IFFIm Governance

The IFFIm is an innovative financing mechanism that raises funds by issuing bonds in the capital markets, with the backing of long-term government pledges. The proceeds from each bond sale are translated into immediately available cash resources for GAVI programmes.

The GAVI Secretariat supports two independent boards of directors: the IFFIm Board and the GAVI Fund Affiliate Board, which act on behalf of the two entities created to make IFFIm operational. Both of these entities are based in England and are incorporated under UK charities law.

The GAVI Fund Affiliate

The main activities of The GAVI Fund Affiliate are to enter into pledge agreements with sovreign IFFIm donors and assign these pledges to the IFFIm Company so that they can be securitised, and to approve funding of programmes with the IFFIm proceeds.

The GAVI Fund Affiliate is registered in England and Wales both as a company limited by guarantee with number 5830438 and as a charity with number 1115297.

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Functions

The Board:

reviews programme applications submitted by the GAVI Fund Board, based upon the following factors:
- that the request is materially complete, and in accordance with the GAVI strategic objectives and programme principles;
- any additional requirements, obliged by IFFIm Transaction Documents;
transmits requests for funding to the IFFIm Board.

Operations

The GAVI Fund Affiliate Board meets several times a year, either in person or by teleconferences, scheduled as needed.

Members

André Prost: Member of the GAVI Fund Affiliate Board of Directors since January 2007
Dr Prost formerly served as Director of Government & Private Sector Relations at the World Health Organization, a position which he held from 1998–2004. Prior posts at WHO include Director, Non-communicable Diseases, WHO Representative to the European Union, and Adviser to the Director General. Dr Prost has a wide range of experience working in developing countries, having served as a WHO epidemiologist in West Africa, and on behalf of the World Bank in countries ranging from China to Burkina Faso. Dr Prost has written over 100 scientific publications. He holds both an M.D. with emphasis in parasitology, and a diploma in epidemiology from l’Institut Pasteur.
Wayne Berson: GAVI Fund Board member since June 2005 & member of the Board of Directors of The GAVI Fund Affiliate since its incorporation in May 2006
Wayne Berson is a Partner and National Director of Not-for-Profit Services at BDO Seidman LLP, the fifth largest accounting firm in the world. He also serves as the Assurance Office Business Line Leader of BDO Seidman’s Washington, D.C. metropolitan area office. With more than 22 years experience in professional accounting, Mr Berson is responsible for developing the infrastructure in the department and also expanding the department while preserving and increasing profits. Mr Berson has extensive expertise in the fields of non-profit and governmental auditing and consulting. In addition, Mr Berson serves as the Director of BDO Seidman’s Institute for Nonprofit Excellence based in Bethesda, Maryland. He is an active member in the following professional affiliations: Maryland Association of CPAs, Greater Washington Society of CPAs, American Institute of CPAs, American Society of Association Executives, and National Association of Corporate Directors. Mr Berson is currently serving on the Editorial Advisory Board of CPA Government and Nonprofit Report, a nationally issued newsletter serving the government and nonprofit industry.
Stephen Zinser: Member of the Board of Directors of The GAVI Fund Affiliate since its incorporation in May 2006
Stephen Zinser is the Chief Investment Officer at European Credit Management Ltd, a company that he co-founded in 1999. ECM is an independent, specialised investment management company, managing highly diversified portfolios of European fixed credit income credit securities on behalf of institutional clients worldwide. Prior to this, Mr Zinser was responsible for overseeing European credit intensive new issues and asset-backed securities at Merrill Lynch in London. He has extensive management and transaction experience in European structured finance and asset securitisation, investment grade and high yield corporates, leveraged loans and the Middle Eastern and Eastern European emerging markets. Before joining Merrill Lynch in 1993, Mr Zinser was Director of Loan Syndications at Chase Investment Bank in London. He is a graduate of Cornell University.
Bo Stenson: Member of The GAVI Fund Affiliate Board of Directors since its incorporation in May 2006
Bo Stenson has led a distinguished career in international health work, with service in varying areas and capacities. From 2000 until early 2006, Mr Stenson was a member of the GAVI Alliance Secretariat in the role of Acting Deputy Executive Secretary. While at GAVI, Mr Stenson was responsible for strategic planning activities and policy development in a range of areas. Prior to joining the GAVI Secretariat, he worked at the Department of Public Health Sciences, Division of International Health (IHCAR) Sweden. From 1991 to 1993, he held the position of Public Health Planner for the Stockholm County Council. Mr Stenson served at the Swedish International Development Cooperation Agency from 1969 until 1991, where he held a number of positions including Head of the Non-Governmental Organisation Section; Head of the Development Cooperation Office, Addis Abba; Head, Disaster Relief Section; and Head of Section, Health Division. Mr Stenson has extensive experience in the field as a public health researcher, and is the author of a number of scientific publications. He received his Masters of Public Health from Harvard University.

