Article 40: Responsibilities of the Members of the Fund Board

Article 40: Responsibilities of the Members of the Fund Board

The responsibilities of the members of the fund board shall include the following:

1) approving material contracts, decisions and reports involving the public fund, including, but not limited to, contracts for the provision of fund management services, contracts for the provision of custody services but excluding contracts entered into pursuant to investment decisions regarding underlying investments made or to be made by the fund;

2) approve a written policy in regards to the voting rights related to the public fund assets.

3) overseeing and, where appropriate, approving or ratifying any conflicts of interest the fund manager has identified;

4) meeting at least twice annually with the fund manager’s compliance committee or its compliance officer to review the fund manager’s compliance with all applicable rules, laws and regulations, including (without limitation) the requirements of these Regulations;

5) Approving all changes stipulated in Articles (64) and (65) of these Regulations before the fund manager obtains the approval or notification of the unitholders and the Authority (as applicable);

6) confirming the completeness and accuracy (complete, clear, accurate, and not misleading), and compliance with these Regulations, of the Terms and Conditions and of any other document, contractual or otherwise, that includes disclosures relating to the public fund and/or the fund manager and its conduct of the public fund;

7) ensuring that the fund manager carries out its obligations in the best interests of the unitholders, in accordance with these Regulations, the Fund’s Terms and Conditions;

8) Reviewing the report that includes assessment of the performance and quality of services provided by the parties involved in providing significant services to the fund referred to in Paragraph (l) of Article (9) of these Regulations, in order to ensure that the fund manager fulfils his responsibilities in the interest of unitholders in accordance with the Fund’s Terms and Conditions and the provisions stipulated in these Regulations.

9) Assessing the mechanism of the fund manager’s handling of the risks related to the fund’s assets in accordance with the fund manager’s policies and procedures that detect the fund’s risks and how to treat such risks.

10) have a fiduciary duty to unitholders, including a duty to act in good faith, a duty to act in the best interests of the unitholders and a duty to exercise all reasonable care and skill; and

11) taking minutes of meetings that provide all deliberations and facts of the meetings and the decisions taken by the fund’s board of director.

12) Review the report containing all complaints and the measures taken regarding them referred to in Paragraph (m) of Article (9) of these Regulations, in order to ensure that the fund manager carries out his responsibilities in a way that serves the interest of unitholders in accordance with the Fund’s Terms and Conditions and what contained in this Regulation.