AUDIT COMMITTEE FROM: The Committee Secretary Minutes of Meeting held on Monday, June 25, 2018 at 2:34 p.m. in the Board Room Present Committee Ms. Kunene (Chair) Mr. Almutairi (Alternate) Mr. Bhuiyan (Alternate) Mr. Catzaras (Alternate) Mr. Godts Mr. Heemskerk Mr. Jimenez Mr. Yang Other Executive Directors and Alternates Messrs./Mmes. Alvarez, Bilbeisi, Beyea, Cipkute, Cowie, Engozogo Mba, Garay Estepa, Gruber, Haleemi, Happe, Koumtingue, Lestari, Mills, Mufarrij, Nishikata, Pagano, Pg Matarsat, Rono, Senic, Tazaki and White Officers and Staff Messrs./Mmes. Bravery, Cross, Cumming, Frazier, Gouled, Himmo, Myers, Silva, Shyam-Sunder and Thomas. Jarik (Committee Secretary) IFC FY18 Annual Report on Financial Risk Management and Capital Adequacy 1. The Committee discussed the document IFC FY18 Annual Report on Financial Risk Management and Capital Adequacy (IFC/R2018-0217). A report from the Committee to the Board was prepared. IBRD FY19 Single Borrower Limit: Analysis and Recommendation 2. The Committee discussed the document entitled IBRD FY19 Single Borrower Limit: Analysis and Recommendation (R2018-0163). A report from the Committee to the Board was prepared. Date of Next Meeting 3. The Committee was scheduled to meet on July 20, 2018. Adjournment 4. The meeting adjourned at 4:43 p.m. 2 The following item has been endorsed by the Audit Committee on an Absence of Objection Basis on June 15, 2018 World Bank Group Policy: Internal Audit Vice Presidency (IAD) Terms of Reference 1. The Committee recorded its endorsement on June 15, 2018 of the document entitled World Bank Group Policy: Internal Audit Vice Presidency (IAD) Terms of Reference (AC2018-0026).