S.L. 595.12 Art. 6Board of Governors of the Fund.

(1) The Board of Governors of the Fund shall be established, nominated and composed as provided in sub-article (4)

and shall not be under the direction or control of the Chief

Executive Officer or of any other person with regard to the manner in which the Fund is to be administered, the projects or other initiatives in which the Fund is to be involved and the manner and extent of such involvement.

(2) The Board of Governors of the Fund shall abide by the provisions of the founding regulation and shall ensure the highest level of governance of the Fund in accordance with the founding regulation.

(3) The Board of Governors of the Fund shall ensure that all accountability and transparency obligations resulting from the founding regulation are strictly adhered to.

(4) Notwithstanding any other law, the Fund shall be administered by the Board of Governors consisting of seven (7) members of whom one shall be the Chairman and another shall be the Deputy Chairman who shall be appointed by the Cabinet of Ministers:

Provided that two (2) members of the Board of Governors shall be nominated by the Minister responsible for citizenship.