68528 The Bank’s Procurement Policies and Procedures Initiating Discussion and Approach Papers - Proposed Review Report to the Board of Executive Directors from the Audit Committee and the Committee on Development Effectiveness Meeting of February 29, 2012 The Audit Committee (AC) and Committee on Development Effectiveness (CODE) met on February 29, 2012 to discuss the paper entitled The Bank’s Procurement Policies and Procedures: Initiating Discussion and Approach Papers - Proposed Review (AC2012-0010; CODE2012-0007). The Committees considered the proposed approach and timeline for the Bank’s review of procurement policy and procedures. There was strong and broad support for the approach and timeline, and the discussion raised several points, including: the need to coordinate with IEG’s parallel review; a desire to learn from prior reform efforts including the Use of Country Systems piloting program; the two objectives of fiduciary safeguards and capacity-building; the possibility of a WBG-wide approach to procurement; the possibility of including environmental and social dimensions in the review; and the desire to avoid outcomes which added complexity or bureaucracy to procurement systems. .