Implementation of Investment Strategy by the Central Bank

(1) The Central Bank shall implement the investment strategy by written instruction to the Custody Bank given in accordance with the Custody Bank Agreement. (2) The Central Bank may employ one or more internationally recognised portfolio managers, with skills, experience and reputation appropriate to the mandate, to advise it on the implementation of the strategy, and who agree in writing with the Central Bank to do so, and the Central Bank shall employ such a manager if the strategy involves equity (3) The Central Bank may give to a manager qualified under subsection (2) of this section, and subject to the agreement therein mentioned, discretion to make investments of the Fund, in accordance with the investment strategy, and for that purpose may authorize custody of a portion of the Permanent Restricted Account to the manager concerned. (4) The agreement mentioned in subsection (2) of this section shall be subject to the approval of the Investment Committee and Independent Oversight Board and shall deal with, (a) the matters mentioned therein and in subsection (3) of this section; (b) the payment to the manager of usual and customary fees and charges by usual and customary means; and (c) such other matters as may accord with international best industry practice and be reasonable in the circumstances, and in a manner consistent with, and not contrary to, this Act. Management Fund 19 (5) The Governor shall provide a true and fair copy of the agreement mentioned in subsection (2) of this section to the Public Information Office within seven days after it is signed. (6) The Central Bank shall keep the investments of the Fund under constant review and shall provide (and shall ensure that it is always in a position to promptly provide) the Investment Committee with all information in respect of the investments of the Fund as the Committee may reasonably request, and, for that purpose, appropriate officials of the Central Bank shall attend meetings of the Committee if so requested. (7) The Central Bank shall procure access, through its web- site at all times, to the current statements of the Permanent Restricted Account, updated at least monthly, including transfers therefrom, cash balances and all investments therein, and the Central Bank and the Public Information Office shall together ensure that a link thereto is readily available on the web-site of the Office. (8) The Central Bank shall provide to the Public Information Office, in summary form and content readily understandable, a quarterly statement and explanation of the Permanent Restricted Account, including transfers therefrom, cash balances and all investments (including the initial price and current value) therein, and the Public Information Office shall promptly publicize the information. (9) All costs and expenses additional to its regular expenditures and reasonably incurred by the Central Bank in discharging its responsibilities under this Act, including, (a) payment of fees and charges of the Custody Bank as provided in subsection (3) (a) of Section 4 of this Act and that are not deducted from dividends and returns as provided in Paragraph 1 (b) of the Second Schedule; and 20 Management Fund (b) payment of advisers’ and managers’ fees and charges as provided in subsection 4 (b) of this Section and that are not deducted from dividends and returns as provided in Paragraph 1 (b) of the Second Schedule, shall be reimbursed by the Government.