Section 17: Functions and responsibilities of the Board

17. Functions and responsibilities of the Board.___(l) The Board shall be responsible for the affairs of the Fund and have all powers necessary for attaining objectives of this Act. (2) The following, and such others as may prescribed by regulations shall be the powers, functions and responsibilities of the Board, namely:— (a) to oversee the investment and management of the Fund in accordance with this Act and in a manner the Board judges best suited to achieve the objectives of the Fund; (b) to develop financial, administrative and investment policies, standard operating procedures necessary for the Fund to achieve the objectives of this Act along with supervision of implementation thereto; (c) to prepare the investment mandate of the Fund and appoint investment managers in accordance with section 25; (d) to invest assets of the Fund either directly or through other entities to achieve the best possible risk adjusted return; (e) to reinvest the profits and proceeds of the Fund’s investments; (f) the issuance of internal policies and objectives, and performance indicators to achieve the Fund objectives; (g) to follow up on the Fund overall performance according to the performance indicators established by the Board; (h) to oversee the periodic performance assessment process for the Fund investment portfolios and investments; (i) to approve the annual budget of the Fund and ratifying the financial statements and proposing the distribution of profits in preparation for submission to the Supervisory Council for approval; (j) to approve the auditors’ reports and the Chief Executive Officer’s report on the financial position of the Fund and outcomes of its work for each fiscal year and submitting them to the Supervisory Council for approval; (k) to discuss and approve the investment and business plan of the Fund in consultation with the Advisory Committee after approval by the Investment Committee and monitoring its implementation; (l) to approve the governance regulations of the Fund and the regulation of non- conflict of interests of its employees, Directors of its Board and its advisors; (m) to issue the financial, administrative and technical regulations of the Fund, the personnel regulations, contracts and procurement and service delivery regulations without being subject to the restrictions of governmental rules and regulations; (n) to issue of internal policies and procedures necessary for the functioning of the Fund; (o) to ratify the recruitment of higher-level positions in the Fund; (p) to appoint or change the auditors, and determining their fees; (q) to issue regulations and procedures observed by the Fund in its transactions, investments and contracts; (r) to issue standards and criteria, guaranteeing the soundness of the Fund’s financial position and due financial performance thereof, and issuing decisions necessary for the due implementation of such standards and criteria; (s) to approve the Fund’s organizational and administrative structure and the powers of the Fund staff including the powers to enter into contracts; (t) to develop regulations regulating the Board work and meetings; (u) to oversee all technical, administrative and financial work assumed by the CEO; (v) to approve lending and borrowing and mortgage contracts or pledge of any assets of the Fund to secure the financing of any of the Fund’s investment projects, in addition to settlement agreements arbitration agreements provided that delegation shall not be permitted in terms of such powers; and (w) to carry out such other activity connected therewith or ancillary thereto.

Effective date: 2023-08-04

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