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  "title": "Pakistan Sovereign Wealth Fund Act, 2023",
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  "text": "Page 1 of 23 \r\n \r\nU \r\n \r\nTHE PAKISTAN SOVEREIGN WEALTH FUND ACT, 2023 \r\n \r\n \r\n \r\nCONTENTS \r\nPART I  \r\nPRELIMINARY \r\n1.  Short title, extent and commencement \r\n2.  Definitions \r\nPART II \r\nPAKISTAN SOVEREIGN WEALTH FUND \r\n3.  The Fund \r\n4.  Objectives of the Fund \r\n5.  Business, which the Fund can transact \r\n6.  Expenditure charged upon the Fund \r\n7.  Borrowing and lending \r\n8.  Winding up of the Fund \r\n9.  Transfer of assets to the Fund \r\n10.  Establishment of entities \r\nPART III \r\nTHE SUPERVISORY COUNCIL \r\n11.  Constitution and composition of Supervisory Council \r\n12.  Powers of Supervisory Council \r\n \r\n \r\n\r\n \r\nPage 2 of 23 \r\n \r\n13.  Supervisory Council meetings \r\n14.  The Board \r\n15.  Composition of the Board \r\n16.  Term of a director of the Board \r\n17.  Functions and responsibilities of the Board \r\n18.  Disqualifications of directors of Board \r\n19.  Removal of director of the Board \r\n20.  Functions of a Board of director \r\n21.  Committees of the Board \r\n22.  Chief executive officer and other employees \r\n23.  Powers of the CEO \r\n24. Advisory committee \r\n25.  Investment managers  \r\nPART-IV \r\nOPERATIONS \r\n26.  Establishment of Sub-Funds \r\n27.  Holding and investment of the Fund \r\n28.  Annual investment plan and budget of the Fund \r\n29.  Establishment and operation of general reserve \r\n30.  Payment of dividends to the Federal Government \r\n31.  Prohibition against using the Fund assets as collateral \r\n32.  Public private partnership \r\nPART-V \r\nMISCELLANEOUS \r\n33.  Internal audit function \r\n34.  Books of accounts \r\n \r\nPage 3 of 23 \r\n \r\n35.  Audit of accounts \r\n36.  Reports \r\n37.  Submission of annual report to the Majlis-e-Shoora (Parliament \r\n38.  Public disclosure \r\n39.  Disclosure of interest \r\n40.  Financial year of Fund \r\n41.  Exemption from liability of the directors of Board, members, employees of the Fund and \r\nagents \r\n42.  Preservation of secrecy \r\n43.  Use of confidential information for personal gain \r\n44.  Protection of action taken in good faith \r\n45.  Power to make rules \r\n46.  Power to make regulations \r\n47.  Power to amend the Schedules \r\n48.  Exemption form Ordinance, LII of 2000 \r\n49.  Exemption from Ordinance, LII of 2002 \r\n50.  Exemption from Act, VII of 2023 \r\n51.  Act to override other laws \r\n52.  Power to remove difficulties \r\nSchedule I \r\nSchedule II \r\n \r\n  \r\n \r\nPage 4 of 23 \r\n \r\nTHE PAKISTAN SOVEREIGN WEALTH FUND ACT, 2023 \r\nAct No. XLVIII of 2023 \r\n [4th August, 2023] \r\nAn  \r\nAct \r\nto provide for establishment of Pakistan Sovereign Wealth Fund \r\nWHEREAS it is expedient to provide for establishment of a sovereign wealth fund to contribute \r\nfor sustainable economic development through the management of its funds and assets to achieve their \r\noptimal use according to the best international standards, policies and practices to maximize their value \r\nfor future generation; \r\nIt is hereby enacted as follows:___ \r\nPART I s \r\n \r\nPRELIMINARY \r\n1. Short title, extent and commencement.___(1)This Act shall be called the Pakistan \r\nSovereign Wealth Fund Act, 2023. \r\n(2) It extends to the whole of Pakistan.  \r\n(3) It shall come into force at once. \r\n2. Definitions.___In this Act, unless there is anything repugnant in the subject or context, \r\n(a)  “asset” includes any— \r\n(i)  kind of property whether movable or immovable, tangible or intangible; \r\nor \r\n(ii)  legal or equitable estate or interest in property; or \r\n(iii)  legal or equitable right. \r\n(b)  “Board” means the Sovereign Wealth Fund’s Board constituted under this Act; \r\n(c)  “chief executive officer “or” CEO” means the chief executive officer of the \r\nFund appointed under this Act; \r\n(d)  “foreign assets” mean any assets located outside Pakistan or title to which is \r\nheld or registered outside Pakistan; \r\n(e)  “Fund” means the Pakistan Sovereign Wealth Fund established under this Act; \r\n \r\nPage 5 of 23 \r\n \r\n(f)  “investment manager” includes a manager of the Fund, or of a sub-Fund or any \r\nportfolio of assets held by the Fund or of a sub-Fund; \r\n(g)  “investment mandate” means investment strategy followed by the fund as \r\napproved by the Supervisory Council and includes— \r\n(i)  types of assets in which the Fund will invest;  \r\n(ii)  details of assets to be transferred to the Fund; \r\n(iii)  sectors and regions in which the Fund will invest;  \r\n(iv)  use or restriction on derivatives and gearing; and  \r\n(v)  benchmarks of the Fund. \r\n(h)  “in the public private partnership” shall have the same meaning as defined in \r\nPublic Private Partnership Authority Act, 2017 (VIII of 2017); \r\n(i)  “person” includes an individual, a company, a statutory body corporate, an \r\nassociation of persons whether incorporated or not, a trust and a partnership; \r\n(j)  “in the private party” shall have the same meaning as defined in Public Private \r\nPartnership Authority Act, 2017 and includes a person who is eligible to bid for \r\na Public Private Partnership project with the implementing agency; \r\n(k)  “regulations” means regulations made under, this Act; \r\n(l)  “sub-fund” means sub-fund established within the Fund with specific \r\ninvestment objective having separate property and capital; \r\n(m)  “Supervisory Council” means the Sovereign Wealth Fund’s Supervisory \r\nCouncil constituted under this Act; \r\n(n)  “Schedule” means schedule to this Act; and \r\n(o)  “transfer assets” means the assets of every kind, whether corporeal or \r\nincorporeal, movable or immovable, tangible or intangible, and legal documents \r\nor instruments evidencing title to or interest in such assets listed in the Schedule \r\nI to this Act and in terms of section 9 of the Act, transferred subsequently to the \r\nFund, which are owned, directly or indirectly, by the Federal Government. \r\nPART II \r\n \r\nPAKISTAN SOVEREIGN WEALTH FUND \r\n3. The Fund.