The Functions of the Board

Article VII of the Revised Agreement determines the functions of the Board of Trustees.  It states:

“1. The Board shall be responsible for directing the operations of the Fund, and, for this purpose shall, in particular, exercise the following functions:

(a) evaluate the performance of the Fund;

(b) establish with the approval of the members guidelines for prudential investment of the resources of the Fund;

(c) establish with the approval of the members the financial regulations of the Fund;

(d) appoint the Executive Officer of the Fund

(e) authorize the provision of resources required for the biennial capital and operating budget of the Court and the Commission submitted by the Executive Officer;

(f) appoint an investment manager or managers to manage the investments of the Fund in accordance with the investment guidelines for the Fund;

(g) approve the annual report on the performance of the Fund for transmission to the members;

(h) approve the capital and operating annual budget of the Fund;

(i) appoint the external auditor of the Fund;

(j) submit an annual report to the members, and

(k) perform such other functions as may be necessary or appropriate for the operations of the Fund.

2. The Board may exercise such powers and establish such rules as may be necessary or appropriate in furtherance of its purpose and functions consistent with this Agreement.”