In line with the provisions of the Financial Regulations, the Board members examined the financial statements of IOFS for 2020 and the report of the first Financial Control Committee meeting held on April 5, 2021. In addition, the Executive Board approved the budget quotation for 2022-2024 that is to be submitted for the Fourth General Assembly.
Other documents presented for the Board were the revised Personnel and Financial Regulations, and the draft of a Corporate Governance Code. The Corporate Governance Code is an internal document that outlines the principles and values of IOFS and sets guidelines on appropriate conduct for IOFS staff. The document aims to increase the efficacy of the organization management to ensure the successful, long-term functioning of the Islamic Organization for Food Security.
Moreover, the Board members received the progress report from the IOFS Program Office and overviewed the activities of IFPA since its establishment in December 2020, and evaluated the report “The Preparation of a Study on the Preliminary Institutional Framework for the Islamic Organization for Food Security” prepared by the IOFS consultant LA International Cooperation S.r.l. Other 15 programs were carefully assessed as well.
The Executive Board followed up on the Resolutions of the previous General Assemblies and reviewed the draft Resolutions for the upcoming session. The next General Assembly was scheduled to take place in September 2021 in Nur-Sultan, Kazakhstan.
To enhance the visibility of IOFS among the high-level OIC bodies and increase their work efficiency, the IOFS proposed to merge the main executive organs of OIC, the OIC Ministerial Conference on Food Security, Agricultural Development and IOFS General Assembly into a single IOFS Supreme body. The proposal is to be elaborated further with the IOFS Executive Board team.
Another important point of discussion was the IOFS Strategic Vision 2031 that the Secretariat wishes to develop and consolidate for further institutional development.
At the end of the session, the Board members indicated the areas in need of improvement and gave their recommendations on further organization’s growth.
