A summary is given of the 1st Research Coordination Meeting of the new IAEA Co-ordinated Research Project (CRP) on Updating the Photonuclear Data Library and Generating a Reference Database for Photon Strength Functions. Participants presented their work, reviewed the current status of the field with regards to measurements, theoretical models and evaluations, discussed the scope of the work to be undertaken and agreed on a list of priorities and task assignments necessary to achieve the goals of the CRP. A summary of the presentations and discussions is presented in this report.