Open-ended Committee to Review the Agreement Establishing of the CFC
The Board in its 54th meeting recommended continuation of the work of the Open-ended Committee to review and make recommendation on elements of the Agreement to be modified. Ms. Helena Yanez, Chairperson of the Open-ended Committee was requested to take the process forward and provide early drafts by the meeting of the Governing Council in December 2012
Open-Ended Reform Committee 2012
In concluding its deliberations, the Sixth Meeting of the Working Group agreed recommended to establish an open-ended Committee of Member States to elaborate the details of reform and recommend time table for its implementation.
It was agreed that the Committee would meet as often as necessary to produce the reform package without undue delay. The Committee would make an interim report at the Executive Board in April 2012 and would make its recommendations as soon as possible but not later than the 1st of July 2012 in order to submit them for action to the Governing Council in 2012.
Meetings of the Working Group in 2011
In the light of the report of the Chairman of the Working Group presented in 2010, the mandate of the Working Group had been extended to 2011, and the Group of Governors took up communications with Member Governments and International Organizations.
The ad hoc Working Group of the Executive Board (EBWG) held two meetings in 2011 at Amsterdam.
CFC reform process
The Future Role and Mandate of the Common Fund for Commodities and its Long-Term Financial Sustainability has been under consideration of the Governing Council and the Executive Board since the approval of the Third Five-Year Action Plan 2008-2012. The Executive Board in its 48th Meeting held in October 2009 while considering the document CFC/EB/48/2 on "The Future Role and Mandate of the Common Fund for Commodities and its Long-term Financial Sustainability - The Way Forward" decided to establish an ad hoc Working Group open to all its Members. The Group continued its work through 2011, and the Governing Council concluded with establishment of a Reform Committee to come to a decision in 2012.
The ad hoc Working Group held four meetings within its original term in 2009-2010