___(1)For the purposes of this Act, a Fund to be called the Pakistan Sovereign \r\nWealth Fund hereby stands established which shall be owned and controlled by the Federal \r\nGovernment. \r\n \r\nPage 6 of 23 \r\n \r\n(2) The head office of the Fund shall be situated in Islamabad and the Board of the Fund may \r\nalso establish offices in Pakistan and outside Pakistan. \r\n(3) The Fund shall have perpetual succession and common seal and may sue and be sued at its \r\nown name, have independent legal personality and enjoy financial and administrative independence. \r\n(4) The Fund’s resources shall consist of— \r\n(i)  the capital provided by the Federal Government; \r\n(ii)  contribution from the Federal Government or State Bank of Pakistan; \r\n(iii)  transfer of existing assets of the Federal Government including real estate and \r\nassets of state-owned enterprises under whatsoever arrangement; \r\n(iv)  transfer of Federal Government shareholdings in state owned enterprises; \r\n(v)  borrowings from established and reputable financial institutions;  \r\n(vi)  the profits and proceeds of the investments of the Fund; \r\n(vii)  any moneys received by the Fund under any contract of insurance effected by \r\nthe Board; \r\n(viii)  such other moneys as may vest in or accrue to the Fund, whether in the course \r\nof its operations or otherwise; and \r\n(ix)  any other resources as may be approved by the Board. \r\n(5) The authorized capital of the Fund shall be one hundred trillion Rupees and its issued capital \r\nshall be paid in cash or in kind by the Federal Government. \r\n(6) The issued capital of the Fund may be increased in the manner as provided in the \r\nregulations. \r\n(7) The authorized capital of the Fund may be increased by a resolution of the Supervisory \r\nCouncil. \r\n(8) The resolution to increase the authorized or the issued capital shall be published by the \r\nBoard in the official Gazette and on the website of the Fund within fifteen days from the date of issue. \r\n(9) The Board shall apply resources of the Fund to fulfil the objectives of the Fund as per the \r\ninvestment mandate approved by the Supervisory Council. \r\n4. Objectives of the Fund.___ (1)The objectives of the Fund shall be to contribute to sustainable \r\neconomic development through the management of its funds and assets and achieving optimal use of \r\nthem according to the best international standards and policies to maximize their value for future \r\ngenerations. This purpose may be achieved through the cooperation and participation with counterpart \r\nfunds or other financial institutions or any of them on commercial basis to achieve the return \r\ndetermined by the investment policy of the Fund. \r\n \r\nPage 7 of 23 \r\n \r\n(2) The Fund shall ensure that its investment policy is consistent with best practices with \r\nregards to environmental and social responsibility and rules of governance. \r\n5. Business, which the Fund can transact.___ The Fund may, in order to achieve its objectives \r\nalways in accordance with law, carry on, transact or do several kinds of business and acts as per its \r\ninvestment mandate including but not limited to the following— \r\n(a)  invest in, purchase, maintain, divest through sell, or otherwise realize assets and \r\ninvestment of any kind; \r\n(b)  sale and purchase of domestic and foreign equity securities, debt securities, \r\nderivatives, commodities and other financial assets; \r\n(c)  developing rights on immovable, and all kinds of tangible assets; \r\n(d)  project development, fund raising based on projects, foreign project credit \r\nextensions, and resource procurement through other means; \r\n(e)  conducting of any kinds of commercial and financial activities in domestic and \r\nforeign primary and secondary markets; \r\n(f)  participating in domestic investments and foreign investments conducted by \r\nother states and foreign companies; \r\n(g)  investing in financial instruments issued domestically or foreign investment \r\ninstruments; \r\n(h)  participating in all kinds of money market operations; \r\n(i)  acquiring, retaining and disposing of assets of any type in satisfaction of its \r\nclaims; \r\n(j)  entering into agreement as private party or implementing agency in Public \r\nPrivate Partnership; \r\n(k)  appointing managers, custodians, consultants, attorney, agents and any other \r\nprofessional advisors for the effective management of the Fund; \r\n(l)  purchasing or otherwise acquiring, owning, selling, transferring and exchanging \r\nany tangible and intangible, movable or immovable property or any rights, title \r\nor interest in such property acquired or vested in Fund for the conduct of its \r\nbusiness; \r\n(m)  accepting and furnishing any lien, charge, hypothecation or mortgage of any \r\ntangible or intangible movable or immovable property or assets in the conduct \r\nof its business receiving and paying commissions, fees and brokerage in \r\nconnection with its business; \r\n \r\nPage 8 of 23 \r\n \r\n(n)  establishing any entity constituted, organised and operated in compliance with \r\napplicable law, including funds, sub-funds, any company, corporation, trust, \r\nlimited liability partnership or a joint venture solely or jointly with other \r\ninvestors. \r\n(o)  Coordinating and taking local or foreign technical assistance including \r\nexchange of experiences and capacity building to achieve objectives of the fund; \r\nentering into agreements and contracts and executing such documents as may \r\nbe considered necessary to achieve its objectives; \r\n(p)  borrowing or raising any money in such manner and upon such security as the \r\nfund may consider fit; \r\n(q)  participate in the process of privatization to acquire ownership of state-owned \r\nenterprises or to provide financial advisory services in the privatization process; \r\n(r)  doing of all such acts and things as may be incidental or subsidiary to transacting \r\nany of the aforesaid businesses; and \r\n(s)  doing of such other acts and things in furtherance of purposes of this Act as may \r\nbe approved by the Supervisory Council. \r\n6. Expenditure charged upon the Fund.