e R evie w of Decisi ons. 2 Acting as Interim Chair since March 2021

Bo ard -2021-Mt g-2-Doc 0 1a




Gavi Alliance Board Meeting
23-24 June 202 1
Virtual Meeting
Quorum: 1 4
Declarations of Interest

Declarations
Section 5.5 of the Conflicts of Interest Policy for Governance Bodies states ?Members
involved in decisio n-makin g processes on b ehalf of Gavi must take appropriate action to
ensure disclosure of Interests and Conflicts of Inter est, and take the necessary action in
respect thereof.?
Section 6.2 of the Conflicts of Interest Policy for Governance Bodies further states , ?T he duty
to d isclo se [in 6.1 above] is a continuing obligation. This means that Members are obliged to
disclose any Interests and/or Conflict of Interest, whenever the Member comes to know the
relevant matter.?
The following declarations were made b y me mbers of the Boar d on their most recent annual
statements .
Board members:
Member Org anisational Interest s

Financial/Personal/Advisor Int /
Others














Jos? Manuel Barroso , Chair




























None














Goldman Sachs I nter national,
Chairman and Non -Executive
Director - Advisor; Princeton
University - Princeton School of
Public Policy, LISD, Non Residen t
Fellow; Catholic U nive rsity o f
Portugal, Visiting Professor ,
Director of the Centre for Euro pean
Studie s; Graduate Insti tute of
International and Development
Studies -Geneva, Visiting
Professor; The EUROPEAUM,
Board Member; WPL -Women
Political Leaders, A dvisory Board
Member ; Je an Monn et Foundation
for Europe, Honorary Committee
Member; Europe an C entre for
Culture, Honorary Co -President;
Portuguese Diaspora Council,
Chairman General Assembly;
Bilderberg Meetings, Steering
Committee Member; Concordia,
Leade rship Member Council ; Wo rld
Lea dership Alliance - Club de
Madrid, Member; Teatro Real
Madr id, Internation al Council
member; Royal Institute of
International Affairs (Chattam
House), Senior Advisor; Lindau

Board -2020 -Mtg -05 1
Minutes



Gavi Alliance Board Meeting
29 -30 September 2020
Virtual meeting


1. Chair?s Report

1.1 Finding a quorum of members present, the meeting commenced in closed session
at 14. 00 Geneva time on 29 September 2020. Dr Ngozi Okonjo -Iweala, Board
Chair, chaired the meeting.

Closed Session

1.2 Sarah Goulding, Board Vice Chair and Chair of the Governance Committee, and
Bill Roedy, Chair of the Board Chair Recruitment Search Committee, provided a n
update to the Board on the process to recruit a successor to Dr Ngozi Okonjo -
Iweala who would come to the end of her second term as Board Chair on 31
December 2020.

1.3 Board members noted that both the Search Committee and the Governance
Committee had unanimously confirmed the recommendation being shared with
the Board at this meeting for consideration, namely to appoint Jos? Manuel
Barroso as Boar d Chair from 1 January 2021.

1.4 The recommendation was approved unanimously by the Board.

1.5 The closed session concluded at 14.38 Geneva time and the meeting commenced
immediately thereafter in open session.

Decision One

The Gavi Alliance Board that it:

a) ?Appoin ted Jos? Manuel Barroso as an Unaffiliated Board Member in the seat
currently held by Ngozi Okonjo -Iweala effective 1 January 2021 and until 31
December 2022; and

b) Appoin ted Jos? Manuel Barroso as Chair of the Board with individual signatory
authority effecti ve 1 January 2021 and until 31 December 2022.

------

1.6 The Chair welcomed the Board to this exceptional Board meeting, noting the
importance of the Board discussing the two topics on the agenda at this time,
namely recalibrating Gavi 5.0 in light of COVID -19 and the successful
replenishment, and the COVAX Facility operationalisation .

Board -2020 -Mtg -06 1
Minutes



Gavi Alliance Board Meeting
15 -17 December 2020
Virtual meeting


1. Chair?s Report

1.1 Finding a quorum of members present, the meeting commenced at 17.15 Geneva
time on 15 December 2020. Dr Ngozi Okonjo -Iweala, Board Chair, chaired the
meeting.

1.2 The Chair conveyed a special welcome to the Board Chair elect, Jos ? Manuel
Barroso, Cyrus Ardalan, Chair of the International Finance Facility for
Immunisation (IFFIm) Board and other directors of the IFFIm Board, and Nina
Schwalbe, Chair of the Evaluation Advisory Committee .

1.3 The Chair presented a short summary of the recent All Chairs Group (ACG)
meeting, during which the Group had discussed budget alignment, risks
as sociated with the COVAX Facility, overstretched staff and the organisation?s
ability to deliver on equity and access to vaccines.

1.4 Standing declarations of interest were tabled to the Board (Doc 01a in the Board
pack).

1.5 The Board noted its minutes from 24-25 June 2020 (Doc 01b) , 30 July 2020 (Doc
01c) which were approved by no objection on 3 November 2020 . The Board noted
decisions approved by no -objection consent on 12 August , 21 September and 26
November 2020 to appoint Board and Board Committees members, and on 20
August 2020 to approve the 2019 Gavi Alliance Annual Financial Report and the
2019 Gavi Alliance Statutory Financial Statements (Doc 01e) .

1.6 The Chair expressed appreciat ion for the Board comments on the agenda items
received in advance of the meeting through the discussion board on BoardEffect .

1.7 The Chair referred to the consent agenda (Doc 01f) where seven
recommendations were presented to the Board for consideration . No requests had
been received to place any of the consent agenda items on the main agenda. The
decisions would be presented at the end of the meeting during the Review of
Decisions.

1.8 The Chair further noted the Board workplan (Doc 01h) that guides the Board on
activities towards fulfilling its mandate and noted in particular that in view of the
current global context, the workplan is a living document and subject to change.

Board -202 1-Mtg -01 1
Minutes



Gavi Alliance Board Meeting
22 March 2021
Virtual meeting


1. Chair?s Report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 22 March 2021 . Prof Jos? Manuel Barroso , Board Chair, chaired the
meeting.

1.2 He welcome d new Board Members and Alternate Board Members .

1.3 On the occasion of his inaugural Board meeting, Prof Barroso provided some
insights from the eyes of a newcomer on the work that the Board, Committees and
the Secretariat h ave been doing under exceptional circumstances. He encouraged
Board members to go beyond the tradition al oversight role and embrace a
challenge and support role as well.

1.4 The Board Chair applauded the work and progress achieved to date on the
zero -dose /equity mission and building the COVAX Facility . He underlined the
importance of the Board and Secretariat adhering to principles of good
governance, including by remaining transparent in its actions, by being diligent in
planning and subsequent processes, and by candidly expressing its questions and
concer ns.

1.5 Prof Barroso shared that the Board , at its meeting in June 2021, will need to set
the strategic direction on the Alliance?s core mission and COVAX and noted in this
context that he has requested the Secretariat to schedule a session for the Board
in April 2021 to discussion potential scenarios for 2022 and beyond . Some of the
issues to consider might include: i) the progress on achieving the Gavi 5.0 goals
and specifically, the goal of equity; ii) the impact of the COVAX Facility on Gavi?s
mi ssion; iii) future prospects for the continued engagement with Self -Financing
Participants (SFPs) and appropriateness of the level of ambition for Advance
Market Commitment (A MC ) countries; and iv) ongoing geopolitical challenges and
emerging risks in vacc ine diplomacy globally.

1.6 Standing declarations of interest were tabled to the Board (Doc 01a in the Board
pack).

1.7 The Chair referred to the consent agenda (Doc 01 c) where one recommendation
was presented to the Board for consideration . No requests had been received to
place the consent agenda item on the main agenda. The decision would be
presented at the end of the meeting during the Review of Decisions.

1



Board -2021 -Mtg -2-Doc 01e
Report to the Board
23-24 June 2021



Since the March 2021 Board meeting, one decision has been circulated to the
Board electronically for approval by no -objection consent in line with Article 2.7.3.4
of the By -Laws.

On 17 May 2021 , Board members were invited to consider approval of the
appointment of an Alternate Board Membe r and Market -Sensitive Decisions
Committee Member .

No objections were received prior to the end of 28 May 2021 and the following
decision was therefore entered into the record:

In accordance with Section 11.3 of the Board and Board Committee Operating
Procedures, on a no -objection basis, the Gavi Alliance Board:

a) Appointed Jeremy Konyndyk as Alternate Board Member representing the
United States in the donor cluster anchored by the U nited States in the seat
currently held by Carmen Coles Tull of the United States, effective immediately
and until 31 December 2021.

b) Appointed Jeremy Konyndyk (Alternate Board Member) to the Market -
Sensitive Decisions Committee, effective immediately and until 31 December
2021.
SUBJECT: NO -OBJECTION CONSENT DECISIONS
Agenda item: 01e
Category: For information

1



Board -2021 -Mtg -2-Doc 01f REVISED AS AT 22 JUNE 2021
Report to the Board
23-24 June 2021

Section A: Introduction
Seven recommendations are being presented to the Board under the Consent
Agenda for consideration. Detailed information on the item s can be found in the
relevant Committee paper in a dedicated folder on BoardEffect at :
https://gavi.boardeffect.co.uk/workrooms/6459/resources/127300
Section B: Actions requested of the Board
The Gavi Alliance Board is requested to consider the following recommendation s
from the Gavi Alliance Governance Committee , Audit and Finance Committee and
Programme and Policy Committee.
Decision One ? Board and Committee Member Appointments
The Gavi Alliance Governance Committee recommend s to the Gavi Alliance
Board that it:
a) Appoint Awa Marie Coll Seck as an Unaffiliated Bo ard member in the seat
currently held by Stephen Zinser effective 1 July 2021 and until 30 June 2024
b) ?Appoint Naguib Kheraj as an Unaffiliated Board member in the seat currently
held by William Roedy effective 1 August 2021 and until 31 July 2024
c) Appoint Bounfeng Phoummalaysith of Lao PDR as Alternate Board Member
representing the implementing country constituency in the seat formerly held
by Bounkong Syhavong of Lao PDR, effective immediately and until 31
December 2023
d) Appoint the following to the Governa nce Committee effective 1 August 2021:
? An Vermeersch (Alternate Board Member) until 31 December 2021
e) ?Appoint the following to the Audit and Finance Committee effective
1 August 2021:
? Naguib Kheraj (Board Member) until 31 December 2021

SUBJECT: CONSENT AGENDA ? REVISED AS AT 22 JUNE 2021
Agenda item: 01 f
Category: For Decision

1 1


?
Re port to the Board

Board -2021 -Mtg -2-Doc 01f -Annex A
Annex A: Yellow fever diagnostics and laboratory capacity
At its November 2018 meeting, the Gavi Board approved an effort to strengthen
yellow fever laboratory capacity in Africa in order to facilitate the efficient and
effective use of yellow fever vaccine as part of the Eliminating Yellow Fever
Epidemics (EYE) Strategy, including an amount of up to US$ 8.2 million during
2019 -2021 for costs related to the procurement and distribution of laboratory
reagents, supplies, and equipment for yellow fever diagnostic capacity
strengthening through a diagnostic procuremen t mechanism based on Gavi?s
existing application, review and approval processes. The Gavi Board also noted
the expected use of Partners? Engagement Framework (PEF) funds, estimated at
approximately US$ 5.3 million during 2019 -2021, to support yellow fever diagnostic
capacity strengthening, including technical assistance, quality assurance/quality
control assessments, support for sample transportation, and coordination.

