Section 45 — SARAWAK SOVEREIGN WEALTH FUTURE FUND BOARD ORDINANCE, 2022

(2)

The expenses of the Board as specified in sections 8(2)(c)

and 8(2)(e) up to such amount as may be approved by the Majlis

Mesyuarat Kerajaan Negeri for any one year shall be defrayed out of the Fund pursuant to section 8.

(3)

Before the beginning of 1st of September each year, the

Board shall submit to the Minister an estimate of such expenses for the following year in such form and with such particulars as may be required for the approval of the Majlis Mesyuarat Kerajaan Negeri, on or before the beginning of 31st October of that year, Minister shall notify the Board of the amount authorized for such expenses generally or of the amount authorized for each description of expenditure.

(4)

The Board may, at any time, submit to the Minister a supplementary estimate for any one year for the approval of the Majlis

Mesyuarat Kerajaan Negeri which may allow the whole or any part of the expenditure included therein.

(5)

The Board may transfer all or any part of the monies assigned to one expenditure item into another expenditure item solely 38

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for the purpose of capital and operating expenditure, subject to the approval of the Majlis Mesyuarat Kerajaan Negeri.

Accounts and audit 46.―(1) The Board shall keep or cause to be kept proper accounts and other records in respect of each of:-

(a)

the investments and other assets of the Fund, and the costs and expenses directly associated with the acquisition, holding and disposal of the same, maintained for and on behalf of the Government; and

(b)

all other activities, costs and expenses of the Board, and shall cause to be prepared statements of accounts in respect of such matters in each financial year.

(2)

Without prejudice to the generality of subsection (1), the

Board shall keep separate accounts relating to the investments and assets of the Fund held at any time during the financial year under subsection (1)(a), showing:

(a)

a statement of the investments and assets of the Fund in its portfolio;

(b)

the amount for which each investment was acquired, if acquired within that financial year, including the acquisition costs directly relating to such investment;

(c)

the book value of each investment;

(d)

the market value of each investment and the information required to verify such value;

(e)

the amount for which each investment was realized, if realized within that financial year;

(f)

the performance of such investment, including all dividends, interest, profits, gains, income or other returns earned or arising or accruing on such investment; and

(g)

the compliance of this Ordinance and its regulations.

(3)

The Board shall ensure that the relevant accounts, records and systems are kept and maintained in a safe and secure environment.

(4)

The statements of account prepared pursuant to subsections

(1)

(a)

and (b) above shall:-

(a)

include a balance sheet, a profit and loss account, a statement of change in net assets for the financial year and a cash-flow statement; and

(b)

contain such information as is necessary to give a fair presentation of the financial position of the Board and the investments of the Fund maintained for and on behalf of the

Government, in accordance with accounting principles which generally accepted in Malaysia.

(5)

The accounts prepared pursuant to subsections (1)(a) and

(b)

shall be audited annually by the Auditor General or such auditor as may be appointed by the Board.

(6)

After the end of such financial year, and as soon as the relevant accounts have been audited, the Board shall cause a copy of each of the statements of accounts to be transmitted to the Majlis

Mesyuarat Kerajaan Negeri together with a copy of any opinion of and observations made by the Auditor General or other auditor appointed under subsection (5) on any statement or on such accounts.

(7)

The statements of accounts prepared pursuant to subsections (1)(a) and (b) above together with the opinion and observations of the Auditor General or the auditor appointed by the

Board for any financial year shall be laid on the table of the Dewan

Undangan Negeri not later than the 31st of December of the following financial year.

Annual report