Malaysia legislation
Section 34
of SARAWAK SOVEREIGN WEALTH FUTURE FUND BOARD ORDINANCE, 2022
Section 34
―(1) The Investment Advisory Panel shall consist of the following members―
(a)
a chairman; and
(b)
not fewer than two and not more than four other members, who shall be appointed by the Board with approval of the Majlis
Mesyuarat Kerajaan Negeri.
(2)
A person may not be appointed as a member of the
Investment Advisory Panel unless the Board is satisfied that he has substantial experience or expertise and reputable standing in one or more of the following fields:-
(a)
dealing in securities;
(b)
the provision of investment advice, as defined in the
Capital Markets & Services Act 2007 [Act 671];
(c)
fund management, as defined in the Capital Markets and Services Act 2007 [Act 671];
(d)
fund management or investments in the international capital markets; or
(e)
any other field which is highly relevant to the effective performance of the functions of the Investment Advisory Panel.
(3)
A person is not eligible for appointment as a member of the
Investment Advisory Panel if he is:-
(a)
a Guardian;
(b)
a public officer of the State Government or employee of any body corporate owned or controlled by the State
Government; or
(c)
the holder of a full-time office under a State law.
(4)
A person shall be disqualified from the appointment as a member of the Investment Advisory Panel if the person:-
(a)
is of unsound mind or is otherwise incapable of performing his duties;
(b)
has been adjudged a bankrupt by a court of competent jurisdiction;
(c)
has been convicted of an offence and sentenced to imprisonment for a term of not less than one year; or
(d)
has been convicted of an offence under any law relating to fraud, dishonesty, corruption, securities regulation or money laundering.
Term of appointment of Panel member 35.―(1) A member of the Investment Advisory Panel shall hold office on such terms and conditions and shall be paid such remuneration and allowances as may be determined by the Minister 32
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from time to time, having regard to the recommendation of the Board, and as approved by the Majlis Mesyuarat Kerajaan Negeri.
(2)
The appointment of a member of the Investment Advisory
Panel shall be for an aggregate period of not exceeding six years from the date of his first appointment.
Resignation and removal of Panel member 36.―(1) A member of the Investment Advisory Panel may resign his appointment at any time by giving a resignation letter to the
Board.
(2)
The Board may, at any time, and with the approval of the
Majlis Mesyuarat Kerajaan Negeri, suspend or revoke the appointment of a member of the Investment Advisory Panel if:-
(a)
the member is guilty of misconduct;
(b)
the member has breached any of the provisions of this
Ordinance;
(c)
the member is under investigation by any regulatory agency for any offence involving dishonesty, fraud or under any law relating to corruption or corrupt practices, or has been convicted of any such offence; or
(d)
because of ill health or unsoundness of mind he is unable to discharge the duties attached to his office as a member of the Panel.
Vacation of office of Panel member 37.
The office of a member of the Investment Advisory Panel shall be deemed vacated:-
(a)
upon his death;
(b)
if he fails to attend three consecutive meetings of the
Investment Advisory Panel without the leave in writing of the
Chairman of the Board; or
(c)
if he becomes subject to any of the disqualifications referred to in section 34(4).
Duties of the Investment Advisory Panel 38.
Sections 16 to 24 shall apply to members of the Investment
Advisory Panel mutatis mutandis.