Specific outcomes expected by the end of 2021 were discussed during the October
2018 me eting of the Policy and Programme Committee of the Gavi Board and
during the November 2018 Gavi Board meeting. Progress has been made against
all of those goals , and many have already been met . Continuing Gavi involvement
with yellow fever diagnostics and laboratory capacity beyond 2021 will allow Gavi?s
planned US $ 488 million investment in yellow fever immuni sation during the
2021 - 2025 strategic period to be used more effectively, efficiently, and equitably.
Part I: Yellow fever laborato ry capacity progress to date
Goal : Introduction and distribution of at least one validated YF diagnostic assay by
end of 2021 (October 2018 PPC meeting)

Status : A yellow fever PCR test kit produced by the German manufacturer Altona
has been validated by EYE Laboratory Technical Working Group for use in th e
WHO yellow fever laboratory network . UNICEF Supply Division is in the final steps
of concluding the contractual agreement with Altona for distribution of this test kit
within the yellow fev er laboratory network . In addition, WHO has posted an
invitatio n for manufacturers to submit expressions of interest for participation in
evaluation of yellow feve r serology tests, and at least one manufacturer has
submitted an expression of interest . Gavi involvement with yellow fever diagnostics
has also helped trigger progress in the development of assays of a new class that
detect yellow fever NS1 protein as a marker for acute infection. Initial testing results
are encouraging, and if this type of test proves sufficiently accurate it would be a
much simpler and cheaper alternative to PCR testing. Gavi secretariat is working
with WHO an d other partners to arrange further evaluation of this new test type.

Twenty -one of 24 African countries at high risk for yellow fever outbreaks and
eligible for Gavi support have applied for and been approved for Gavi yellow fever
diagnostic procurement support. Despite disruptions to international shipping and
other logistical challenges from the COVID -19 pandemic , the UNICEF Supply
Division organi sed delivery of initial alloca tions of YF Dx reagent bundles and
ELISA instruments to all countries is expected to be fully completed by early May.

1
Report to the Board
Board -2021 -Mtg -2-Doc 01f -Annex B
Annex B: Summary of Baselines and Targets for Gavi 5.0 Mission and Strategy Indicators 1
Indicator Baseline (2019) 202 5 Target Rationale
Mission Indicators
M.1 Under -five mortality rate (SDG 3.2.1) 55/1,000 TBD
TBD - Target not yet defined due to uncertainty around how UN -IGME estimates of child
mortality will reflect COVID -related health impacts . It is anticipated that baseline and
targets for this indicator will be submitted to the PPC and Board in the Fall/Winter of 2021.
M.2 Future deaths averted n/a 7-8m Target made as part of the commitments in the Gavi 2021 -2025 Investment Opportunity
M.3 Future DALYs averted n/a 320 -380m Target closely aligned with future deaths averted targets, calculated using the same
methodology from the Vaccine Impact Modelling Consortium (VIMC ).
M.4 Reduction in number of zero -dose
children 9.7 m -25%
Target based on the Alliance?s ambition to reduce zero dose by 25% by 2025 ?half the
level of ambition established by IA2030 of reducing number of zero -dose children globally
and for each country by 50% by 2030 as compared to 2019 .
M.5 Unique children immunised n/a 300m Target made as part of the commitments in the Gavi 2021 -2025 Investment Opportunity,
M.6 Economic benefits unlocked n/a US$ 80-100b Target made as part of the commitments in the Gavi 2021 -2025 Investment Opportunity .
1 Baselines are based on current immunisation coverage estimates and available data. For many indicators , baseline estimates may be revised as new data
become available (i.e., absolute values may change but the level of ambition will be retained) .

1
Report to the Board
Board -2021 -Mtg -2-Doc 01f -Annex C
Annex C: Gavi 5.0 Strategy Indicators Dashboard
 

Report to the Board

Board -2021 -Mtg -2-Doc 01f -Annex D
0

Gavi Alliance
Market Shaping Strategy 2021 -20 25

Structure

Executive summary ????????????????????????? ? ? ? 1
1. Context influencing the Market Shaping Strategy 5.0 ?????????? ? ? 3
2. Market Shaping model for 5.0 ???????????? ??????????. 5
3. Strategic priorities 2021 -2025
3.1. Foster a sustainably competitive future supplier base ???????? ?. . 11
3.2. Support healthy demand ????????????????????... .... 14
3.3. Establish an enabling environment for transformational i nnovation ??... .... 19
4. Monitoring and evaluation framework and next steps to operationalise ???? 24
Annexes ???????????????????????????????? ? 26

Annex A: Detailed theor y of change by strategic priority ??????????... ..... 26
Annex B: Strategic enablers
1. Implement an optimised market shaping p artnership plan ????????? . 29
2. Support regulatory efficiencies that contribute to enabling vaccine access ?? . 34
3. Implement updated strategic tools & processes ????????????? .. 36
? Healthy Markets Framework and strategy development process
? Demand Health toolkit, including demand shaping intervention guidelines
? Product Portfolio Management
? Financial tools
Annex C: Demand health case studies ??????????????????? ? 50
Annex D: Detailed M&E framework ?.???????????????????? 54
Annex E: Preliminary resourcing analysis ???????????????????.. 59
Annex F: List of authors and contributors ???????????????????? 60
Annex G: Acronyms and abbreviations ??????????????????? ? 62

Classified as Internal #
Gavi Alliance Board Workplan
Gavi Board Paper Type Sept Nov/Dec Mar/Apr June Nov/Dec Mar/Apr June Nov/Dec Mar/Apr June Nov/Dec Mar/Apr June Nov/Dec
A. Strategy/Performance/Risk/MEL
CEO's Report CEO's Report Discussion
2021-2025 Strategy 2021-2025 Strategy, Partnerships and Programmes Discussion
Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion Discussion
2021-2025 Strategy Gavi 5.0 Decision
Measurement Framework (Targets & Indicators) Measurement Framework Decision Decision
Funding Policies* Gavi 5.0: Operationalisation Decision Decision
Innovation (including private sector partnerships) Gavi Innovation Strategy Decision Decision
Middle Income Countries (MICs) TBD Decision Decision
Civil Society and Community Engagement Approach Civil Society and Community Engagement Approach Decision Decision
Partners' Engagement Framework TBD Decision
Disease Surveillance and Diagnostics in Gavi 5.0 TBD Decision Decision
Risk and Asurance Report Risk and Assurance Report Decision Decision Decision Decision Decision Decision
2026-2030 Strategy TBD Decision
Measurement Framework (Targets & Indicators) TBD Decision Guidance Decision
B. Vaccines & Sustainablity
Typhoid TBD Information Information
Pneumococcal AMC (Advance Market Commitment) TBD Information
Inactivated Polio Vaccine (IPV) co-financing approach TBD TBD
TBD
Malaria TBD Decision Decision
Update on vaccines for epidemic preparedness and response TBD Discussion Discussion
Vaccine Investment Strategy TBD Decision Decision Decision Decision
COVAX COVAX Decision
Discussion Decision Decision Decision
C. Policy
Fragility, Emergencies, Refugees Policy TBD Decision Decision
Transparency and Accountability Policy Decision Decision
D. Country Programmes
Nigeria TBD Information Information Information Information Information Information
PNG TBD Information Information
Strategic Partnership with India Strategic Partnerships with India Decision Decision
Post-Transition Support (e.g. Angola, Timor-Leste) TBD Information
Fiduciary risk assurance and financial management capacity building Fiduciary risk assurance and financial management capacity building Decision Information
E. Finance/Audit & Investigations
Annual Accounts Annual Financial Report Decision Decision Decision Decision Decision
Financial Forecast Financial Update, including forecast Decision Decision Decision Decision Decision Decision
Budget Financial Update, including forecast Decision Decision Decision Decision
Audit & Investigations Report Audit & Investigations Report Information Information Information Information Information Information
F. Governance
Board Chair Appointment Board Chair Appointment Decision
Board Vice Chair Appointment Consent Agenda Decision Decision Decision Decision
Committee Chair Appointments Consent Agenda Decision Decision Decision Decision Decision
Board and Committee Appointments Consent Agenda Decision Decision Decision Decision
IRC Appointments Consent Agenda Decision
CEO Appointment Consent Agenda Decision Decision
Secretary Appointment Consent Agenda Decision
Treasurer Appointment Consent Agenda Decision
Amendments to Governance Documents (Statutes, By-Laws, Committee Charters) Consent Agenda Decision
IRC Terms of Reference TBD Decision
Audit & Investigations Terms of Reference TBD Decision
G. Reporting
Committee Chair Reports Committee Chair and IFFIm Board reports Information Information Information Information Information Information Information Information Information Information
IFFIm Chair Reports Committee Chair and IFFIm Board reports Information Information Information Information Information Information Information Information Information Information
Replenishment/Resource Mobilisaton TBD Discussion
HR Report Closed Session Information Information Information Information Information Information
Annual Report on Implementation of the Gender Policy TBD Information Information Information Information Information Information
CEPI Progress Report
Annex to Board pack/On BE as additional materials Information Information Information Information Information Information Information Information Information Information
Board and Committee minutes
Annex to Board pack/On BE as additional materials Information Information Information Information Information Information Information Information Information Information
H. Pre-Board Technical Briefing Sessions Discussion Discussion
Malaria vaccine programme investment case
TBC
*Includes Eligiblity & Transition Policy, Co-Financing Policy, HSIS Support Framework, CCEOP Last updated - 9 June 2021
Next Board Meetings
:
28 September 2021, Virtual
1-2 December 2021, Geneva 2022 2023 2024 2025
Board-2021-Mtg-2-Doc 01g

1



Board -2021 -Mtg -2-Doc 02

Report to the Board
23-24 J une 202 1


16 June 202 1

Dear Board members ,

We are now 16 months into the pandemic, and the world continues to be marked
by uncertainty and risk. In most countries, health systems are struggling under the
dual burden of maintaining and restoring routine programmes and responding to
COVID -19. At the same time, some high -income countries are beginning to
celebrate a return to normality, owing to high vaccination rates. As our Board Chair
Jos? Manuel said in his remarks at the launch of our Gavi COVAX Advance Market
Commitment (AMC) Investment Opportunity, ? In a globalised world, all economies
are interdependent. We can?t just say to each other , ?Your side of the boat is
sinking?.? The global economy cannot be restored without everyone protected and
back to work, and if populations remain unprotected, the threat o f new variants
remains.

