The Pakistan Sovereign Wealth Fund Act, 2023

WHEREAS it is expedient to provide for establishment of a sovereign wealth fund to contribute for sustainable economic development through the management of its funds and assets to achieve their optimal use according to the best international standards, policies and practices to maximize their value for future generation; It is hereby enacted as follows:___ PART I s PRELIMINARY

• Section 1: Short title, extent and commencement
• Section 2: Definitions
• Section 3: The Fund
• Section 4: Objectives of the Fund
• Section 5: Business, which the Fund can transact
• Section 6: Expenditure charged upon the Fund
• Section 7: Borrowing and lending
• Section 8: Winding up of the Fund
• Section 9: Transfer of assets to the Fund
• Section 10: Establishment of entities
• Section 11: Constitution and composition of Supervisory Council
• Section 12: Powers of Supervisory Council
• Section 13: Supervisory Council meetings
• Section 14: The Board
• Section 15: Composition of the Board
• Section 16: Term of a director of the Board
• Section 17: Functions and responsibilities of the Board
• Section 18: Disqualifications of directors of Board
• Section 19: Removal of director of the Board:___ (1) A director of the Board may be removed by the
• Section 20: Functions of a Board of director
• Section 21: Committees of the Board
• Section 22: Chief executive officer and other employees
• Section 23: Powers of the CEO
• Section 24: Advisory committee
• Section 25: Investment managers
• Section 26: Establishment of Sub-Funds
• Section 27: Holding and investment of the Fund
• Section 28: Annual investment plan and budget of the Fund
• Section 29: Establishment and operation of general reserve
• Section 30: Payment of dividends to the Federal Government
• Section 31: Prohibition against using the Fund assets as collateral
• Section 32: Public private partnership
• Section 33: Internal audit function
• Section 34: Books of accounts
• Section 35: Audit of accounts
• Section 36: Reports
• Section 37: Submission of annual report to the Majlis-e-Shoora (Parliament)
• Section 38: Public disclosure
• Section 39: Disclosure of interest
• Section 40: Financial year of Fund
• Section 41: Exemption from liability of the directors of Board, members, employees of the Fund
• Section 42: Preservation of secrecy
• Section 43: Use of confidential information for personal gain
• Section 44: Protection of action taken in good faith
• Section 45: Power to make rules
• Section 46: Power to make regulations
• Section 47: Power to amend the Schedules
• Section 48: Exemption form Ordinance, LII of 2000
• Section 49: Exemption from Ordinance, LII of 2002
• Section 50: Exemption from Act, VII of 2023
• Section 51: Act to override other laws
• Section 52: Power to remove difficulties
• Schedule I: Schedule I
• Schedule II: Schedule II