___The follow expenditure shall be expenditure \r\ncharged upon the Fund in accordance witin annual budget referred to in section 28,— \r\n(a)  general operational and administrative expenses of the Fund; \r\n(b)  such remuneration, if any, as the Supervisory Council may fix for directors of \r\nthe Board; \r\n(c)  charges regarding insurance and indemnity of directors of the Board; \r\n(d)  such remuneration of the chief executive officer and staff of the Fund; \r\n(e)  the expenses for the audit of the Fund’s books and accounts; \r\n(f)  the remuneration payable to any investment manager, agent, advisor or \r\nconsultant employed or retained by the Fund; \r\n(g)  expenses arising from the contractual obligations and liabilities of the Fund; and \r\n(h)  any other amount as approved by the Board. \r\n7. Borrowing and lending.___ (1) The Fund may, subject to Board approval, borrow in order \r\nto finance any of the investment projects that it is carrying out or participating in. \r\n(2) A request for loan approval must be based on a recommendation from the investment \r\ncommittee accompanied by a review of the economic viability of each project and the data and analysis \r\nthat the Investment Committee depended on for its recommendation, and the project must meet all \r\nstandards required by the investment policy of the Fund. \r\n \r\nPage 9 of 23 \r\n \r\n(3) The Fund shall exercise its lending powers in accordance with this Act, as well as any \r\nregulations and limits established by the Board upon recommendation from the chief executive officer. \r\n8. Winding up of the Fund.___ The Fund shall not be wound up except through an Act of the \r\nMajlis-e-Shoora (Parliament). \r\n9. Transfer of assets to the Fund.___(1)The Supervisory Council shall have the power to \r\ntransfer the ownership of any of the assets of the Federal Government or the ownership interests of the \r\nFederal Government in any entity to the Fund on the recommendation of the Board and subject to the \r\napproval of Federal Government. \r\n(2) From the date of commencement of this Act, the transfer assets listed in Schedule I shall \r\nstand transferred to the Fund as ultimate owner and their valuation in terms of Schedule II may be \r\napproved by the Federal Government subsequently. The transfer assets and any assets of the Federal \r\nGovernment which are transferred thereafter to the Fund in accordance with this section shall be \r\nrecorded in the books and accounts of the Fund at their fair value. \r\n(3) The fair value of transfer assets listed in Schedule I and assets transferred thereafter to the \r\nFund shall be determined in accordance with the methodologies as given in Schedule II, by an \r\nindependent valuer appointed by Supervisory Council and such fair value of transfer assets shall also \r\nbe approved by the Federal Government. \r\n10. Establishment of entities.___ (1) Subject to the approval of the investment committee and \r\nthe Board, the Fund may establish entities that are wholly owned by it, or acquire shares in other \r\nentities and increase their capital, in accordance with the investment plan proposed by the chief \r\nexecutive officer. \r\n(2) The entities established or acquired in this manner shall be governed by the laws for the \r\ntime being in force as applicable in their respective jurisdiction of incorporation and such entities shall \r\nnot be subject to Pakistani governmental auditing rules, regulations, maximum wage or similar laws. \r\nPART III \r\n \r\nTHE SUPERVISORY COUNCIL \r\n11. Constitution and composition of Supervisory Council.___ (1) A Supervisory Council of \r\nthe Fund is hereby constituted with the following membership, namely:— \r\n(a)  The Prime Minister of Pakistan, being Chairman;  \r\n(b)  the Minister of Finance and Revenue; \r\n(c)  the Minister of Planning Development and Special Initiative;  \r\n(d)  the ex-officio Finance Secretary; \r\n(e)  the ex-officio Governor of the State Bank of Pakistan; and \r\n(f)  the CEO of the Fund. \r\n \r\nPage 10 of 23 \r\n \r\n(2) In the absence of Prime Minister, the Minister of Finance and Revenue shall chair the \r\nmeetings of the Supervisory Council. \r\n(3) The quorum for the Supervisory Council meetings shall not be less than four members. \r\n(4) Membership of the Supervisory Council members shall end in the case of their death or by \r\nresignation. \r\n12. Powers of Supervisory Council.___ The Supervisory Council shall have the following \r\npowers, namely:— \r\n(a)  follow up and assessment of the Fund performance and the extent to which the \r\nFund has achieved its purposes; \r\n(b)  appoint members of the Advisory Committee of the Fund and form a nomination \r\ncommittee and appoint the directors of the Board on the proposal of the \r\nnomination committee; \r\n(c)  transfer any asset to the Fund; \r\n(d)  review the reports submitted by the Board and the action plan for the following \r\nfiscal year; \r\n(e)  discussion and approval of the Board’s annual report on what the remuneration \r\nof the Board members is, under any circumstance, during the fiscal year; \r\n(f)  discussion and approval of the annual financial statements, the budget, the \r\nproposal for the distribution of profits, the report of the Board and the auditors \r\nand the Fund’s final financial statements; \r\n(g)  follow up on the performance of the Board in light of performance measurement \r\nstandards; \r\n(h)  reduce, increase or determine the Fund’s authorized capital;  \r\n(i)  proposal for dissolving and liquidating the Fund; \r\n(j)  proposal for removing any of the members of the Board from office; \r\n(k)  setting the remuneration of the Chairman and directors of the Board which may \r\ninclude transportation allowance for meetings and Board meetings; and \r\n(l)  deal with all matters which are presented by the Fund’s Board to the Supervisory \r\nCouncil. \r\n13. Supervisory Council meetings.___(1)The Fund Supervisory Council meeting shall be \r\nconvened at least once a year upon invitation by its Chairman or by two-thirds of its members or one \r\nof the Fund’s auditors. \r\n \r\nPage 11 of 23 \r\n \r\n(2) Supervisory Council Meeting decision’s shall be passed by the majority of votes present \r\nand, in case of equal votes, the Chairman’s vote shall be final. \r\n(3) Delegation or proxy shall not be permitted in attending the Supervisory Council meetings. \r\nTHE BOARD \r\n14. The Board.