When we look back on history, there are already many things that we, as a global
community, will applaud ? and many we will say we should have done di fferently.
The pace of vaccine research and development has been remarkable. The re are
16 vaccines in use globally; we were able to move vaccines to lower -income
countries two and a half times faster, to four times the number of countries and
seven times t he number of doses than over the same time span during the swine
flu pandemic. T he level of collaboration across partners is unprecedented: as an
Alliance, we mobilised swiftly to provide countries with the flexibility in funding they
needed , and we worked successfully with countries to maintain and restore routine
immunisation in the face of lockdowns and overburdened health systems.
Importantly, the strong supplier base that the Alliance has developed over the past
21 years has meant that we have not expe rienced shorta ges in our supply of Gavi -
supported routine vaccines, despite heightened competition for raw materials and
for manufacturer capacity.

We also stood up the first emergency global vaccine procurement mechanism ?
the COVAX Facility ? built on the knowledge that should a vaccine be developed,
vaccine equity would be our only way out of this pandemic. This was made possible
due to the incredible work from across the Alliance. Sincere gratitude also goes to
our donors who have stepped up with gene rous financial commitments, including
our successful COVAX AMC Summit earlier this month , co -hosted by Prime
Minister Suga of Japan, at which we raised US$ 2.4 billion from nearly 40 donor
Report of the Chief Executive Officer

1



Board -2021 -Mtg -2-Doc 02 FR

Rapport au Conseil
d?administration
23-24 juin 202 1


Le 16 juin 202 1

Chers memb re s du Conseil d?administration,

Cela fait maintenant 16 mois que nous vivons en pleine pand?mie , avec ce que
cela comporte d?incertitudes et de risque s omni pr?sent s dans le monde entier .
Dans la plupart des pays, les syst?mes de sant? sont confront?s ? la double t?che
du maintien ou de la remise en route des programmes de vaccination
syst?matique, et de la riposte ? la COVID -19. Dans le m?me temps, certains pays
? revenu ?lev? commencent ? c?l?brer le retour ? la normale, gr?ce ? des taux de
vaccination ?lev?s. Comme l'a vait fait r emarquer le pr?sident Jos? Manuel Barroso
lors du lancement de l?offre d'investissement pour la garantie de march? (AMC)
COVAX de Gavi , ? dans un monde globalis?, toutes les ?conomies sont
interd?pendantes. Nous ne pouvons pas nous dire les uns aux autres : " Le bateau
est en train de couler de votre c?t? ?. ? L'?conomie mondiale ne pourra reprendre
que lorsque tout le monde sera prot?g? et pourra retourner travailler , et la menace
de nouve aux variants demeure ra tant que les populations ne s er ont pas toutes
prot?g?es.

Quand nous reviendrons sur ce qui s?est pass?, il y a d?j? beaucoup de choses
que nous, la communaut? mondiale, pourrons largement applaudir ? mais il y aura
?galement beaucoup de choses pour lesquelles nous aurons ? redire, que nous
au rions d? faire diff?remment. Le rythme de la recherche et du d?veloppement des
vaccins a ?t? remarquable. Seize vaccins contre la COVID -19 sont d?j?
mondialement utilis?s ; sur la m?me p?riode, nous avons pu envoyer sept fois plus
de doses de vaccins , ? qu atre fois plus de pays ? faible revenu , et deux fois et
demie plus rapidement que pour la pand?mie de grippe d?origine porcine. La
collaboration entre les diff?rents partenaires a atteint un niveau sans pr?c?dent :
nous, l?Alliance , nous nous sommes mobilis?s rapidement pour offrir aux pays la
souplesse de financement dont ils avaient besoin et nous avons r?ussi , avec eux,
? maintenir ou ? r?tablir la vaccination syst?matique en d?pit des mesures de
confinement et de la surcharge des syst?mes de sant?. Malgr? une concurrence
accrue pour les mati?res premi?res et l es capacit? s de production des fabricants ,
nous n'avons pas connu de p?nurie dans notre approvisionnement en vaccins de
routine , parce que l 'Alliance avait d?velopp? une base de fournisseurs solide au
cours des 21 derni?res ann?es.

Rapport du D irecteur ex?cutif

1



Board -2021 -Mtg -2-Doc 03
Report to the Board
23 -24 June 202 1

Section A: Executive Summary
This report provides an update on progress in implementing the Gavi 4.0
strategy and associated risks 1. The final report on progress on the achievement
of Gavi 4.0 strateg ic goals will be presented at the next Board meeting, after the
WUENIC (WHO and UNICEF Estimates of National Immunization Coverage)
estimates become available. This paper focuses mostly on Gavi?s strategic
performance and risks in light of the pandemic , as well as on providing an update
on the operationalisation of the zero -dose agenda as part of Gavi 5.0 .
While C OVID -19 sharply impacted immunisation services , there were clear
signs of restoration in the second half of 2020. Vaccine introductions have
slowly started to resume . Notably, country performance on co -financing remains
strong despite the fiscal constraints caused by the pandemic.
However, the risk of new disruption during 2021 remains real . Countries are
focus ed on mitigating the impact of second and third waves of infection and the
spread of new var iants of SARS -CoV -2, while also shifting attention to the delivery
of C OVID -19 vaccines . The pandemic will also continue to affect the macro -
economic and fiscal stability of Gavi -supported countries.
Maintaining, restoring and building back more resilient, equitable and
integrated routine immuni sation systems has become the main focus of the
Alliance?s broader support to countries, besides laying the foundation to reach
more zero -dose children and missed communities during Gavi 5.0.
To reflect the increase of Gavi?s overall risk profile in the context of Gavi 5.0, the
COVID -19 pandemic and the COVAX Facility, the Board is requested to approve
the updated Risk Appetite Statement .
The Programme and Policy Committee (P PC ) also recommended an
adjustment to the structure of the Partners? Engagement Framework (PEF)
at global and regional level and asked the Secretariat to address a number of open
questions before requesting Board approval . Working closely with the
Partnerships? Tea m the Secretariat has started to engage in extensive
consultations with countries, partners and civil society organisations ( CSOs ) and
will revert to the PPC and Board in due course , as appropriate .

1 Associated risks refer to the top risks described in the 2020 Risk & Assurance Report (see
https://www.gavi.org/news/document -library/gavi -risk -and -assurance -report -2020 ). A mid -year
update on the top risks to the AFC is included in Appendix 6.
SUBJECT : STRATEGY, PROGRAMMES AND PARTNERSHIPS:
PROGRESS, RISK S & CHALLENGES
Agenda item: 03
Category: For Decision

Gavi Risk Appetite Statement
Version 3.0




DOCUMENT ADMINISTRATION

VERSION
NUMBER APPROVAL PROCESS DATE
1.0 Reviewed and recommended by:
Gavi Programme & Policy Committee
10 November 2014
Reviewed and a pprov ed by: Gavi,
the Vaccine Alliance Board 11 December 2014
2.0 Reviewed and recommended by:
Gavi Audit & Finance Committee
27 April 2017
Reviewed and approv ed by: Gavi,
the Vaccine Alliance Board 15 June 2017
3.0 Reviewed and recommended by:
Gavi Audit & Finance Committee 7 June 2021
Reviewed and approv ed by: Gavi,
the Vaccine Alliance Board
Effective from:
Next review: As and when requested





2

Gavi Alliance Risk Appetite Statemen t


Introduction
Every organisation needs to take risk to achieve its objectives and sometimes the greatest
risk is inaction. Clarity on risk appetite ? the amount of risk an organisation is willing to
take, accept, or tolerate to achieve its goals ? is needed to limit excessive and un reward ed
risk -taking as well as undue r isk aversion which can imped e progress and success .
Effective risk management seeks to optimise potential outcomes by balancing risk versus
reward and weighing the cost s and potential benefits of risk mitigation. Gavi?s Risk
Appetite Statement defines on a broad level the criteria and trade -off considerations that
guid e the Alliance ?s appetite for risk at the mission, strategy and organisation al level .
Having a high appetite for a risk represents a willingness to be exposed to the possibility
of a n uncertain event occurring in the future , e.g. because the downside of the risk, if it
were to materialise, is manageable or acceptable in light of the rewards being pursued ;
because exposure to the risk is required to achieve Gavi?s mission ; or because the costs
of mitigation or trade -offs with other risks are deemed too high . A high risk appetite does
not mean that actual occurrence of the risk is desirable or the event shou ld be tolerated
should it occur. It also does not mean that manag ing and monitor ing of a risk is no longer
needed. The Alliance is in general accept ing to face risks that are required to achieve its
goals, and it is able to do so by relying on robust risk management to ensure these risks
stay within the Board -approved risk appetite .
The purpose of this Board -approved statement is to align stakeholders across the Alliance
and guide decision -makers in taking the right amount of the right type of risks to deliver on
Gavi?s mission. It aims to encourage staff and stakeholders to be risk -aware and to feel
comfortable to take agreed and calculated risks where appropriate, to recognise
un certainty and plan for the possibility of failure, and to learn from both positive and
negative results.
Risk appetite at the mission level
The Gavi Alliance embraces the need to take risk to achieve its ambitious mission of
leav ing no -one behind with immunisation in the world?s poorest countries . It acknowledges
the risks inherent in its distributed operating model , being an Alliance with a lean
Secretariat without in -country presence and dependen t on many partners . It also
acknowledges the risks inherent in its business model , which requires working through
still developing country systems and providing highly catalytic support to implementing
countries to ensure country ownership and sustainab ility .

