In June 2007, at its 31st meeting, the GEF Council approved a set of minimum fiduciary standards recommended by the Trustee. The approved standards constitute the basis for the GEF’s Policy on Fiduciary Standards. In April 2008, at its 33rd meeting, the GEF agreed that a third party expert would review the compliance of all ten GEF Agencies against the agreed standards. The GEF Secretariat reported to the GEF Council on the outcome of this third party review at the Council's 35th meeting in June 2009 through Council Document GEF/C.35/5, Status of the GEF Agencies with Respect to the Minimum Fiduciary Standards.
In November 2011, the GEF Council made an amendment to the GEF fiduciary standards, as explained in Council Document GEF/41/06/Rev.1, GEF Minimum Fiduciary Standards: Separation of Implementation and Execution Functions in GEF Partner Agencies.
As required under the 5th Replenishment policy recommendations, those Agencies that were found as not meeting the standards were required to establish and implement monitorable action plans to come into full compliance. As of November 2013, eight Agencies – ADB, AfDB, EBRD, IADB, IFAD, UNDP, World Bank, and UNIDO – had met the GEF’s minimum fiduciary standards. The other two agencies – FAO and UNEP – continue to implement their monitorable action plans to come into full compliance.