___(1) The Supervisory Council, acting on the advice of the nomination \r\ncommittee, shall appoint the directors of the Board. \r\n(2) The general superintendence, direction, management of the affairs and business of the Fund \r\nand overall policy making in respect of its operations shall vest in the Board which may exercise all \r\nsuch powers and do all such acts, deeds and things which may be exercised or done to achieve the \r\nobjectives of the Fund under this Act. \r\n(3) For avoidance of doubt, no legal proceedings in any court of Pakistan shall be instituted, \r\nfiled, continued or concluded against the Fund except by, against or on behalf of the CEO as the \r\nadministrator of the Fund. \r\n15. Composition of the Board.___ The Board shall consist of seven directors appointed by \r\nSupervisor Council from the private sector who have proven competence in finance, investment \r\nmanagement, banking, risk management, treasury, economics, accountancy, business management, \r\nlaw or any other relevant field. The Supervisory Council shall designate one of the director as \r\nChairman of the Board. \r\n16. Term of a director of the Board.___ (1) Term of every director of the Board shall be five \r\nyears from the date of his appointment. Director of the Board shall be eligible for reappointment for \r\none or more additional terms. \r\n(2) No act, proceedings or decision of the Board shall be invalid by reason only of the existence \r\nof a vacancy in, or defect in the constitution of the Board. \r\n17. Functions and responsibilities of the Board.___(l) The Board shall be responsible for the \r\naffairs of the Fund and have all powers necessary for attaining objectives of this Act. \r\n(2) The following, and such others as may prescribed by regulations shall be the powers, \r\nfunctions and responsibilities of the Board, namely:— \r\n(a)  to oversee the investment and management of the Fund in accordance with this \r\nAct and in a manner the Board judges best suited to achieve the objectives of \r\nthe Fund; \r\n(b)  to develop financial, administrative and investment policies, standard operating \r\nprocedures necessary for the Fund to achieve the objectives of this Act along \r\nwith supervision of implementation thereto; \r\n(c)  to prepare the investment mandate of the Fund and appoint investment managers \r\nin accordance with section 25; \r\n \r\nPage 12 of 23 \r\n \r\n(d)  to invest assets of the Fund either directly or through other entities to achieve \r\nthe best possible risk adjusted return; \r\n(e)  to reinvest the profits and proceeds of the Fund’s investments; \r\n(f)  the issuance of internal policies and objectives, and performance indicators to \r\nachieve the Fund objectives; \r\n(g)  to follow up on the Fund overall performance according to the performance \r\nindicators established by the Board; \r\n(h)  to oversee the periodic performance assessment process for the Fund investment \r\nportfolios and investments; \r\n(i)  to approve the annual budget of the Fund and ratifying the financial statements \r\nand proposing the distribution of profits in preparation for submission to the \r\nSupervisory Council for approval; \r\n(j)  to approve the auditors’ reports and the Chief Executive Officer’s report on the \r\nfinancial position of the Fund and outcomes of its work for each fiscal year and \r\nsubmitting them to the Supervisory Council for approval; \r\n(k)  to discuss and approve the investment and business plan of the Fund in \r\nconsultation with the Advisory Committee after approval by the Investment \r\nCommittee and monitoring its implementation; \r\n(l)  to approve the governance regulations of the Fund and the regulation of non-\r\nconflict of interests of its employees, Directors of its Board and its advisors; \r\n(m)  to issue the financial, administrative and technical regulations of the Fund, the \r\npersonnel regulations, contracts and procurement and service delivery \r\nregulations without being subject to the restrictions of governmental rules and \r\nregulations; \r\n(n)  to issue of internal policies and procedures necessary for the functioning of the \r\nFund; \r\n(o)  to ratify the recruitment of higher-level positions in the Fund;  \r\n(p)  to appoint or change the auditors, and determining their fees; \r\n(q)  to issue regulations and procedures observed by the Fund in its transactions, \r\ninvestments and contracts; \r\n(r)  to issue standards and criteria, guaranteeing the soundness of the Fund’s \r\nfinancial position and due financial performance thereof, and issuing decisions \r\nnecessary for the due implementation of such standards and criteria; \r\n \r\nPage 13 of 23 \r\n \r\n(s)  to approve the Fund’s organizational and administrative structure and the \r\npowers of the Fund staff including the powers to enter into contracts; \r\n(t)  to develop regulations regulating the Board work and meetings; \r\n(u)  to oversee all technical, administrative and financial work assumed by the CEO; \r\n(v)  to approve lending and borrowing and mortgage contracts or pledge of any \r\nassets of the Fund to secure the financing of any of the Fund’s investment \r\nprojects, in addition to settlement agreements arbitration agreements provided \r\nthat delegation shall not be permitted in terms of such powers; and \r\n(w)  to carry out such other activity connected therewith or ancillary thereto. \r\n18. Disqualifications of directors of Board.___ No person shall be appointed or hold office as \r\ndirector of the Board, who— \r\n(a)  has been convicted by a competent court for tax evasion or has been convicted \r\nfor fraud, misappropriation or siphoning of funds or has been convicted by a \r\ncourt of law for an offence involving moral turpitude; \r\n(b)  has been deprived of the right to hold a position of financial responsibility by a \r\nregulatory authority or a competent court of law; \r\n(c)  is a person declared insolvent by a competent court of law; \r\n(d)  is in the services of Pakistan or other employee of the Government;  \r\n(e)  is a public sector person; and \r\n(f)  has been convicted by a competent court of law for any crime involving \r\ndishonesty, even if pardoned. \r\nExplanation:___For the purpose of this section, the expression “public sector person” means a \r\nperson who is in the service of Pakistan or a member of Majlis-e-Shora (Parliament) or Provincial \r\nAssembly or in the service of any statutory body or entity which is owned or controlled by the Federal \r\nGovernment or a Provincial Government not including a university or an educational institution. \r\n19. Removal of director of the Board:___ (1) A director of the Board may be removed by the \r\nSupervisory Council by an order in writing where it is established that,— \r\n(i)  any ground under section 18 is applicable; \r\n(ii)  he has become physically or mentally incapable of carrying out his \r\nresponsibilities as determined by an independent Medical panel of experts; \r\n(iii)  he has been found engaged by an independent investigation committee in breach \r\nof any provision of this Act or regulations made thereunder; \r\n(iv)  he has been convicted for criminal offence by a competent court of law; or \r\n \r\nPage 14 of 23 \r\n \r\n(v)  he has been absent from three or more successive meetings of the Board without \r\nleave of absence. \r\n(2) A director of the Board may at any time resign from his office by a written notice addressed \r\nto the Supervisory Council. \r\n20. Functions of a Board of director.