The Governing Council, Having considered the report of the Executive Director on the management of trust funds and earmarked contributions,26 Recalling the authority vested in the Executive Director, with the approval of the Governing Council, to establish trust funds within the framework of the Environment Fund for specified purposes consistent with the policies, aims and activities of the United Nations Environment Programme, as provided for in Article V of the General Procedures Governing the Operations of the Fund of the United Nations Environment Programme, in addition to all other relevant policies and procedures promulgated by the Secretary-General regarding the operation of trust funds,