Establishment of Investment Committee

(1) There is hereby established for the purposes of this Act a committee of individuals to be called “The Petroleum Fund Investment Committee”, the members of which shall be, (a) ex-officio, the Financial Secretary (who shall be the Chairperson); (b) ex-officio, the Governor (who shall be the Chairperson in the absence of the Financial Secretary); (c) a person appointed by the Minister, having taken into account the advice of the organization listed in the Fifth Schedule, being a person who is a professional expert in investment and portfolio management of large funds; (d) a person appointed by the Minister, having taken into account the advice of the 14 Management Fund organization listed in the Fifth Schedule, being a person knowledgeable in finance and investment; and (e) a person appointed by the Minister, having taken into account the advice of the organization listed in the Fifth Schedule, being an academic in finance and investment and holding a teaching appointment at a university in Belize, Provided that at least one, but not more than two, of the non-ex- officio members shall be residents or citizens of Belize. (2) Casual vacancies shall be filled in like manner to the appointment of the vacating member but only for the remaining term of the vacating member. (3) Within fourteen days of the appointment of a member of the Investment Committee, the Minister shall provide to the Public Information Office in writing the names and qualifications of that member. (4) A member, not being ex-officio, shall hold office for four years, and may not be appointed again until four years after his term expires, Provided that this provision shall not apply to a member filling a casual vacancy for a period not exceeding two years. (5) Notwithstanding subsection (4) of this section, the two non-ex-officio members first appointed under subsection (1) (d) and (e) of subsection (1) of this section, shall, as decided by the Minister at the time of their appointment, hold office for two years and three years respectively. Management Fund 15 (6) A member who ceases to be qualified shall immediately resign, and, not being ex-officio, may otherwise resign at any time by notice to the Minister. (7) With regard to their code of conduct, Section 121 of the Belize Constitution shall apply to members of the Committee. (8) A member, not being ex-officio, shall not be removed from office before expiry of his term unless he, (a) is convicted of an offence involving dishonesty; (b) becomes substantially or totally incapable of performing his duties due to illness, infirmity, or other cause; (c) absents himself from three consecutive meetings of the Committee without leave of the Chairperson; (d) conducts himself in a way that contravenes the requirements of Section 121 of the Constitution; or (e) is, in the opinion of the Minister, and with the agreement of the institution upon whose advice the Minister appointed him, performing his duties with grave misconduct and the removal from office for this reason is approved by the Independent Oversight (9) A member of the Independent Oversight Board shall not be appointed to be a member of the Investment Committee. 16 Management Fund