___(1)The directors of the Board shall perform the \r\nfollowing functions, namely:— \r\n(a)  act within powers conferred upon the director in accordance with this Act; \r\n(b)  promote the success of the Fund;  \r\n(c)  exercise independent judgment; \r\n(d)  exercise reasonable care, skill and diligence;  \r\n(e)  avoid conflicts of interest; \r\n(f)  not accept benefits from third parties; \r\n(g)  declare an interest in a proposed transaction or arrangement; and \r\n(h)  declare the interest in existing transaction or arrangement. \r\n(2) The directors of the Board may rely on the advice, opinions, reports or statements prepared \r\nby external professionals or experts in the course of discharging their functions and shall include \r\nadvice, opinions, reports or statements provided by the Advisory Committee. \r\n21. Committees of the Board.___(l) The Board shall constitute the following committees \r\nconsisting at least three members of the Board each, to assist it in the performance of its functions \r\nunder this Act— \r\n(a)  investment committee;  \r\n(b)  audit committee; \r\n(c)  risk management committee; and \r\n(d)  such other committee as it considers necessary or expedient. \r\n(2) The powers, functions, duties and other terms of appointment of a committee shall be such \r\nas the Board may determine. \r\n(3) The members of a Board committee shall hold office for such period as the Board may \r\ndetermine. \r\n(4) The minutes of every meeting of a committee shall be presented before the Board at its next \r\nmeeting following the meeting of the committee. \r\n \r\nPage 15 of 23 \r\n \r\n(5) The Board shall develop necessary policies and mechanism to ensure independent and \r\nefficient performance by the committees of their assigned responsibilities. \r\n(6) All decisions shall be taken by majority of committee members and in the event of equality \r\nof the votes, the chairperson may exercise a casting vote. \r\n22. Chief executive officer and other employees.___(1) The Board shall appoint CEO of the \r\nFund for a term of five years renewable for other periods and he shall be deemed member of the Board. \r\nThe CEO appointment, powers and financial perks thereof shall be determined by resolution by the \r\nBoard. The CEO shall represent the Fund in all its relations with third parties and before courts. \r\n(2) The CEO resignation or removal from office shall be made by a Board resolution upon a \r\nreport prepared by the Board and after inviting the CEO to attend the Board meeting to discuss and \r\nhearthis viewpoint in this regard. The Board shall submit its report in the following meeting of the \r\nSupervisory Council. \r\n(3) The Fund may, from time to time, induct persons to be employees of the Fund who shall be \r\npaid such remuneration and allowances and shall hold their employment on such terms and conditions \r\nas may be prescribed by regulations. \r\n23. Powers of the CEO.___ The CEO shall, subject to the general control of the Board,— \r\n(a)  be responsible to implement the decisions of the Board and carry out the day-\r\nto-day administration and management of the Fund and staff and property; \r\n(b)  be the custodian of the Board’s records; \r\n(c)  be responsible for proposing and overseeing implementation of the Fund plans, \r\nprograms and budgets upon the approval of the Board; \r\n(d)  be responsible for preparation of the work plan of the Fund and determining \r\nperformance indicators for its administrative units; \r\n(e)  be responsible for proposing administrative and financial regulations and any of \r\nthe Fund’s internal regulations or those related to the Fund’s activities; \r\n(f)  be responsible for recruiting and supervising the staff of the Fund according to \r\nthe powers granted thereupon and determined by the regulations; \r\n(g)  be responsible for determining performance indicators according to the Fund \r\nstrategy; \r\n(h)  be responsible for contracting the custodian for its owned securities according \r\nto the requirements provided for in the legal system applied to same; \r\n(i)  be responsible for following up on the implementation of the resolutions issued \r\nby the Board; \r\n \r\nPage 16 of 23 \r\n \r\n(j)  be responsible for overseeing the preparation of the Fund budget and submitting \r\nit to the Board; \r\n(k)  be responsible for preparing the annual report comprising details of the Fund \r\nperformance, financial position, business progress and plan for the coming \r\nfiscal year, and submitting it to the Board within ninety days from the end of the \r\nFund fiscal year; \r\n(l)  be responsible for issuing orders regarding the Fund expenses in accordance \r\nwith the annual budget adopted by the Board; \r\n(m)  be responsible for entering into all kinds of agreements and contracts pursuant \r\nto powers as may be prescribed by regulation; \r\n(n)  be responsible to actively collaborate and maintain open communication with \r\nboth the Board and the Advisory Committee of the Fund, ensuring their \r\ncollective involvement and consultation on matters of strategic significance, in \r\norder to facilitate informed decision-making and promote the overall success \r\nand prosperity of the Fund; and \r\n(o)  be responsible to perform such other functions as may be assigned by the Board: \r\n    Provided that an assignment of functions in terms of clause (o)― \r\n (i)  may be made generally or specially and subject to such conditions, \r\nrestrictions, reservations and exceptions as the Board may determine; \r\n(ii)  may be revoked by the Board at any time; and \r\n(iii)  shall not preclude the Board itself from exercising such functions. \r\n24. Advisory committee.