10 In accordance with Financial Regulation 11.1, funds not required for immediate use may be invested.
20 The Organization's investment programme is governed by Articles IX and X of the Financial Regulations relating to both short and long-term investments. In addition, investments made must comply with Financial Rules 107.6, 107.10 and 107.11. The investment policies are detailed in the WHO Investment Policy which is monitored by Treasury in headquarters and is approved by the Director-General on the advice of the Advisory Investment Committee.
30 In order to obtain the most cost effective return, investment is centralized, at headquarters. Regional offices are not authorized to make investments without the prior agreement of the Comptroller.
40 The Advisory Investment Committee (AIC) has been established to assist the Director-General in framing broad investment policy guidelines, to ensure that investment practices follow these guidelines and that current investment matters are kept under continuous review. The AIC normally meets at least three times annually. The composition and terms of reference of the AIC are defined in the AIC Terms of Reference, which are approved by the Director-General upon recommendation of the Assistant Director-General, General Management. Members of the AIC are not paid for their services.
Range of investments types
50 Deposits and securities: Funds in currencies other than US dollars are accounted at their US dollar equivalent based on the United Nations accounting rate of exchange. Securities are accounted for at current market value. Market values are determined using the market price for a particular security on the last business day of the year. The investment policy reflects the nature of the WHO funds, which may be held for the short term, pending programme implementation, or for the longer term in order to meet liabilities under the Staff Health Insurance Fund and other long-term funds of the Organization. Investments are recorded at current market value and investment income is recorded on an accrual basis.
60 Short term fixed income in US dollars: These are invested in cash and high-quality, short term, government, agency, and corporate bonds as defined in the approved investment policy.
70 Long term fixed income in US dollars: These are invested in high-quality, medium and long term, government, agency, and corporate bonds. They represent funds managed for the Staff Health Insurance Fund and the Terminal Payments Account as defined in the approved investment policy.
80 Equity investments in US dollars: In accordance with the approved investment policy, this portfolio represents funds managed for the Staff Health Insurance Fund.
