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bruneilawsby aturio
In force2011 Revised Edition
Contents

6. Governing Boards of Sustainability Fund and Trust Sub-Funds

(1)

The Sustainability Fund shall be governed by a Board of

Governance and Allocation called the Sustainability Fund Board and advised by a Fund Allocation Committee. The members of the Board and the Fund

Allocation Committee shall be appointed by His Majesty the Sultan and

Yang Di-Pertuan. The Fund Allocation Committee shall consist of an equal number of members from the Executive Boards of each of the Trust Sub-Funds as well as persons who are not members of each Trust Sub-Funds

Board. Every member of a Sub-Fund Board and of the Fund Allocation

Committee shall hold office for a term not exceeding 2 years and shall be eligible for re-appointment. Any member of the Sustainability Fund Board, the Fund Allocation Committee or the Executive Board of each Trust Sub-Fund whose appointment has been terminated shall, unless His Majesty the

Sultan and Yang Di-Pertuan otherwise decides, not be entitled to any damages or other compensation and there shall be no claim or appeal in any court against such termination.

(2)

The Sustainability Fund Board shall be supported and assisted in its research, administration, governance and overall operations by a secretariat. The management and staff of the secretariat shall consist of persons who support and work on behalf of the Trust Sub-Funds, and who are appointed by the Sustainability Fund Board after consultation with the

Executive Boards of the Trust Sub-Funds. The Sustainability Fund Board

Sustainability Fund shall specify the roles, responsibilities and lines of reporting of such management and staff.

(3)

Each of the Trust Sub-Funds shall be governed by an Executive

Board, which shall be supported and assisted by management and staff and an Investment Advisory Committee appointed by the Executive Board.

Members of each Executive Board and of such Committee shall hold office for a term not exceeding 2 years and shall be eligible for re-appointment.

Members of each Executive Board and of each Committee shall be appointed by His Majesty the Sultan and Yang Di-Pertuan. A majority of the members of each Executive Board shall consist of persons who do not serve on the

Sustainability Fund Board. A majority of the members of the Executive

Board of each Trust Sub-Fund shall consist of persons who do not serve as a member of the Executive Board of another Trust Sub-Fund. Each member of each Investment Advisory Committee shall be selected by the respective

Executive Board.

(4)

The persons who support and work on behalf of each Trust Sub-Fund shall consist of public officers assigned by the Minister to that Trust

Sub-Fund (each such person being defined in this Act as a seconded officer).

Once so assigned, each seconded officer shall remain a public officer but shall be subject to personnel practices and terms of employment (including evaluation of performance, compensation and related matters) as determined by the respective Executive Board. The Executive Board of each Trust Sub-Fund may also directly employ staff under such terms and conditions as the

Executive Board may decide. Such directly employed staff shall be deemed to be public servant for the purposes of the Penal Code (Chapter 22). The

Executive Board of each Trust Sub-Fund shall establish clear employment regulations with respect to such employees.

(5)

An Executive Board shall have all powers and functions reasonably necessary to achieving its purposes under this Act, including —

(a)

the development and payment for its own operating budget and other reasonable costs out of the assets of its Trust Sub-Fund, but only insofar as such budget is reasonable and intended solely for the purpose of achieving the purposes of the Trust Sub-Fund;

(b)

the procuring and entering into contracts for goods and services on reasonable terms, reasonably necessary to achieving the

Sustainability Fund 8

purposes of the Trust Sub-Fund and to adhering to the provisions of this Act;

(c)

all powers and functions reasonably necessary to prudently invest and manage its assets.

Report

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