In our first year of service as a Board our responsibilities were minimal: during this
period and, as one of our primary tasks, we adopted the formula for contributions
of the Development Finance Institutions (DFI) Network Members to the DFRC’s
recurrent expenditure. Except for the legal and procedural rules that we approved,
which would govern the DFRC’s existence and membership on the Board, and other
than attending the annual meetings of the DFI Subcommittee, we had not erected
the DFRC as a corporeal entity. It existed through its legal instruments and in name
only.