All,

An update on process and timing regarding our work on the CWG Stewardship Dependency on CCWG Accountability.

· CWG Accountability plans to publish their draft Supplementary Proposal to the CCWG on 16 February 2016.

· Following that, the CCWG plan is to distribute the Supplementary Proposal to the Chartering Organisations on 18 February.

· The CCWG and the Chartering Organisations will reasonably expect us – the CWG Stewardship – to confirm ASAP that the conditionality we defined has been met.

· When CCWG published their previous version – the third Draft Proposal – we (with the assistance of Sidley Austin) sent a detailed response (attached for reference).

· This detailed response now needs updating to reflect the changes that have since been made in the Supplementary Proposal and the Client Committee will ask Sidley to undertake that work.

· Accordingly, we expect to have an up-to-date response (to the CCWG Supplementary Proposal) prepared by Sidley for final review by this group as close to the 18 February publication of the CCWG Supplementary Proposal as possible.

· Please be on the lookout for this response (currently anticipated to be Fri 19 February) and be prepared to offer any feedback immediately and no later than 23h59 UTC on Mon 22 February.

· Lise and I will then ensure that the final response is communicated to the CCWG, the Chartering Organisations and, of course, the ICG on or around 23 February.

Any concerns, questions or issues arising, please let us know ASAP.

Thank-you,

Jonathan & Lise

CWG Stewardship Co-Chairs