In June 2007, 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 June 2009, the GEF Council decided that  the GEF Secretariat would manage a third party process to review the GEF's minimum fiduciary standards in 2013, and every four years thereafter.

As of June 2010 four Agencies – AfDB, EBRD, IADB, and the World Bank – have met the GEF’s minimum fiduciary standards; the other six agencies that have not fully meet all GEF’s fiduciary standards – ADB, IFAD, FAO, UNDP, UNEP and UNIDO – have established monitorable action plans for those areas where improvements are needed.

The chart below illustrates the status of each agency in meeting the standards, broken down by core area.