This report on COSTED has been prepared by the independent Review Panel established by the Committee on Scientific Planning and Review of ICSU. Its terms of reference are to review the performance of COSTED, its financial and human resources, and its added value to the organisations with which it has collaborated. In the light of its findings, the Panel is to make suggestions for a new vision and mandate for COSTED and to consider future options for ICSU to fulfil its own mandate to support science and technology in developing countries.