The Alliance also acknowledge s that it needs to operat e in a highly uncertain and volatile
external environment , especially against the backdrop of the ongoing COVID -19
pandemic . This comes with increased levels of risk , while also hampering r isk mitigation
and assurance due to COVID -19 related restrictions and affected capacities. The Alliance
therefore acknowledge s that , during the duration of the crisis , risks may increasingly
materialise despite best efforts to mitigate th em. The Alliance is also willing to take a high
level of risk where i t is needed to respond flexibly and quick ly to evolving needs ,
recognising that Gavi ?s support to maintain, restore and strengthen immunisation services
is needed now more than ever due to the impact of the pandemic on routine immunisation
programmes .

The Alliance equally acknowledges that its mission of securing equitable access to
COVID -19 vaccines through the administration of the COVAX Facility requires navigat ing

1



Board -2021 -Mtg -2-Doc 04a


Section A: Executive Summary
Context
At its December 2020 meeting, the Gavi Alliance Board reviewed and approved
the Financial Forecast s for the Strategic Periods 2016 -2020 (Gavi 4.0) and 2021 -
2025 (Gavi 5.0) which reflected ; (a) the impact o f COVID -19 including Gavi?s
immediate response to the pandemic ; (b) the outcome of the Global Vaccine
Summit ; and (c) the financial impact of the additional investment decisions made
by the Board after the successful replenishment.
As the Gavi 4.0 Strategic Period is now complete, this paper presents a summary
of the financial results for 2016 -2020 period , as well as the updated Financial
Forecast for Gavi 5.0 . The updated Financial Forecast reflect s the final results for
the previou s strategic period a s well as updated Available Resources and Forecast
Expenditures , including the impact of the additional investment priorities presented
for decision at this Board meeting .
The Financial Forecast presented excludes COVAX which is considered
separately under Agenda Item 4b. Specifically , the Programme and Policy
Committee ( PPC ) agreed to recommend to the Board it approve the design and
associated funding envelope of the COVID -19 Delivery and System Strengthening.
As there is no proposed change to the Gavi ?core? funding envelope of
US$ 150 million and any additional expense will be fund ed from COVAX AMC
delivery resources , the re is no financial impact of this decision on the Financial
Forecast presented in t his paper. Effective from the next forecast cycle, the
Secretariat will include COVAX in the Financial Forecast and a consolidated view
will be presented to the Board from Decembe r 2021.
Except to reflect the actual expenditures of Gavi 4.0 and the financial impact o f the
investment decisions being considered at this Board meeting, there are no material
changes to the Financial Forecast approved by the Board in December 2020. The
Audit and Finance Committee (AFC ) considered and recommended to the Board
for approval this updated Financial Forecast at its meeting on 7 June 2021 and
concluded , in line with the Program me Funding Policy, that sufficient resources
were available for the Board to approve the investment decisions being considered
at this meeting . After reflecting t he fina ncial impact of the se investment decisions ,
the amount available for future investments is US$ 224 million.
SUBJECT : FINANCIAL UPDATE , INCLUDING FORECAST
Agenda item: 04a
Category: For Decision
Report to the Board
23 -24 June 2021

Report to the Board
Board -2021 -Mtg -2-Doc 04a -Annex A
Annex A: Implications / Anticipated Impact
Impact on countries
Approval of the Financial Forecast enable s funding to be allotted to programmes
in accordance wit h the Programme Funding Policy.
Risk implication and mitigation, including information on the risks of inaction
Determination of Gavi?s financial capacity to approve the recommended
decisions relies on the Financial Forecast.
Risks that may impact the reliability of the financial forecast are described below,
as well as the mitigation strategies in place to address these ris ks. These risks
are currently elevated by the continued uncertainty from the impact of the
COVID -19 pandemic and COVAX deployment on existing vaccine
programmes and new introductions .
One of those risks arises from exposure to foreign currency ex change rate
fluctuations. In the forecast, non -US $ pledges are valued at their US $
equivalents using the Bloomberg spot exchange rates when compiling the
forecast (consistent with the approach agreed with donors ) or, where hedged,
at the hedge rate. Pledge s are hedged progressively .
Gavi?s Cash and Investments Reserve provides a cushion for adverse
fluctuations in resources and expenditures. Gavi can also decline or defer
funding requests based on resource availability.
Risks associated with the financial forecast and mitigation
Factors that may impact the expenditure forecast include:
Demand volumes can vary significantly based on small changes in country
introduction assumptions. While the introduction assumptions made in the
current forecast leverage the information readily available, there remains an
inherent high degree of uncertain ty on these assumptions. In addition, the
assumptions on introduction timing are often dependent on projections of when
a country will no longer be eligible for new Gavi support. This forecast represents
the application of the current Board approved Eligib ility and Transition Policy.
Changes or exceptions to this policy could vary demand significantly.
Price forecasts reflect expected market dynamics specific to each vaccine. The
forecast represents a moderate most likely scenario estimate among a range of
possible estimates and reflects information available at the time of preparation.
The forecast includes assumptions for supply availability as currently
anticipated.
Expenditure reductions may also be achieved through future vaccine price
reductions bey ond what has already been incorporated into the price forecast
and more efficient stock management at country level that cannot yet be
reflected in the forecast.

Report to the Board
Board -2021 -Mtg -2-Doc 04a -Annex B
Classified as Internal
Annex B: Terminology Used in the Financial Forecast
Terms used in this paper have the meanings described below, and are relevant to
Gavi?s Programme Funding Policy:
a) Assured Resources comprise:
? Cash and investments of Gavi, in the amount that exceeds the Cash and
Investments Reserve (see (g) below)
? Exp ected proceeds from IFFIm, based on existing donor pledges
? Expected AMC and any other contributions that are contingent on
programmatic expenditure included in the expenditure forecast
? Confirmed direct contributions to Gavi that are pledged under already -signed
agreements or otherwise confirmed in writing
? Projected investment income
b) Allowance for Further Direct Contributions (for the purpose of approving funding
decisions): An allowance for further expected direct contributions from existing
donors w ho have not confirmed their pledges for each year, based on current
overall contribution levels. The allowance is mandated by the Programme
Funding Policy and is important towards enabling programme funding decisions
to be made while pledges have yet to be completed for particular years. The
allowance assumes that in years where currently confirmed direct contributions
total less than the current level, further contributions will bring the total to that
level. The Allowance for Further Direct Contributions currently included within the
Financial Forecast is nil as it is reported as an opportunity.
c) Qualifying Resources : The sum of Assured Resources and the Allowance for
Further Direct Contributions (i.e. (a) plus (b) above).
d) Existing Programmes : Countr y programmes (for vaccine and cash -based
programmes and investment cases) that have already been approved for support
by Gavi, the Partners? Engagement Framework and the Secretariat budget.
e) New Requests : Projected demand from country applications that are currently
being recommended by the Independent Review Committee for approval.
f) Expected Future Requests: Projected demand from countries expected to
request Gavi support in the future for the current ly approved portfolio of vaccines
and cash -based programmes. It does not include any additional vaccines that
Gavi may consider for support in the future.
g) Cash and Investments Reserve : The reserve required by the Programme
Funding Policy to be maintain ed at a minimum equalling eight months of
expected annual expenditures.

1



Board -2021 -Mtg -2-Doc 04b


Section A: Executive Summary
This report presents to the Gavi Alliance Board the COVAX Financial Forecast
(?Forecast?) for the Gavi COVAX Advance Market Commitment ( COVA X AMC )
economies for the period 2020 to 2022, including both procurement and delivery
of COVID -19 Va ccines. Focused only on the AMC, it does not provide a forecast
for Self -Financing Participants (SFPs ) resources and expenditure .

The Forecast is currently presented separately to the Board (Doc 04a). Effective
from the next forecast cycle, the Secretariat will include the COVAX Facility in the
regular forecast process and present a consolidated view.

The Board is requested to note the financial implications of the recommendations
from the Programme and Policy Committee ( PPC ) and conclude that these
recommendations could be approved by the Board in accordance with the
Programme Funding Policy. The Board is also requested to approve the
2021 -2022 COVAX AMC Financial Forecast.

Section B: COVAX AMC Financial Forecast

Context

1.1 The forecast presente d includes the results of the COVAX AMC Summit
?One World Protected? event which exceeded its US$ 2 billion fundraising
target in June 2021 , achieving US$ 2. 5 billion in new pledges. The funds
raised will enable COVAX to secure approximately 2 billion doses of
COVID -19 vaccines for lower -income countries participating in the COVAX
AMC . A further US$ 925 million of funding has been mobilised for in -country
delivery (US$ 775 million of donor funds and US$ 150 million approved by
the Board from Gavi Core resources ) that means that the total COVAX AMC
resource forecast is US$ 10. 6 billion.