___(1) An advisory committee shall be constituted by Supervisory \r\nCouncil consisting of seven leading and world- renowned experts in finance, economics, or other \r\nrelevant fields. \r\n(2) Each advisory committee member shall serve for a term of five years and may be eligible \r\nfor reappointment for one or more additional terms. \r\n(3) The first advisory committee shall act as the nomination committee for the duration of its \r\nterm. \r\n(4) The advisory committee shall inform and counsel the Board or, at its direction, the CEO. \r\n(5) The advisory committee shall have no authority to exercise the powers of the Board in the \r\nmanagement of the Fund. \r\n(6) The advisory committee may give suggestion regarding annual business and investment \r\nplan to the Board for consideration and implementation. \r\n \r\nPage 17 of 23 \r\n \r\n(7) Advice or guidance provided by the advisory committee shall be recorded in writing. \r\n(8) Where the Board, or any individual director of the Board, deviates from the advisory \r\ncommittee’s advice or guidance, such deviation shall be recorded in the annual report of the Fund. \r\n25. Investment managers.___(1)The Board shall, in the manner as prescribed by regulation \r\nand through a competitive and transparent process, appoint such number, as are necessary, of fit and \r\nproper persons with the requisite qualifications, skills, competencies and experience to be investment \r\nmanagers. \r\n(2) When appointing an investment manager, the Board may have regard to the following \r\nconsiderations among other relevant factors, namely:— \r\n (a)  the relative qualifications and experience of the person competing to be  \r\n   appointed as investment manager; \r\n(b)  the expertise of a person competing to be appointed as an investment manager \r\nin the area of investment concerned; and \r\n(c)  the professional record of a person competing to be appointed as an investment \r\nmanager in controlling operational and financial risk with respect to assets \r\nwhich that person has managed or is managing in the capacity of investment \r\nmanager: \r\n Provided that subject to the approval of the Board, the functions of investment manager \r\nmay be assigned to a person other than the employee of the Fund, having valid licence for such activity \r\nfrom any financial services regulator. \r\nPART-IV \r\n \r\n OPERATIONS \r\n26. Establishment of Sub-Funds.___(1) The Fund, with the approval of the Board, may \r\nestablish one or more sub-Funds. \r\n(2) A Sub-Fund shall have an independent financial capacity and capital. From the date of \r\npublication of its establishment in the official Gazette by the Board, the Sub-Fund may acquire legal \r\npersonality for the purpose of acquiring and holding any assets, property, rights and obligations. \r\n(3) The Fund, subject to approval of the Board, may transfer any asset of the Fund to any \r\ninvestment vehicle that may take the form of a sub-fund of the Fund or any other legal entity or trusts. \r\n(4) The Fund may accept equity and debt investment, in any manner, from other investors in \r\nsub-funds or legal entities or trust owned or managed by the Fund. \r\n27. Holding and investment of the Fund.___(1) The Fund must be invested in conformity with \r\nthe investment mandate and in whatever other way not inconsistent with the investment mandate that \r\nthe Board considers most appropriate to enable it to achieve the Fund’s objectives. \r\n \r\nPage 18 of 23 \r\n \r\n(2) At least twice a year, the Board shall review the size of the Fund and the manner in which \r\nthe money held in the Fund is invested, considering the Fund’s current and potential liabilities, and in \r\nthe light of that review, the Board may make any necessary adjustments in the holding of the Fund. \r\n28. Annual investment plan and budget of the Fund.___ On or before such date prior to the \r\nbeginning of the financial year, the Board shall approve— \r\n(a)  a budget showing the expenditure which the Fund proposes to incur during that \r\nfinancial year for the purposes of section 6; and \r\n(b)  a written investment plan in accordance with the investment mandate approved \r\nby the Supervisory Council and shall include— \r\n(i)  indications of the types of investments in which the Fund can be invested \r\nand the selection criteria for investments within those classes; \r\n(ii)  indications relating to the management of credit, liquidity, operational, \r\ncurrency, market and other risks; \r\n(iii)  indications on prohibited or restricted investments or any investment \r\nconstraints or limits; and \r\n(iv)  information on the acceptable balance between risk and return in the \r\noverall Fund’s portfolio. \r\n29. Establishment and operation of general reserve.___(1) The Fund shall establish a general \r\nreserve to which it shall appropriate at least fifty percent from surplus of income over expenditure of \r\nthe Fund at the end of its financial year. \r\n(2) The Board may, in its sole discretion, decide to appropriate a higher amount from surplus \r\nto the general reserve in any given financial year. \r\n(3) If in any financial year, the income of the Fund together with any surplus income brought \r\nforward from a previous financial year, is insufficient to enable the Fund to meet the charges and to \r\nmake the provisions required under sub-section (1), the deficiency shall be met from the general \r\nreserve. \r\n30. Payment of dividends to the Federal Government.___ Where in a financial year the \r\nrevenues accruing to the Fund are more than sufficient— \r\n(a)  to meet the expenditure of the Fund in that year; \r\n(b)  to meet the expenditure and investments required to be made by the Fund in \r\ncompliance with its investment mandate; and \r\n(c)  to enable the Fund to make appropriations to its general reserve in terms of \r\nsection 29, \r\n  the Fund may pay out of the surplus such dividends to the Federal Government through \r\nMinistry of Finance as the Board may determine from time to time. \r\n \r\nPage 19 of 23 \r\n \r\n31. Prohibition against using the Fund assets as collateral.