Section 23: Powers of the CEO

23. Powers of the CEO.___ The CEO shall, subject to the general control of the Board,— (a) be responsible to implement the decisions of the Board and carry out the day- to-day administration and management of the Fund and staff and property; (b) be the custodian of the Board’s records; (c) be responsible for proposing and overseeing implementation of the Fund plans, programs and budgets upon the approval of the Board; (d) be responsible for preparation of the work plan of the Fund and determining performance indicators for its administrative units; (e) be responsible for proposing administrative and financial regulations and any of the Fund’s internal regulations or those related to the Fund’s activities; (f) be responsible for recruiting and supervising the staff of the Fund according to the powers granted thereupon and determined by the regulations; (g) be responsible for determining performance indicators according to the Fund strategy; (h) be responsible for contracting the custodian for its owned securities according to the requirements provided for in the legal system applied to same; (i) be responsible for following up on the implementation of the resolutions issued by the Board; (j) be responsible for overseeing the preparation of the Fund budget and submitting it to the Board; (k) be responsible for preparing the annual report comprising details of the Fund performance, financial position, business progress and plan for the coming fiscal year, and submitting it to the Board within ninety days from the end of the Fund fiscal year; (l) be responsible for issuing orders regarding the Fund expenses in accordance with the annual budget adopted by the Board; (m) be responsible for entering into all kinds of agreements and contracts pursuant to powers as may be prescribed by regulation; (n) be responsible to actively collaborate and maintain open communication with both the Board and the Advisory Committee of the Fund, ensuring their collective involvement and consultation on matters of strategic significance, in order to facilitate informed decision-making and promote the overall success and prosperity of the Fund; and (o) be responsible to perform such other functions as may be assigned by the Board: Provided that an assignment of functions in terms of clause (o)― (i) may be made generally or specially and subject to such conditions, restrictions, reservations and exceptions as the Board may determine; (ii) may be revoked by the Board at any time; and (iii) shall not preclude the Board itself from exercising such functions.

Effective date: 2023-08-04

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