1.2 In addition to cash resources pledged, donors have also committe d to
donate doses to the Facility primarily to the COVAX AMC , totalling more
than 500 million doses . W e have also started accepting and distributing
doses from France and New Zealand, with many more to come. Belgium,
Denmark, Germany, Italy, Spain, Sweden, other member countries of the
EU, Canada, Japan and Norway have announced plans to donate doses
throu gh COVAX. The United States of America committed 80 million in dose
SUBJECT : COVAX AMC FINANCIAL FORECAST
Agenda item: 04b
Category: For Decision
Report to the Board
23 -24 June 2021

1



Board -2021 -Mtg -2-Doc 06


Section A: Summary
Context
Since the Board approved the Gavi Secretariat ?s role in administering the COVAX
Facility, it has, in collaboration with partners in the COVAX Pillar, successfully
deliver ed more than 80 million doses of COVID -19 vaccine to 12 9 participants 1
and efforts are underway to prepare for substantial increase in vaccine supply
towards the latter part of this year . Further to the Secretariat?s commitment to the
Board one year ago , this update is intended to seek input on the programme?s
future direction , in cluding on the core question of Gavi?s role in the administration
the COVAX Facility . Whilst acknowledging ongoing challenges such as continued
supply constraints and global inequity in access to COVID -19 vaccines , it is timely
to look towards the longer term evolution of COVA X, taking into consideration the
parallel development of the WHO Global Vaccination Strategy, and discuss several
urgent questions relevant to Gavi?s continued engagement in the COVID -19
pandemic response.
Questions this paper addresses
This paper examines how the context and global goals ha ve evolved since the
COVAX Pillar and Facility were established and puts forward an updated value
proposition for 2022 , as well as addressing the following questions :
? Should Gavi continue to administer the COVAX Facility beyond 2021 ? Based
on experience to date and the future outlook, w hat considerations should inform
the renewed objective of the COVAX Facility?
? Looking at the question of participation beyond 2021, which of the options
outlined would ensure access to COVID -19 vaccine for participants without
alternative sources of secure supply whilst reducing operational complexity and
financial risk for Gavi?
? How could Gavi?s engagement in COVID -19 vaccines mitigate risks and
contribute to achieving Gavi 5.0 goals and objectives going forward?
? How should delivery support be designed to ensure rapid, near term support
for COVID -19 vaccine delivery while in the medium term also strengthening
immunisation programmes for both delivery of COVID -19 vaccines and routine
immunisation in line with Gavi 5.0?

1 As of 7 June 2021
SUBJECT : COVAX UPDATE
Agenda item: 06
Category: For Decision
Report to the Board
23 -24 June 2021

1Goal framework
2022 goals development 1
1. Indi cati ve fram ework as other countri es have achi eved sam e goal s wi th di fferent com binations (e.g., Chi na); 2. M aps to SPRP 2021 "Suppress
transm i ssi on" strategi c goal ; 3. M aps to SPRP 2021 strategi c goal s of ?Protecti ng the vul nerable? and ?Reducing m ortality and M orbidity from all causes?Goals (global and countries) to be revisited as the pandemic unfolds and new epi data/information
becomes availableReduce COVID -
19 mortality and
protect health
workers 3Reduce COVID -
19 disease
burden and limit
health system
impactReduce viral
transmission 2
Low erHigherHe a lth goal aspiration level 2021 Goa l
3
Ne x t
1-2
ye a rs El i m i nation ?
Socio - e conomic goal a spiration levelLow er HigherResumed economic and social activityPHSM de creasing stringe ncyStringent PHSM
leading to lockdown Softer PHSM, some
limitations to socio -
economic activity and
travel TTIQ and travel
restrictions only TTIQ only, fully
resumed economic
and social activityIncreasing vaccination target with priority
group defined per SAGE Roadmap
Ultimately, countries have a
continuum of socio e conomic and
he alth goals they can pursue (non -
exhaustive). Each will require a
different level of vaccination ambition,
different by country archetype
T he increasing level of vaccination
(low, medium, ...) is allocate d am ong
diffe rent risk groups according to
the SAGE roadm ap
T he framework must be considered
within the broade r Strategic
Pre paredness Re sponse Plan
Primarily a conservative ? direct
protection? strategy; indirect protection
as ? buffer? against VOCs, lifting
PHSM, supply delays, hesitancyLow Medium
High Very highSource: W HO; W ork - in - progress as of June 8, 2021
Doc 06 - Annex A

Report to the Board
Board -2021 -Mtg -2-Doc 06-Annex B

Annex B: COVAX Reporting Framework
Section A: Update on Gavi?s COVAX Facility and COVAX AMC Monitoring,
Evaluation and Learning (MEL) strategy
The Gavi Secretariat presented its proposed MEL approach to the Gavi Board in
December 2020. Since then, we have further refined this approach and begun
implementing key aspects of the strategy. The approach is intended to be holistic in
nature, spanning from inputs through to impact across the COVAX Facility and COVAX
AMC , and complementary to work being led by other COVAX partners and the wider
global health community . It is intended to support both accountability and learning
perspective s and will need to evolve and adapt over time to reflect the changing nature
and needs of COVAX. It has close linkages to the Secretariat?s and broader COVAX Risk
Management and Assurance work .
The table below provides some of the key highlights and update s on progress against the
core elements of Gavi?s COVAX Facility and COVAX AMC MEL Strategy since the
December 2020 Gavi Board .
MEL strategy
component
Key activity Highlights / update (May 2021)
Cross -cutting COVAX Theory of Chang e Core COVAX Theory of Change shared with
December 2020 Gavi Board
Updated COVAX Theory of Change (integrating
2022 strategy) under development , incorporating
feedback from core partners
Monitoring COVAX Reporting Framework Draft COVAX Reporting Framework shared with
December 2020 Gavi Board (indicators only)
COVAX Reporting Framework (indicators and
targets) shared with May 2021 PPC
COVAX Reporting Framework (indicators, targets
and actuals) shared with June 2021 Gavi Board
Complementary monitoring to
COVAX Reporting Framework
COVAX Facility and Gavi Secretariat teams are
expanding the set of complementary monitoring
metrics being tracked internally (to be used, for
example, for programme management, course
correction and monitoring the evolution of COVAX)
Core country monitoring and
reporting on COVID -19 / COVAX
WHO -UNICEF Joint Reporting Form COVID -19
module (monthly reporting) launched in March
2021

Re port to the Board

Board -2021 -Mtg -2-Doc 06-Annex C
Annex C: COVAX Risk Re port

The COVAX Facility ?s mission of securing equitable access to COVID -19 vaccines
continues to require navigating uncharted territory at unprecedented speed and scale ,
which naturally comes with risk . The COVAX Facility acknowledges that many risks
are worth taking , given that inaction would leave many countries behind, and the global
economy and Gavi?s core mission would continue to be disrupted by the pandemic .
Anticipating what might happen and proac tive management of these potential risks
helps the COVAX Facility to manage expectations, reduce vulnerabilities, and secure
success.

Gavi?s last Risk & Assurance Report include d a high -level assessment of the risks
associated with the COVAX Facility 1. Building on this initial assessment , t he Office of
the COVAX Facility has created and maintains a central COVAX Facility -wide risk
register, bringing together all top risks across the COVAX Facility , from deal -making
to allocation and delivery . This serves to clarify risk ownership , stay abreast of new
risks, track mitigation actions, and inform decisions, prioritisation and management
attention . Since the COVAX risk landscape is very dynamic, i t is continuously updated
and aligned with other risk -related information sources, e.g. in the Country Readiness
and Delivery (CRD) work stream of the COVAX Pillar and the COVAX Pillar Strategic
Coordination Office .

Now that the Facility has moved towards shipping actual vaccines to countries, risk
exposures have also shifted towards supply, allocation and delivery risks in -country.
The COVAX Facility continues to operate in a dynamic, competitive and challenging
exte rnal environment, continues to develop new initiatives such as dose -sharing, cost -
sharing and the human ita rian buffer , and awaits a large scale -up of activities and
transactions towards the end of the year after the current smaller first wave of vaccine
allocations and shipments. The emergence of new virus variants and safety signals
for some vaccines has also create d further uncertainty both for supply and
allocation/uptake, with the potential for refusals due to product preferences and
vaccine confidence potentially being affected in country populations due to (perceived)
safety concerns . Finally, the develop ment of the 2022 strategy and future country
participa tion model for the COVAX Facility have the potential to reduce some inherent
risks, but may also bring new risks.

COVAX Facility -wide top risks

The heatmap below depicts the most critical risks that could potentially have an impact
on the ability of the COVAX Facility to achieve its mission and goals.

The 6 top risks rated very high are:

1) Constrained global supply (access ) ? The risk of significantly reduced supply
following signature of Advance Purchase Agreements (APAs) has already
materialised and remains a very high risk going forward. While the current supply
constraints are mainly caused by manufacturer production issues and export controls,
1 See Section 3 of the report : https://www.gavi.org/news/document -library/gavi -risk -and -assurance -
report -2020

Report to the Board
Board -2021 -Mtg -2-Doc 06-Annex D
Annex D: COVAX Country Participation Model: Risk Considerations
Section A: Summary
? In May 2021, the PPC requested the Secretariat perform a high -level analysis on
the risk considerations for the three country participation model options . This paper
considers the financial, reputational, pandemic response , governance, and
operational risks of the three models along with the impact on AMC -92 in terms of
pricing structure, supply, and the ability to make deals. The high -level risk analysis
and considerations indicate that the AMC+ model tends to mitigate the most risks
to Gavi and the COVAX Facility with the greatest advantage seen in the area s of
reputational and pandemic response risk.
Section B: Risk Considerations
Financial
? The main financial risk with the Status Quo model is created when Gavi enters into
legally binding commitments with manufacturers on behalf of Self -Financing
Participants (SFPs ) without full payment from them. Currently, the sovereign credit
risks are to be mitigated using bespoke insurance products . The Status Quo model
maintains the current financial risk to the COVAX Facility and the Secretariat ,
which the Facility is working to mitigate, while the AMC+ and AMC -92 only models
carry less, or no inherent financial risk related to SFPs and therefore would not
require the same level of mitigation through insurance solutions .
? The AMC+ model would redefine key principles for future engagement with SFPs .
The revised key principles currently envision that SFPs would be required to
provide a complete financial backstop (e.g., f ull payment in escrow, standby letter
of credit , guarantee from a multilateral development bank ) in advance of Gavi
making a firm order commitment to a manufacturer thereby mitigating Gavi?s
financial exposure . The AMC -92 only model also eliminates the financial risk to
Gavi as there would not be any SFPs participating in the Facility.
Reputational
? Both the Status Quo and the AMC+ model options present some risk to Gavi
associated with deviating from Gavi?s core mission of focusing on the poorest
countries . However, t he AMC -92 -only model carries the highest reputational risk
to Gavi as it moves away from an equity -based approach and would exclud e SFPs
rel iant on the COVAX Facility for procurement of C OVID -19 vaccines in 2022.
Without other secure avenues to procure vaccines, s ome SFPs may object to
being excluded before the end of the acute phase of the pandemic. The AMC+
model p uts the onus on SFPs themselves to choose whether they would like to
participate in the COVAX Facility in 2022 . Therefore , the reputational risk will be
lower as the Facility will be open to all participants who need COVAX .

