Malaysia legislation
Section 11
of SARAWAK SOVEREIGN WEALTH FUTURE FUND BOARD ORDINANCE, 2022
Section 11
(a)
a Chairman;
(b)
a Deputy Chairman; and
(c)
not less than five and not more than eight other members, provided that, at all times, at least half of the members of the Board including the Chairman and Deputy Chairman shall be
Independent Guardians.
(2)
The following persons shall be ex-officio members of the
Board:
(i)
the State Attorney General or his nominee; and
(ii)
the State Financial Secretary or his nominee.
(b)
an ex-officio member shall have no voting right in relation to any decision to be made by the Board of Guardians; and
(c)
the duty of an ex-officio member is to advise the Board on matters relating to the compliance with the provisions of this
Ordinance, the Investment Mandate and any direction issued by the
Majlis Mesyuarat Kerajaan Negeri under section 39.
(3)
The members of the Board are to be known as
“Guardians”.
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Qualifications for the Board membership 12.—
A person shall not be appointed as a Guardian unless the Majlis Mesyuarat Kerajaan Negeri is satisfied that the person has substantial experience or expertise in one or more of the following fields, and has significant standing and credibility in any such fields—
(a)
investment;
(b)
fund management;
(c)
good corporate governance practices;
(d)
financial matters; or
(e)
any other expertise or experience which is highly relevant to the effective performance of the functions of the
Board.
(2)
A person is not eligible for the appointment as a Guardian if the person—
(a)
is, at the time of his appointment, a member of a political party or a member of Parliament or the Legislature or local authority of any State in Malaysia;
(b)
is of unsound mind or is otherwise incapable of performing his duties;
(c)
has been adjudged a bankrupt by a court of competent jurisdiction;
(d)
has been convicted of an offence and sentenced to imprisonment for a term of not less than one year; or
(e)
has been convicted of an offence under any law relating to fraud, dishonesty, corruption, securities regulation or money laundering.
Tenure of office of Guardian