Indigenisation and Economic Empowerment Act updated May 2011 (4) The chief executive officer shall, subject to the Board’s directions, supervise and manage the Board’s staff, activities, funds and property and perform such other functions on behalf of the Board as the Board may assign to him or her. (5) Any assignment of functions in terms of subsection (4)— (a) may be made generally or specially and subject to such conditions, restrictions, reservations and exceptions as the Board may determine; (b) may be revoked by the Board at any time; (c) shall not preclude the Board itself from exercising those functions. 10 Reports of Board (1) The Board— (a) shall, as soon as possible after the 31st December in each year, submit to the Minister an annual report upon matters the Board has dealt with during the previous year; (b) may at any time submit to the Minister a special report on any matter upon which the Board considers it desirable to report; and (c) shall submit to the Minister such other report as the Minister may require. (2) The Minister shall lay before Parliament the annual report submitted to him or her in terms of subsection (1)(a). 11 Minister may give Board directions in national interest (1) The Minister may give to the Board such policy directions in writing relating to the exercise by it of its functions as appear to the Minister to be requisite in the national interest. (2) The Board shall, with all due expedition, comply with any direction given to it in terms of subsection (1). (3) Where the Board has been given a direction in terms of subsection (1), it shall ensure that the direction and any views it has expressed thereon are set out in its annual report submitted in terms of the Audit and Exchequer Act [Chapter 22:03] and section 10(1)(a). PART IV NATIONAL INDIGENISATION AND ECONOMIC EMPOWERMENT FUND 12 Establishment and objects of National Indigenisation and Economic Empowerment Fund (1) There is hereby established a fund, to be known as the National Indigenisation and Economic Empowerment Fund. (2) Subject to this Act, the objects of the Fund shall be— (a) to provide financial assistance to indigenous Zimbabweans for any of the following purposes— (i) the financing of share acquisitions; and (ii) the warehousing of shares under employee share ownership schemes or trusts; and (iii) management buy-ins and buy-outs; and - 11 -