The IFFIm Company

The purpose of the IFFIm Company is to provide front-loaded resources to The GAVI Fund Affiliate for GAVI programmes. This will be achieved via the securitisation of long-term donor pledges assigned from The GAVI Fund Affiliate to IFFIm. While theoretically the IFFIm could be established in a number of jurisdictions, the UK was chosen due to the willingness of the Charities Commission to grant the IFFIm full charitable status, eliminating any tax loss from the structure.

The IFFIm Board, working with IFFIm Treasury Management, will identify the appropriate times to issue bonds and other securities. The Board also supports IFFIm donor and investor outreach.

Visit the IFFIm website for more information.

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Functions

The Board:

reviews and approves requests for funding, submitted by The GAVI Fund Affiliate Board, based upon the following factors:
- that the request is materially complete, and coheres with the GAVI strategic objectives and programme principles;
- the ability to raise funds necessary to meet the request, given market appetite and other factors;
- the IFFIm funding strategy, Liquidity Policy, and Gearing Ratio;
- any additional requirements, obliged by IFFIm Transaction Documents.
supports IFFIm donor and investor outreach activities.

Operations

In principle, the Board meets in person on a quarterly basis, and by telephone, as needed. Meeting agendas are prepared by the Board Chair, through consultation with Treasury Management, Legal Counsel, and other advisers.

