Section 12: Powers of Supervisory Council

12. Powers of Supervisory Council.___ The Supervisory Council shall have the following powers, namely:— (a) follow up and assessment of the Fund performance and the extent to which the Fund has achieved its purposes; (b) appoint members of the Advisory Committee of the Fund and form a nomination committee and appoint the directors of the Board on the proposal of the nomination committee; (c) transfer any asset to the Fund; (d) review the reports submitted by the Board and the action plan for the following fiscal year; (e) discussion and approval of the Board’s annual report on what the remuneration of the Board members is, under any circumstance, during the fiscal year; (f) discussion and approval of the annual financial statements, the budget, the proposal for the distribution of profits, the report of the Board and the auditors and the Fund’s final financial statements; (g) follow up on the performance of the Board in light of performance measurement standards; (h) reduce, increase or determine the Fund’s authorized capital; (i) proposal for dissolving and liquidating the Fund; (j) proposal for removing any of the members of the Board from office; (k) setting the remuneration of the Chairman and directors of the Board which may include transportation allowance for meetings and Board meetings; and (l) deal with all matters which are presented by the Fund’s Board to the Supervisory Council.

Effective date: 2023-08-04

Related sections