WASHINGTON: U.S. President Donald Trump plans to require countries to contribute at least 1 billion U.S. dollars to secure a permanent seat on the Trump-proposed “Board of Peace,” Bloomberg reported on Saturday.

According to a draft charter seen by Bloomberg, Trump would serve as the board’s inaugural chairman and decide which national leaders are invited to join the board. While decisions would be made by a majority vote, with each member state holding one vote, all resolutions would be subject to the chairman’s approval.

“Each Member State shall serve a term of no more than three years from this Charter’s entry into force, subject to renewal by the Chairman,” the draft says, adding that the three-year membership term shall not apply to member states that contribute more than 1 billion U.S. dollars in cash funds to the Board of Peace within the first year of the Charter’s entry into force.

The draft charter describes the board as “an international organization that seeks to promote stability, restore dependable and lawful governance, and secure enduring peace in areas affected or threatened by conflict.” The organization would become official once three member states agree to the charter, said the report.

Several nations strongly oppose the proposal and are working collectively to push back against it, added the report, citing sources familiar with the matter.

Critics are worried that Trump is trying to build an alternative to, or a rival of, the United Nations, which he has long criticized, the report added.