Pandemic Response
? The Status Quo and AMC+ model s have the lowest risk to the COVAX Facility vis -
a-vis the pandemic response . This is because the models ensure there is at least

1
Report to the Board
Board -2021 -Mtg -2-Doc 06 -Annex E
Clas sified as Internal
Annex E: Participation model options
Annex E to Doc 08 to May 2021 PPC
3.5 Options for future engagem ent with SFPs : Three options for a country
participation model going forward have been identified: 1) Status Quo of AMC -
92 and 99 1 SFPs; 2) AMC -92 and those SFPs deemed to need the Facility
the most; 3) AMC -92 only. The table in Annex D provides a comparison of
the three options.
3.6 Option 1: maintain the status quo of AMC -92 and all SFPs. Retaining the
current model would retain the global, collective nature of the Facility and
provide continuity to participants. All SFPs could continue to participate, which
would mean the Facility may engage with countries that do not need it and have
no intention of procuring vaccines through it, ad ding unnecessary transaction
costs and complexity. Furthermore, this would also not address concerns about
complexity and financial risk to Gavi.
3.7 Option 2: retain AMC -92 and those SFPs in greatest need of COVAX. In
designing the new model, the focus would be on the twin objectives of
simplifying operations and minimising the financial risk to Gavi while
maintaining access for those most in need. The key question for this model is
whether the eligibility criteria to focus participation on those countries in
greatest need should be defined by criteria set by the Facility, or whether it
would be for countries to decide on continued participation based on a revised
singular model of participation that reduces risk to Gavi.
3.8 For Option 2, eligibility criteria opt ions were analysed including Gross National
Income ( GNI ) per capita, GNI plus small populations and lack of bilateral deals.
However, conversations with multilateral banks confirm it is not possible to
define criteria based on income that determine need as they do not consider
purchasing power and technical capacity. Information on bilateral deals and
the epidemiological situation is unreliable and constantly changing and there is
a high reputational risk to Gavi if it is perceived to be disregarding count ries?
needs due to outdated or partial information.
3.9 When first designing the COVAX Facility model, the participation model was
aimed to encourage all countries to join. For the COVAX Facility beyond 2021,
the model would be redesigned with less flexible terms and conditions, aimed
at simplification, and lowering financial risk to retain countries that need the
Facility whilst disincentivising other countries from continued participation
beyond the end of 2021. This model would be time -limited with a view to
ultimately transitioning to a third phase of supporting AMC participants only
once the market supports access to those with financial resources. Elements
to be considered when designing the new terms and conditions include a single
model mandatory proc urement through UNICEF/PAHO, a commitment to
purchase a minimum amount of doses and a revised payment structure with a
smaller down payment and full payment at the point of ordering with the
1 Including E uropean Commission as a participant

1
Report to the Board
Board -2021 -Mtg -2-Doc 06 -Annex F
Annex F: Design of COVID -10 Delivery and System Strengthening (CDSS) envelope
and cross -cutting delivery elements
Annex F to Doc 08 to May 2021 PPC
5.1 As discussed by the Board in December 2020 , Gavi?s support to C OVID -19
vaccine delivery has so far been focused on providing a US$ 150 million
envelope for Technical Assistance (TA) and Cold Chain Equipment (CCE)
support to countries .1 An additional US$ 150 million ?exceptional funding?
envelope was also approved by the Board in December 2020 (subject to
fundraising) to cover critical funding gaps that cannot be funded from other
sources. In recognition of the significant resources available from World Bank
and other multilateral development banks and donors for vaccine delivery,
Gavi/COVAX had not previously planned to provide additional support for
delivery. However, since then, there has been growing concern from countries,
donors, and partners on the lack of delivery support in the near and medium
term, and Gavi has mobilised US$ 775 million to support delivery from United
States Agency for International Development (USAID ) (US$ 500 million),
Canada (CA$ 70 million), and Germany (EUR 180 million 2). As a re sult, Gavi is
able to take a more proactive role in C OVID -19 vaccine delivery funding
while ensuring strong collaboration with multilateral banks and other funders to
ensure a complementary funding landscape.
5.2 In this context, the Alliance, in collaborati on with other key funders, has
designed an approach to supporting C OVID -19 vaccine delivery with two key
components:
a) An integrated C OVID -19 Delivery & System Strengthening (CDSS)
funding envelope (~US $ 650 million)
b) An envelope for cross -cutting delivery elements (~US $ 125 million)
5.3 COVID -19 Delivery & System strengthening (CDSS) funding envelope:
The proposed main objectives would be to ensure successful rapid roll -out and
scale up of COVAX -funded doses over the next two years, while also
strengthening health systems and immunisation programmes for both longer
term delivery of C OVID -19 vaccines and RI . As such, in addition to supporting
the end of the pandemic, the CDSS would contribute to delivering on Gavi 5.0
goals and objectives including supporting countries to build back better on
routine immunisation from the pandemic, to deliver on the equity agenda, and
to establish a stronger platform for PHC. It would also contribute to Gavi?s 5.0
innovation approach (see sec tion 4 above and Doc 10). Based on the
December 2020 Board decision, the Alliance has already started to make
exceptional ?bridge? funding available for near term delivery funding gaps for
COVAX doses already delivered in countries 3. Constituting ~3 -5% of the overall
CDSS, the bridge funding will be deducted from the CDSS allocation of each
country once the CDSS is approved by the Board .
1 Approved by Board in September 2020 (redirection of Gavi core funds to COVAX) 2 Earmarked as funding for UNICEF for ?vaccines logistics? 3 Based on the Board Decision from December 2020 on exceptional support

1
Report to the Board
Board -2021 -Mtg -2-Doc 07 -Annex A
Annex A : Overview of capacity building interventions
Increasing the use of government systems as proposed will require significant
effort for both the Secretariat and the countries and close coordination with
other donors and partners . As an example, successfully shifting to the use of
government systems in Tanzania in Gavi 4.0 required significant effort on behalf of the
country and the Secretariat and took over two years. See Figu re 4 below. Gavi used
interventions such as developing IT systems and leveraging embedded technical
assistance (TA) to build capacity and develop a level of trust and cooperation from the
government and other partners, which required an investment of over US$ 500,000.


Figure 1
Capacity building and the use of innovative technologies will be a core
component of the new approach . The Alliance has already successfully supported
a number of countries with such interventions:
i. Implemen ting mobile money in Liberia. The country had a low absorption rate
of funds and a high amount of questioned expenditures , with an excessive
reliance on cash at sub -national level. In 2019, with TA support, the first pilot was
conducted with mobile payments to vaccinators for outreach and campaigns
facilitation and supervision support . The MoH has since scaled up the use of
mobile payments across the country .
ii. Using Financial Management Agents in Uga nda to build financial
management processes whilst managing risks. Uganda?s EPI programme
had a history of fiduciary problems and poor audits . Gavi engaged a local partner
as Financial Management Agent to provide assurance over fiduciary risk and to
build capacities . The partner supported the Expanded Programme on
Immunization ( EPI ) on financial systems training, IT configuration and improved
tools and guidance. This has allowed a ll funds, except for large procurements, to
remain within the government syste ms.

1
Report to the Board
Board -2021 -Mtg -2-Doc 07 -Annex B
Annex B: Proposed new strategic approach
1. Gavi?s new strategic approach
1.1 Responding to these challenges, the Secretariat has developed a new
strategic approach for Fiduciary Risk Assurance and Financial
Management of cash grants for Gavi 5.0. It is anchored in three objectives :
promoting timely and efficient funding of immunisation activities ; building
ownership and capacity; and ensuring fiduciary risk assurance and mitigation.
As previously discussed, these objectives are at times in conflict and the right
trade -offs have to be made for each country.

Figure 1
1.2 Gavi has developed a strategic decision -making framework and applied it
across its portf olio to guide the trade -offs between the three objectives
for each country. For each country, the framework has been used to
systematically assess whether the country conditions are favourable to using
government systems, the required level of effort as we ll as the strategic
importance of shifting to the use of government systems. Favourable country
conditions include political will and sufficiently strong public financial
management systems with adequate capacity. Based on this, the ambition for
using gove rnment systems and financial management capacity building in each
country for Gavi 5.0 has been defined. When defining its ambition, Gavi has
looked beyond the relatively narrow definition of using government accounts as
a proxy for using government system s and has identified seven components
that it will attempt to integrate as they become strong and mature (see Annex
A). As part of the approach, Gavi will also further focus on opportunities for
alignment and coordination with other donors on using governm ent systems
and jointly building capacity in countries.

1 1



Board -2021 -Mtg -2-Doc 07
Report to the Board
23 -24 June 2021

Section A: Summary
During Gavi 4.0, less than a third of cas h grants were cha nnelled through
government systems compared to over two -thirds during Gavi 3.0 , due to a greater
focus on fiduciary risk management and assurance. This led to challenges in
balancing fiduciary risk appetite with other priorities such as efficient funding of
immunisation activities and the strategic principle of building country capacity ,
sustainability , and ownership, which is at the heart of Gavi?s model. Hence, w hile
the Alliance has already made some progress in reversing this trend and
channelling an increased share of grants through government systems in recent
years , a more strategic approach towards the financial management of Gavi?s
grants is required for Gavi 5.0.
The Secretariat has developed a proposed systematic approach for the financial
management of cash grants for Gavi 5.0 , applying a strategic decision -making
framework across its portfolio. This will be essential to ensur e timely and efficient
funding of immunisation activities in line with the Gavi Board?s risk appetite . It
would result in 55% of funds being channelled through government systems
by 2025, almost double the current share, and 65% of countries at least
partially using government systems for channelling Gavi grants by the end
of Gavi 5.0 . In order to implement this approach, Gavi is requesting
US $ 164 m illion for 202 1-2025 of which US$ 25 million bridge funding has already
been approved by the Board for 2021 .
At its 19 -20 May 202 1 meeting the Programme and P olicy Committee ( PPC )
expressed its support for the proposed approach and recommended it for approval
by the Gavi Board , recognising the critical importan ce of effective fiduciary risk
mitigation and financial management capacity building in countries .
Section B: Content
1. Background and context
1.1 Financial management and fiduciary risk assurance are crucial in
achieving Gavi?s 5.0 mission to leave no one behind with
immunisation . Cash grants tota lled US $ 1.8 billio n during Gavi 4.0 and are
estimated at US $ 2.3 billio n for the Gavi 5.0 strategic period 1. They need to
be channelled in a timely, efficient, and equitable manner to catalyse the
desired programmatic impact while also building country capacity and

