A/RES/61/240 4. Notes with satisfaction the recommendations adopted by the Board with a view to improving the efficiency of its work and its intention to consider a policy paper in 2007 on membership and attendance at meetings of the Board and its Standing Committee; Takes note of the decision of the Board to amend the rules of procedure 5. of the Fund in order to make formal provision for the additional alternate representative of the General Assembly to attend the meetings of the Standing Committee, as approved provisionally by the Board in 2004; Also takes note of the decision of the Board that the costs related to two 6. retiree representatives attending the sessions of the Board and one retiree representative attending the sessions of the Standing Committee would be shared as an expense of the Board on a provisional basis until its session in 2008, at which time the Board would consider means for duly electing the representatives for the retirees; Notes that the Board also decided to revert to annual sessions as from 7. 2007 with the aim of completing its work within five working days; the focus of the Board during the odd-numbered years will be on the budget of the Fund; VII Other matters 1. Takes note of the decision of the Board to establish an Audit Committee to provide an enhanced communications channel for the internal auditors, the external auditors and the Pension Board, with the consequent revision in the rules of procedure of the Fund and, in this regard, endorses the recommendation of the Advisory Committee on Administrative and Budgetary Questions that the Audit Committee be composed of members with relevant expertise in accounting, financial management, including risk management, and audit; 5 2. Notes that the Board endorsed the Fund’s enterprise-wide risk management policy; 3. Takes note of the observations of the Board, as set out in its report,1 on the review and conclusions reached by the International Civil Service Commission on the changes in average tax rates at the headquarters duty stations, which formed the basis for the development of the current common scale of staff assessment for pensionable remuneration; Notes that the Board considered a detailed report of the medical 4. consultant covering the period from 1 January 2004 to 31 December 2005; 5. Also notes that the Board intends to review the current provisions for special adjustments for small pensions and the current arrangements regarding the periodicity of cost-of-living adjustments at its sessions in 2007 and 2008, respectively; Requests the Pension Board to consider, during its review of small 6. pensions, the negative impact of administrative expenses, transaction fees or bank commissions regarding the benefits in order to remedy such impact and to report to _______________ 5 A/61/545, para. 21. 5