Members

Alan R. Gillespie, CBE (Chair): United Kingdom
Member since January 2006
Dr Alan R Gillespie CBE, a native of Belfast, Northern Ireland, has had a broad international career both in the private and public sectors. He is currently Chair of the International Finance Facility for Immunisation (IFFIm), a multilateral development institution backed by France, Italy, the Netherlands, Norway, South Africa, Spain, Sweden and the United Kingdom. IFFIm was set up in 2005 to support the work of the GAVI Alliance to accelerate child immunisation in the world’s poorest countries. With his background in both banking and development, Dr Gillespie has been instrumental in introducing IFFIm’s innovative fundraising approach and raising more than $2.3 billion on the world’s capital markets for GAVI immunisation programmes. Dr Gillespie began his career at Citigroup/Citibank in London and Geneva. He joined Goldman Sachs in 1986 in New York and was a Partner and Managing Director in London from 1990-1999. He served as Chair of the Ulster Bank Group from 2001-2008. Dr Gillespie has also served in a number of public sector roles. These include Chief Executive Director of the Commonwealth Development Corporation (CDC) Group plc London; Chairman of the Northern Ireland Industrial Development Board; President of the Association of EU Development Finance Institutions and Chairman of the University Challenge Venture Capital Fund. In 2009, he was appointed Chairman of the United Kingdom’s Economic and Social Research Council. Dr Gillespie received his B.A., M.A. and PhD from the University of Cambridge and is an Honorary Fellow of Clare College, Cambridge.
Arunma Oteh: Nigeria
Member since January 2006
Ms Oteh is Director-General, Securities and Exchange Commission of Nigeria and Vice President. Prior to this she served as Corporate Services at the African Development Bank Group; and Group Treasurer and Director, Treasury Department, African Development Bank Group. As Treasurer she oversaw the activities of the Treasury Department, including managing a US$ 8.5 billion liability portfolio, a US$7.5 billion swap portfolio, and a multi-currency fixed income asset portfolios totaling US$10.7 billion for the Bank Group. She was also responsible for providing financial technical support in the origination of transactions and development of financial products for the Group’s clients.
Ms Oteh joined the ADB in 1992 as a Senior Financial Analyst originating project and corporate finance transactions in North and West Africa. She held several positions until her appointment as Group Treasurer. Prior to joining the African Development Bank she worked in corporate finance, consulting, teaching and research for a number of institutions including Harvard Institute for International Development, USA and Centre Point Investments Limited, Nigeria.
She holds a Masters in Business Administration from Harvard Business School, and a first class honours degree in Computer Science, from University of Nigeria, Nsukka, Nigeria. She is the co-editor of the book, 'African Voices African Visions'.
John Cummins: United Kingdom
Member since January 2006
John Cummins currently serves as the Group Treasurer of The Royal Bank of Scotland plc. Formerly he was the Group Treasurer of the Standard Life Assurance Company, the largest mutual assurer in Europe. Mr Cummins was one of the original team to establish Standard Life Bank and the Group Treasury function. He was also instrumental in the development of overall funding for Standard Life Group and Bank, using capital, banking and money markets. Prior to his work at Standard Life, Mr Cummins served as Treasurer at MBNA International Bank Limited; a Money Markets Manager at the Yorkshire Building Society; a Customer Dealer at Wallace, Smith Trust Co. LTD; and Assistant Manager Financial Institutions Group at Citibank NA. He received his BA Honours from University College, Oxford University and his Masters in Business Administration from Bradford University.
Dayanath Chandrajith Jayasuriya: Sri Lanka
Member since January 2006
Dr Jayasuriya is currently the Senior Partner of Asian Pathfinder Legal Consultancy and Drafting Services, a firm specialising in medical law and WTO-related matters and a Visiting Professor of Mercantile Law at the University of the Free State, South Africa. Dr Jayasuriya received his Bachelor of Laws degree from the University of Ceylon and his Ph.D. from the University of Colombo. He was enrolled as an Attorney-at-Law in 1973. Dr Jayasuriya’s career, while focused on law and social policy, has been diverse with postings in government and several UN agencies. In Sri Lanka he has served as Senior State Counsel, Department of the Attorney-General; as the Director General and CEO. Securities and Exchange Commission of Sri Lanka; and as the Chairman of that Commission as well as the Insurance Board of Sri Lanka. His postings in the United Nations include Head, UNAIDS Secretariat in Pakistan and UNAIDS Country Coordinator, Government of Pakistan; Consultant to the World Health Organization on international health law and drug and vaccine regulation; Chief Technical Adviser, UN International Drug Control Programme; and UNDP Regional Adviser on HIV and Development in Asia and the Pacific. Dr Jayasuriya is the Founding President of the South Asian Insurance Regulators' Forum and has been a Visiting Fellow at Harvard University, Boston. He is the author of several books published by the World Health Organization, UNDP, Commonwealth Secretariat and UNESCO, as well as of numerous articles, published in such notable journals as the International Journal of Law and Family, International and Comparative Law Quarterly, International Digest of Health Legislation, UN Bulletin on Narcotics, World Health Forum, and others.
Didier Cherpitel: France
Member since June 2009
Didier Cherpitel has an extensive background in banking, humanitarian organisations and corporate business. Didier spent 28 years with JPMorgan (1970-1998) in New York, Singapore, Brussels, London and Paris where he was chairman and managing director from 1988 to 1996. During his career at JPMorgan, Didier had extensive knowledge and exposure to the world capital markets and investment banking activities. From 1999 to 2004, Didier was the Secretary General and CEO of the International Federation of the Red Cross and Red Crescent regrouping the 186 national societies in the world. During his tenure as SG of the International Federation, Didier was the Chairman of the Red Cross Foundation. From 2004 to 2008, Didier served as Chairman of ATOS ORIGIN, the second largest European IT company, listed in Paris. Didier is serving on Boards of many humanitarians organisations in France and Switzerland, such as the Foundation Mérieux, FXB International, and the Swiss Philanthropic Foundation and until recently Foundation Médecins sans Frontières (MSF/France). Didier is also serving on the Boards of Wendel (France), Fidelity International (Bermuda/Luxembourg) and Prologis European Real Estate (Luxembourg). Didier Cherpitel received his Master in Politics and Economy from the Institut d’Etudes Politiques (Paris) and his M.A. from the University of Paris (France).
Sean Carney: Ireland and Canada
Member since June 2009
Sean Carney is currently the Executive Director, Finance and Operations, at The Children's Investment Fund Foundation in London. He joined CIFF after a career as an investment banker, focussed primarily in the telecoms sector. He spent most of his career with both Merrill Lynch, and, more recently, HSBC, where he was both Global Head of Telecoms Banking , and Global COO of the Investment Banking group. He has an honours degree in economics from Harvard College and a JD from The University of Chicago.