1 Does not include the C OVID -19 Delivery and System Strengthening Fund (CDSS ) (see Doc 06 )
SUBJECT : FIDUCIARY RISK ASSURANCE AND FINANCIAL
MANAGEMENT CAPACITY BUILDING
Agenda item: 07
Category: For Decision

Report to the Board
1
Board -2021 -Mtg -2-Doc 08 -Annex A
Annex A: Gavi Civil Society and Community Engagement Approach

1. Gavi Civil Society and Community Engagement Vision and Strategic
Framework for Gavi 5.0
1.1 Effective civil society and community engagement will contribute significantly to
reaching all four Gavi 5.0 goals in line with the strategy?s guiding principles,
particularly advancing gender equity , and being collaborative , differentiated,
innovative and prioritis ing missed communities .
1.2 Working closely with the CSO Steering Committee and through consultations with
other Alliance stakeholders, a strategic framework was developed for the CSCE
approach, constructed from a detailed Theory of Change (see Annex B) . Thr ee
Strategic Priorities are envisaged, as well as a crosscutting set of Strategic
Enablers in order to achieve them , as illustrated in Figure 1.
Figure 1 : Strategic Framework for Gavi?s Civil Society and Community Engagement


2. Operationalisation of Gavi CSCE Approach
In order to ensure the success of the CSCE approach, a number of operational
shifts are required to create the necessary enabling environment for more effective
CSO engagement . These are grouped into the three areas of managing effectively ,
enhancing capacity, and funding efficiently (See Figure 2) . Drawing on our
Theory of Change, this section describes the operational shifts already underway
within the Secretariat and outlines a proposal for a new Civil Society and
Community Engagement Strategic Ini tiative (CSCE SI) to enhance civil society
capacity for successful implementation of the approach.

Community
based, including
faith based
organisations,
particularly
working in the
most vulnerable
and marginalised
communities
National/regional
CSOs engaged in
service delivery,
demand, advocacy
and accountability
International
NGOs for technical
and capacity
building, direct
implementation
and advocacy
Regional civil
society network
platforms
to support
coordination,
capacity
enhancement,
cross-country
learning, solidarity
and political
influence
Local non-
governmental
research, academic
and knowledge
institutions
Local professional
associations
including
influential
networks of
pediatricians,
medics, nurses and
journalists
Global not-for-
profit advocacy
and accountability
organisations
Civil Society
perspectives and
voice reflected in
Gavi governance
processes and
decision making
CSO engagement
in national and
subnational
immunisation
planning processes
CSOs actively
engaged in building
political will for
immunisation
financing
and holding
governments
to account for
equitable service
delivery
Increased capacity
and funding to
conduct community
level activities for
demand generation
and tackling gender
related and other
social barriers
Increased capacity
and funding for
immunisation
service delivery and
identification of
missed communities
Outputs / Int. Outcomes Impact CSO areas of expertise Gavi inputs
Prioritise missed communities Gender focusedCountry led, sustainable
Collaborative, accountable
Differentiated Innovative
Integrated Guiding Principles from Gavi 5.0
Activities Outcomes
Strategic Priority 1
CSOs build social &
political will, advocate
for immunisation
commitments at
global, regional,
national and sub-
national levels, &
ensure visibility and
accountability
Strategic Priority 3
CSOs complement
public sector
immunisation service
delivery and extend
services to areas
where government
programmes have
limited access or are
not effectively utilised.
Strategic Priority 2
CSOs build trust,
confidence, and
active demand for
immunisation and
primary health care.
To save lives and protect people?s health by increasing equitable and sustainable use of vaccines
GOALIntroduce
and scale up
vaccines 1
GOAL Strengthen
health systems
to increase
equity in
immunisation
GOALImprove
sustainability of
immunisation
programmes
GOALEnsure healthy
markets for
vaccines and
related
products
2
3
4
Increased
political
and public
commitment to
immunisation
Routine
immunisation
systems are
maintained,
restored and
strengthened
during and
beyond the
C-19 pandemic
Increased and
sustained
demand for
immunization
and broader
primary health
care
Immunisation
services reach
zero dose
and under-
immunised
children
and missed
communities,
including in
fragile settings
and hard to
reach areas
High levels of
demand for
and uptake
of Covax-
supported
vaccines
Regional/multi-country
Global Level Advocacy for CSO engagement in
health & immunisation through
Gavi processes and global level
initiatives
Country Level
Provision of TA and capacity
building to strengthen CSO
advocacy & accountability role
Strengthened hosting
arrangement for CSO networking,
coordination and communication
across Gavi?s CSO Constituency
Harnessing regional platforms to
aid coordination and networking,
provide TA & facilitate cross
country learning
Building understanding of the
value of CSO engagement for
improved immunisation and
health outcomes
Supporting CSOs to build
capacity of government & local
partners in gender, demand,
community monitoring and social
accountability for equitable health
& immunisation services
Financial support & TA to
strengthen CSO capacity for,
& implementation of, service
delivery & demand generation
Catalytic funding for testing,
learning & scaling of innovative
CSO led approaches
TA & capacity building to CSOs for
engaging in Gavi specific country
planning processes
Strategic
Initiative for effective and
sustainable CSO engagement
Building
capacity
Funding
efficiently
Managing
effectively Ensuring
representation, voice & accountability
FUNDING DESIGN
PEFCatalytic
Funding
PEF
TCA
HSIS
EAF
NVS(VIG/OPS)
PSP
SECRETARIAT PROCESS LEVERS
HR
capacity
Monitoring
& Learning Application kit
Guidance
Differenti-
ated
approach
Doc 08 - Annex B

1



Board -2021 -Mtg -2-Doc 08


Section A: Executive Summary
Context
If countries are to make equitable and sustainable progress towards reaching
their immunisation and broader health commitments, civil society and communities
must be actively and meaningfully engaged in national immunisation efforts.
Given the equity -driven Gavi 5.0 Strategy , Immuni sation Agenda (IA) 2030 and
COVAX goals , a new approach is needed to provide a step change in the way that
Gavi engages and partners with civil society organisations (CSOs) . Beyond their
comparative advantage in reaching zero -dose children and missed
commun ities , CSOs have key roles to play in helping to ensure immunisation is
maintained, restored and strengthened in the context of COVID -19 , and that
COVID -19 vaccines are introduced in an equitable way .
Questions this paper addresses
? How can the Alliance bet ter harness the expertise and comparative
advantages of civil society and communities to deliver on Gavi 5.0 and
COVAX goals ?
? How can Gavi build on evidence and learning to overcome existing barriers and
operationalise and fund civil society and community engagement ?
? What are the key learning agenda questions needed to measure
effectiveness of the new approach , and to ensure ongoing monitoring ,
learning , transparency and m utual accountability during implementation ?

Conclusions
In May 2021 , the Programme and Policy Committee ( PPC ) recommended for Board
approval a new Alliance approach for Civil Society and Community
Engagement (CSCE) (see Annex A ). Co-created through a n 18 -month consultative
process in partnership with the CSO Constituency , the approach provides a clear
vision for Gavi?s engagement with CSOs and communities , and is designed to
include a wide spectrum of civil society actors operating at different levels in
different country contexts . It acknowledges the complexit y of successful civil
society engagement , the need for flexibility and country differentiation , and the
importance of setting realistic ambitions of what is feasible to be achieved with in
this strategic period , particularly if we are to achieve equity and sustainability .
The PPC pointed to the need to reflect the new CSCE approach in key areas of
Gavi ?s work including equity and zero -dose, COVAX delivery , partnership s and
SUBJECT : CIVIL SOCIETY AND COMMUNITY ENGAGEMENT
APPROACH
Agenda item: 08
Category: For Decision
Report to the Board
23 -24 June 2021

1



Board -2021 -Mtg -2-Doc 09
Report to the Board
23 -24 June 2021


Section A: Executive Summary
Gavi?s current strategic partnership with India provides US$ 500 million of vaccine
and cash grant support for the period 2017 to 2021. India is currently scheduled to
transition out of Alliance support at the end of 2021 despite remaining gaps and
the unp recedented health and economic impacts of COVID -19.
Based on consultations with the Government of India, Alliance Partners and the
Programme and Policy Committee ( PPC ), it is proposed to renew Gavi?s
strategic partnership with India for another five years with an investment of
~US$ 250 million in 2022 -2026 (of which ~US$ 200 million would be implemented
during Gavi 5.0) .
Section B: Content
Achievements of Gavi?s strategic partnership with India
1.1 India has significantly improved immunisation services and heal th
outcomes over the past two decades. Between 2000 and 2017, under -
five mortality from vaccine -preventable diseases (VPDs) decreased by
73%, against 61% for all causes. The number of under -immunised and
zero -dose children plummeted by 80% between 2000 and 2019 , while full
immunisation coverage (FIC) 1, a key objective of India?s Uni versal
Immunisation Programme (UIP) has increased from 42% to 87%.
1.2 These improvements have been driven by i ncreasing domestic health
expenditure and strong poli tical will and leadership on immunisation .
Massive immunisation campaigns under ? Mission Indradhanush? and
?Intensified Mission Indradhanush? have been launched to vaccinate
unreached children and pregnant women . Government health expenditure
increased by more than 50% from 2013 to 2018 and is set to increase
further. This has allowed Gavi to engage meaningfully and help
accelerate progress through catalytic vaccine and cash grants. From
2002 to 2020, India received US$ 954 million in Alliance support , amou nting
to less than a quarter of the average support per child across Gavi -68

1 The Indian government defines a fully immunised child is one who at 12 -23 months of age has
received one dose of BCG, 3 doses of Penta or DTP vaccine, 3 doses of oral polio vaccine (OPV)
and one dose of measles -containing vaccine (MoHFW: Roadmap for achie ving 90% full
immunisation coverage in India)
SUBJECT : STRATEGIC PARTNERSHIP S WITH INDIA
Agenda item: 09
Category: For Guidance