___(1) The assets of the Fund shall \r\nnot be used— \r\n(a)  as collateral for debts, guarantees, commitments or other liabilities of any other \r\nperson or entity, whether public or private; or \r\n(b)  to provide borrowing to the Federal Government. \r\n(2) The Fund may use its assets as collateral in any investments under consideration, subject to \r\nthe prior approval of the investment committee and the investment committee must determine, as part \r\nof its approval, that the use of such assets as collateral is beneficial to the investment of the Fund. \r\n(3) Any contract, agreement or arrangement, to the extent that it purports to encumber the assets \r\nreferred to in sub-section (1), whether by way of guarantee, security, mortgage or any other form of \r\nencumbrance, shall be null and void. \r\n32. Public private partnership.___ In pursuance of Fund’s objectives, the Supervisory Council \r\nmay, on its own initiative or at the request of the Federal Government, invest any part of assets of the \r\nFund for the purpose of infrastructure development as the private partner with the Government under \r\nthe Public Private Partnership Authority Act 2017 (VIII of 2017). \r\nPART-V \r\n \r\nMISCELLANEOUS \r\n33. Internal audit function.___(1) The Board shall establish an independent internal audit \r\nfunction in the Fund and the internal auditor shall report to the audit committee of the Board. \r\n(2) Audit committee shall submit its report to the Board at least on quarterly basis. \r\n34. Books of accounts.___(1) The Fund shall maintain proper accounts and other records to \r\nreflect true and fair view of Fund’s state of affairs and prepare financial statements as per the relevant \r\ninternational financial reporting standards. \r\n(2) The fund shall also prepare separate financial statements of each fund established under \r\nsection 26 as per the relevant international financial reporting standards. \r\n35. Audit of accounts.___(1) The accounts of the Fund shall be audited by one or more \r\nindependent auditors of international repute who shall be chartered accountants within the meaning of \r\nthe Chartered Accountants Ordinance, 1961 (X of 1961), to be appointed by the Board. \r\n(2) The Board, on the recommendation of the audit committee, shall appoint the external \r\nauditors for a period of five years. \r\n(3) The Board may, on the recommendation of the audit committee, terminate the contract of \r\nthe Fund’s external auditors and any removal of an auditor along with the reasons of the same must be \r\nnotified to the Supervisory Council. \r\n(4) In case resignation is tendered by auditor then it shall communicate the reasons of its \r\nresignation to the Board. \r\n \r\nPage 20 of 23 \r\n \r\n(5) The external auditor shall report to the audit committee and the Board on key matters arising \r\nfrom the audit and in particular on material weaknesses in internal controls relating to the financial \r\nreporting process. \r\n(6) The external auditors shall have full power to examine all books and accounts of the Fund \r\nand obtain all information about its transactions. \r\n(7) The Auditor-General of Pakistan may, without prejudice to the audits conducted by the \r\nexternal auditors pursuant to sub-section (1), conduct audit of the accounts of the Fund and such audit \r\nshall not have concern with the merits of the policy decisions, investment and divestment decision \r\nincluding return thereof by the Fund. \r\n(8) Any resigning external auditor must provide a letter to the Board explaining their reasons \r\nfor resignation. \r\n36. Reports.___(1) The Fund shall not later than sixty days after the end of first, second and \r\nthird quarter submit to the Supervisory Council a quarterly report on its operations and activities during \r\nthe preceding quarter. \r\n(2) Quarterly reports under sub-section (1) shall include the performance of the fund during the \r\nquarter and the value of the assets and where the assets are held at the end of each quarter. \r\n(3) The Fund shall with the approval of the Board, within one hundred and twenty days of the \r\nend of each financial year, together with the annual report of the Fund, send a copy of the statement of \r\naccounts of the Fund certified by the auditors and a copy of the auditors’ report to the Supervisory \r\nCouncil; \r\n(4) The Fund’s capital currency shall be Pakistani and any other currency as approved by the \r\nBoard. \r\n(5) In addition, the Fund— \r\n(a)  shall submit to the Supervisory Council any other report, and provide any other \r\ninformation, that may be required in regard to the operations and activities of \r\nthe Board; and \r\n(b)  may submit to the Supervisory Council any other report that it considers \r\ndesirable. \r\n37. Submission of annual report to the Majlis-e-Shoora (Parliament).___The Supervisory \r\nCouncil, within thirty days of receipt of report from the Board as given in sub-section (3) of section \r\n36, shall submit the report to the Majlis-e-Shoora (Parliament). \r\n38. Public disclosure.___The Fund shall make a public disclosure policy for the Fund that \r\nadheres to the best international standards and practices and which includes but is not limited to the \r\nfollowing:— \r\n(a)  type and extent of information to be made public; \r\n \r\nPage 21 of 23 \r\n \r\n(b)  frequency and timeline of information intended for public dissemination; \r\n(c)  medium to be used for dissemination of public information; and \r\n(d)  In addition to information disclosed in accordance with this section, the Fund \r\nshall produce and publicly release an annual report that adheres to the best \r\ninternational standards and practices. The report shall contain all the \r\ninformation required to be disclosed under this Act and any other relevant \r\ninformation deemed appropriate by the Board. \r\n39. Disclosure of interest.___(l) Every member of the Board and employee of the Fund shall \r\ndisclose in writing any commercial, financial or other business interest which he or his spouse and \r\ndependent children may have, whether directly or indirectly, and which may have adverse implications \r\nfor the Fund’s interest. \r\n(2) In performing their obligations, the persons under sub-section (1) shall be bound to place \r\nthe Fund’s interests before their own interests. \r\n(3) Directors of the Board shall not participate in any discussion and shall restrain from voting \r\non the issues in which their commercial, financial or other business interest, or those of their families, \r\nis involved. \r\n40. Financial year of Fund.