The 1992 Fund and Supplementary Fund each have an Assembly composed of all Contracting States to the 1992 Fund Convention and Supplementary Fund Protocol respectively. The Assembly must hold one regular session each year, normally in October, when it elects a Chairman and two Vice-Chairmen to hold office until its next regular session. Extraordinary sessions may be held as and when required.
The Assembly is the supreme organ of the relevant Fund and decides on the annual budget and contributions to the Organisation, approves Financial Statements, appoints the External Auditor, adopts the Internal and Financial Regulations, determines which entities have observer status with the Organisation, and generally performs such tasks as are necessary for its proper functioning. Attendance of a simple majority of Member States constitutes a quorum for the Assembly.
For the 1992 Fund Assembly, in cases where a quorum is not achieved, an Administrative Council is convened to act on behalf of the Assembly. The quorum requirement for the Administrative Council is 25 Member States. Due to the growth of the membership of the 1992 Fund and the lack of attendance of many Member States, the 1992 Fund Administrative Council has had to act on behalf of the Assembly in a number of instances in recent years.
With 31 Member States, achieving a quorum has not been an issue for the Supplementary Fund Assembly and it has therefore not been necessary so far to establish an Administrative Council for that Fund.