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The Independent Evaluation Office (IEO) reports to the UNDP Executive Board. The IEO is governed by the organization's Evaluation Policy and the UNDP Executive Board is the custodian of the policy. The core function of the Independent Evaluation Office is to conduct independent thematic and programmatic evaluations. The Independent Evaluation Office also prepares the Annual Report on Evaluation, sets standards and guidelines on evaluation, monitors compliance on evaluation and shares lessons for improved programming.