—The financial year of the Fund shall be the financial year of the \r\nGovernment of Pakistan starting from the first day of July and ending on the 30th day of June of the \r\nfollowing year. \r\n41. Exemption from liability of the directors of Board, members, employees of the Fund \r\nand agents.___(1) No suit, prosecutions or any other legal proceedings or action in damages shall lie \r\nagainst the Board, Advisory Committee and their members and employees of the Fund for anything \r\ndone or omission in exercise or performance of any functions, power or duty conferred or imposed by \r\nor under this Act unless the act or omission is shown, to have been in bad faith. \r\n(2) Directors of the Board, Advisory Committee and employees of the Fund shall not be sued \r\nin their personal capacity for the action bonafidly taken in their official capacity. \r\n42. Preservation of secrecy.___ (1) Except for the performance of his duties or the exercise of \r\nhis functions or when lawfully required to do so by any court under the provisions of any law, no \r\nmember of the Board or employee of the Fund shall disclose to any person any intonation relating to \r\nthe affairs of the Board or Fund or any person which he has acquired in the performance of his functions \r\nor the exercise of his powers under this Act. \r\n(2) Any person, who contravenes sub-section (1), shall be liable to disciplinary proceedings in \r\naccordance with the procedure as may be prescribed by regulations. \r\n43. Use of confidential information for personal gain.___If any member of the Board, \r\nemployee or agent of the Fund for personal gain makes use of any information which he has acquired \r\nin the performance of his functions under this Act and which relates to the affairs of the Fund, or of \r\nany entity in which the Fund has made any investment, or of any investor in the Fund, he shall be \r\n \r\nPage 22 of 23 \r\n \r\nguilty of an offence and liable to fine not exceeding double the amount of his gain in addition to the \r\ndisciplinary proceedings in accordance with the procedure prescribed in regulations. \r\n44. Protection of action taken in good faith.___(1) No suit, prosecutions or any other legal \r\nproceedings or action in damages shall lie against the directors of the Board, Chairperson, investment \r\nmanagers and employees for anything done or omission in good faith in exercise or performance of \r\nany functions, power or duty conferred by or under this Act or any other law for time being in force, \r\nunless the act or omission is determined, to have been in bad faith. \r\n(2) Chairperson, director of the Board, investment managers, employees, consultants and \r\nadvisers shall not be sued in their personal capacity for the action bona fidely taken in their official \r\ncapacity and in case of any such suit, the Fund shall bear expenses of the proceeding till its final \r\nconclusion. \r\n(3) The Fund shall indemnify each Director of the Board, a former Director or employee of the \r\nFund, or any person who acts or acted at the Fund’s request as a Director or officer of an entity of \r\nwhich the Fund is or was a shareholder or in which the Fund has or had a financial interest against any \r\nliability incurred by the person in that capacity unless the liability relates to a failure to act honestly \r\nand in good faith. \r\n45. Power to make rules.___The Supervisory Council may, by notification in the official \r\nGazette, make rules to carry out the purposes of this Act. \r\n46. Power to make regulations.___ The Board may by notification in the official Gazette, make \r\nregulations for all matters for which it is necessary or expedient for carrying out the purposes of this \r\nAct. \r\n47. Power to amend the Schedules.___ The Supervisory Council may, by notification in the \r\nofficial Gazette, amend the Schedules. \r\n48. Exemption form Ordinance, LII of 2000.___The provisions of the Privatization \r\nCommission Ordinance, 2000 (LII of 2000) shall not be applicable on the acquisition, divestment and \r\ntransfer of asset by the Fund. \r\n49. Exemption from Ordinance, LII of 2002.___ The Fund shall be exempt from the \r\napplicability of the Public Procurement Regulatory Authority Ordinance, 2002 (LII of 2000). \r\n50. Exemption from Act, VII of 2023.___ The Fund and the state-owned enterprise majority \r\nowned by the Fund shall be exempt from the applicability of the State-Owned Enterprises (Governance \r\nand Operations) Act, 2023 (VII of 2023). \r\n51. Act to override other laws.___ The provisions of this Act shall have effect notwithstanding \r\nanything inconsistent contained in any other law for the time being in force and any such law, rule or \r\nregulation shall, to the extent of any inconsistency, cease to have effect from the date this Act comes \r\ninto force. \r\n52. Power to remove difficulties.___ If any difficulty arises in giving effect to the provisions \r\nof this Act, the Federal Government may, by order published in the official Gazette, make such \r\n \r\nPage 23 of 23 \r\n \r\nprovisions not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient, \r\nfor removing the difficulty. \r\nSchedule-I \r\nTransfer Assets \r\n \r\n[See section 9 (2)] \r\n \r\nThe entire ownership of the Federal Government in the following assets/entities shall stand \r\ntransferred to the Fund in terms of section 9 (2): \r\n \r\nS No. Name of Company Government \r\nShareholding \r\n(No. of Shares) \r\n1. Oil And Gas Development Company Limited 3,657,079,419 \r\n2. Pakistan Petroleum Limited 1,952,181,498 \r\n3. National Bank Of Pakistan 1,608,420,866 \r\n4. Government Holdings (Private) Limited 2,088,512,092 \r\n5. Pakistan Development Fund Limited 6,000,000,000 \r\n6. Mari Petroleum Company Limited 24,532,720 \r\n7. Neelum-Jehlum Hydro-Power Company (Pvt.) Limited 4,166,346,230 \r\n \r\nSchedule-II \r\nValuation Methodologies \r\n \r\n[see section 9 (3)] \r\n1.     Discounted Cash Flow (DCF) and Discounted Dividend Model (for valuation of banks) \r\nmethodologies and their variants. \r\n2.     Balance Sheet Methodologies and their variants. \r\n3.     Transaction Multiple Methodologies and their variants. \r\n4.     Asset Valuation Methodologies and their variants. \r\n \r\n \r\n \r\n \r\n \r\n         Last Uploaded on 18.09.2023",
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