 The Programme and Budget Committee of WIPO met from the 29th of August to the 2nd of September. The Director General opened the session with a comprehensive overview of the financial and programmatic results. Member States noted the positive results and the surplus of 70 million Swiss francs for the biennium. The Director General then presented his medium-term strategic plan for 2016 to 2021. The Member States provided their comments and concluded that the assemblies of the organization should note the report. The Programme and Budget Committee then went on to discussing the reports of the external auditor, the internal auditor, as well as the Independent Advisory and Oversight Committee and furthermore went on to review a number of financial management proposals, the first being the proposal to contain and manage after-service health insurance liability for the organization and here WIPO's approach was endorsed in terms of its engagement with the UN system and the common approach to managing such liabilities. The second proposal was related to hedging and this was noted and lastly there was the discussion on the review of the methodology for allocating the income and expenditure of the organization to its unions and this discussion will continue and will be taken up further in the assemblies next month. The WIPO Secretary also provided a comprehensive final report on the construction projects which are now completed and the assets are fully in use. We also updated the Programme and Budget Committee on the status of the implementation of the Enterprise Resource Planning Systems. Finally, the Member States engaged in the discussion on governance and here the conclusion was to continue discussions in the next session of the PBC with the Secretariat contributing through a presentation on WIPO's constitutional reforms. Last but not least, the Member States engaged throughout the week in informal and formal consultations on the proposals to open new external offices and here the decision was to continue informal consultations in the lead up to the assemblies with the next session of the assemblies taking up the matter further.