Article 39(f): Public Fund Board

f. When more than one public fund is managed by the same fund manager, those public funds may be supervised by a single fund board unless the number of public funds is estimated by the fund manager to be too high to be supervised effectively by a single fund board. The fund board and the fund manager must review annually the number of public funds supervised by that board and assess whether the number is such that effective supervision is compromised and a different board should be appointed for one or more of those public funds. The Authority reserves the right to require a fund manager to appoint another fund board if the Authority considers that the number of public funds the fund board supervises is too high.