Bo ard -2021 -Mtg -2-Do c 10 1
Report to the Board
23-24 June 20 21

















SUBJECT : REVIEW OF DECISIONS
Agenda item: 10
No paper

Bo ard -2021 -Mtg -2-Do c 11 1
Report to the Board
22-24 June 20 21

















SUBJECT : CLOSING REMARKS
Agenda item: 11
No paper

1



Bo ard -2021 -Mtg -2-Aud it an d Fin an ce Co mmittee Ch air Rep o rt

Section A: Introduction
? This report provides the Gavi Alliance Board with an overview of the
activities of the Audit and Finance Committee ( AFC ) since the 15 -17
December 202 0 Gavi Alliance Board meeting .
? The start of the year has been particularly intense f or Gavi with the
operationalisation of COVAX , the transition to the new strateg ic period
including the implementation of the Secretariat reorganisation and the
acceleration of the statutory f inancial reporting timetable all against the
backdrop of continued disruptions to routine programmatic activity cau sed
by the pandemic , and within a remote working environment .
? The AFC continue s to meet more f requently to ensure that the
operationalisation of the COVAX Facility is i n accordance with the risk
management f ramework :
o In the f irst half of 202 1, the AFC met f ive times to receive updat es
f rom the Of f ice of the COVAX Facility and the appointed advisers to
consider f inancial and operational risks , and proposed mitigation s.
The complexity of the Facility, the dynamic nature of the pandemic
and the f ast -mo ving pharmaceutical vaccine landscape have
contributed to a complex risk environment and the members of the
Secretariat and the AFC have ?lent in? accordingly . Considerable
progress has been made to identif y, measure and mitigate the risks.
Im portantly, mi tigation of credit risk is expected to be implemented
during July. At this time no matters require the attention of the Gavi
Alliance Board.
o In addition, the AFC met f our times to consider Gavi ?core ? matters in
accordance with the standard wo rkplan . Subjects reviewed are noted
under Section B and matters to be reviewed in u pcoming meetings
are included under Section C. No issues have been identif ied as a
result of this work.
? AFC recommendations to the Gavi Alliance Board are attached as Annex
A.



SUBJECT : AUDIT & FINANCE COMMIT T EE CHAIR REPORT
Category: For Inf ormation
Report to the Board
23 -24 June 20 21

1



Board -2021 -Mtg -2-EAC Committee Chair Report


Section A: Introduction
? This report provides the Board with an overview of the activities of the
Evaluation Advisory Committee ( EAC ) since the Committee Chair last
reported to the Board in December 2020 .
? The EAC met virtually on 14 and 1 5 April to approve the multi -year
evaluati on workplan for Gavi 5.0; provide guidance on the Evaluation
Operational Guidelines (EOGs) ; and discuss approaches adopted in the
evaluation sector to adapt evaluation methods in response to COVID -19
and in fragile and conflict contexts.
o The EAC a cknowl edged that the 5.0 multi -year evaluation workplan
is comprehensive , covering the key strategic areas for centralised
evaluation.
o The EAC noted the interconnec tivities between the 5.0 centralised
evaluations , particularly around the zero -dose approach with fragile
and conflict settings and impact of COVID -19 on Expanded
Programme on Immunization (EPI) programmes (and the lack of data
in these contexts) .
o The EAC provided feedback on the proposed evaluation questions
and emphasised the importance of sharing f indings between
evaluations in a time -efficient manner .

? During a closed session on 14 April, the EAC noted with satisfaction the
reaffirmation by the Gavi leadership of the im portance of the EAC in
supporting the independence of Gavi?s evaluations, and i n guiding
mitigation actions in the event of perceived potential risks to evaluation
independence.
? The EAC also emphasise d the need to further strengthe n the linkages with
the Programme and Policy Committee (PPC) and communication channels
with the Board.
? The EAC did record some concerns regarding key shifts in the Evaluation
Operational Guidelines (EOGs) and agreed to provide written comments by
consensus following the EAC meeting. A consensus statement was
submi tted by the EAC to the Gavi Secretariat on 30 April 2021, as a
constructive roadmap for the way forward , and this will be provided to the
incoming Chair for consideration .
SUBJECT : EVALUATION ADVISORY COMMITTEE CHAIR REPORT
Category: For Information
Report to the Board
23 -24 June 2021

Gavi

1



Board -2021 -Mtg -2-Governance Committee Chair Report

Section A: Introduction
? This report provides the Board with an overview of the activities of the
Governance Committee (GC) since the December 2020 Board meeting .
? The GC met virtually on 11 February 2021, 16 March 2021 and 12 May
2021 .
? In addition to some routine business such as Board and Committee
nominations and the recruitment of Unaffiliated Board members, Committee
discussions focused on work in relation to (i) the Governance Risk Matrix ;
(ii) Best Practice Guidelines for Virtual Meetings for the Gavi Board and its
Committees ; (iii) the EAC Chair Recruitment process; and (vi) the
Governance Subcommittee for High -Level HR Issues .
? In addition, a number of nomination s for Board and Committee members
submitted electronically to the Governance Committee for consideration
have already been circulated to the Board for no -objection consent and
were approved on 10 February 2021, 16 March 2021 and 28 May 2021 .
? The GC will meet on 17 June 2021 and it is expected that further
recommendations will be put forward to the Board on the consent agenda
at its June meeting in relation to Board and Committee appointments and
Committee Chair appointments .
? The GC Chair report is attached in the form of a presentation as Annex A .
Annexes
Annex A : Governance Committee Chair report
Annex B: Best Practice Guidelines for Virtual Meetings for the Gavi Board and its
Committees
SUBJECT : GOVERNANCE COMMITTEE CHAIR REPORT
Category: For Information
Report to the Board
23 -24 June 2021

1



Bo ard -2021 -Mtg -2-In vestmen t Co mmittee Ch air Rep o rt


Section A: Introducti on
? This report provides the Gavi Alliance Board with an overview of the
investment portf olio perf ormance, the changes in the portf olio related to the
ongoing f oc us on sustainability and the ac tiv ities of the Inv estm en t
Committee since the Committee Chair last reported to the Gavi Allianc e
Board 15 -17 December 2020.
? The total portf olio value is US$ 1.5 billion of which US$ 1,1 25 million is
invested in the long -term portf olio with an additional US$ 101 million
pending inv estm ent as of 31 M ay 2021 . The remaining US$ 236 million in
the short -term portf olio represents donor contributions which are invested
in very liquid, risk -f ree strategies such as money market f unds. This was
down f rom US$ 394 million at the end of December 2020. In Q 1 2021 the
Investments team transf erred US$150 million in cash to su pport Gavi
programmes which required the liquidation of US$ 110 million of long -ter m
portf olio proceeds and US$ 40 million f rom the termination of one manager
in the short -term portf olio.
? The Committee met twice in 1H 2021. In addition to the activities of
monitoring markets, risks and investment perf ormance, the Committee also
covered two topics whose prof ile has increased with the advent of the
COVID -19 pandemic: ESG and Sustainability and Diversity, Equity and
Inclusion.
? Estimated y ear -to-date p ortf olio perf ormance results have been compiled
as of 31 May 2021 . The long -term portf olio delivered year -to-date return s of
3.3 %. A component of the policy index is not yet available so a comparison
to the policy index cannot be of f ered as of this writing. However , as of 30
April the long -term portf olio return of +2.2% exceeded the policy index
return of +2.0%.
? In 2020 , equities and f ixed income enjoyed recoveries based on
accommodative monetary policy and large f iscal stimulus programs,
propelled f urther by expect ant and actual news on COVID -19 vaccine
successes. However, perf ormance diverged in 2021; equities remained
buoyant while the f ixed income f altered as f ears increased on the potential
f or interest rate hikes. Sovereign bond prices with long duration experi enced
the most damage (yields and prices have an inverse relationship). For
example, Bloomberg?s Long Treasury index, which measures long duration
US Treasury perf ormance, suf f ered a -13.5% drop in Q 1 2021 bef ore
enjoying a modest recovery in the months of April and May. The Fixed
SUBJECT : INVEST MENT COMMIT TEE CHAIR REPORT
Category: For Inf ormation
Report to the Board
23 -24 June 2021

1



Board - 202 1 - Mtg - 2 - IFFIm Chair Report

Section A: Introduction
? This report provides an overview of IFFIm?s contribution to Gavi in the 2016 -
2020 strategic period and the outlook on 2021 - 2025 activity .
? IFFIm?s financing model has proven well - suited to the current environment ,
which calls for flexibility and the means to provide surge financing.
? IFFIm is a valuable tool for Gavi to f inance both COVAX AMC activities and
Gavi?s core programmes .
? IFFIm executed a US$ 750 million bond in April 2021 that was well received
by the capital markets.
? Investor interest in IFFIm continues to grow, especially among those looking
to invest in social or sustainable sectors.
? The IFFIm Board is actively recruiting new members and expects to appoint
at least three new board members before the end of the year.
? The IFFIm Chair report is attached in the form of a presentation as Annex
A .
Annexes
Annex A : IFFIm Chair report SUBJECT : IFFIM CHAIR REPORT
Category: For Information Report to the Gavi Board
23 - 24 June 2021

1



Board -2021 -Mtg -2-PPC Committee Chair Report


Section A: Introduction
? This report provides the Board with an overview of the activities of the
Programme and Policy Committee ( PPC ) since the Committee Chair last
reported to the Board in December 2020 .
? The PPC convened by videoconference on 2 February 2021 for an informal
disc ussion on two topics: (i) the COVAX Buffer for high -risk groups in
humanitarian situations , and (ii) on changes to the Partners? Engagement
Framework (PEF) approach for Gavi 5.0. The PPC comments from the
informal meeting help ed shape the work on the COVAX Buffer that came
back to the PPC for decision at a virtual meeting on 1 March 2021 .
? The PPC met virtually on 19 -20 May 2021 . During the meeting, the
Committee discussed a number of important topics for the Alliance and
agreed on recommendations which are being put forward to the Board at its
June meeting for consideration.
? The PPC Chair report is attached in the form of a presentation as Annex A
and the PPC recommendations to the Board are attached as Annex B.
Annexes
Annex A : PPC Chair report
Annex B : PPC recommendations to Gavi Alliance Board
SUBJECT : PROGRAMME AND POLICY COMMITTEE CHAIR REPORT
Category: For Information
Report to the Board
23 -24 June 2021