Chapter 22:20 Sovereign Wealth Fund of Zimbabwe Act 10/2013 (2) Section 18 of the Public Finance Management Act [Chapter22:19] (No. 11 of 2009) applies to any sub-Fund. 16 Custodianship, holding and investment of Fund (1) The Reserve Bank is, subject to subsection (2), hereby appointed as the primary custodian of the Fund. (2) The Board shall after consultation with the Reserve Bank of Zimbabwe cause one or more banking accounts to be opened, into which any part of the monies received on behalf of the Fund shall be paid. (3) The following principles apply to the investment of the Fund by the Board — (a) the Fund must be invested in conformity with the Board’s investment mandate and in whatever other way not inconsistent with the mandate that the Board considers most appropriate to enable it to achieve the Fund’s objects; and (b) investment must be in gold bullion, stockpiles of precious stones and other precious metals, and foreign assets, otherwise than to the extent permitted by the investment mandate; and (c) to the extent that the investment mandate permits investment in domestic assets, no such investment may be made in Zimbabwe Government debt, lending domestically or providing Government guarantees. (4) The Board shall keep a schedule at its offices showing particulars of the Fund’s current investments in sufficient detail to enable members of the public to assess the Fund’s financial soundness, and the Board shall ensure that the schedule is available for inspection at all reasonable times by such persons. (5) The Board shall create and maintain up to date a website which, among other things, will enable members of the publicto have access to the schedule referred to in subsection (4) and to the investment mandate. (6) At least once a year the Board shall review the size of the Fund and the manner in which the money held in the Fund is invested, taking into account the Fund’s current and potential liabilities, and in the light of that review the Board shall make any necessary adjustments in the holding of the Fund. 17 Financial year of Fund The financial year of the Fund shall be the period of twelve months ending on the 31st December each year or on such other date as may be prescribed. 18 Annual investment mandate and budget of Fund (1) On or before such date prior to the beginning of the financial year as the Minister and the Board may agree, the Board shall cause to be prepared, and submit to the Minister for his or her approval— (a) a budget showing the expenditure which the Board proposes to incur during that financial year for the purposes of section 19; and (b) a written investment mandate in respect of the performance of its investment functions, which shall be guided by the Santiago Principlesand shall include— (i) indications of the classes of investments in which the Fund can be invested and the selection criteria for investments within those classes; and (ii) information on the acceptable balance between risk and return in the overall Fund portfolio; and 10