Chapter 22:20 9 Sovereign Wealth Fund of Zimbabwe Act 10/2013 Investment managers (1) The Board shall, through an open, competitive an transparent process, appoint such number as are necessary of fit and proper persons with the requisite qualifications or experience to be investment managers, whether as employees of the Board or as independent contractors. (2) When appointing an investment manager the Board may have regard to the following considerations among other relevant considerations— (a) the relative qualifications and experience of the persons competing to be appointed as investment managers; and (b) the expertise of a person competing to be appointed as an investment manager in the area of investment concerned; and (c) the professional record of a person competing to be appointed as an investment manager in controlling operational and financial risk with respect to assets which that person r has managed or is managing in the capacity of investment manager; and (d) the level of remuneration or fees expected to be paid to any person competing to be appointed as an investment manager. 10 Execution of contracts and instruments by Board and seal of Board (1) Any agreement, contract or instrument approved by the Board may be entered into or executed on the Board’s behalf by any person whom the Board has generally or specially authorised to do so. (2) The Board may adopt a common seal for the purpose of affixing it to any document it executes, authenticates or endorses. (3) A court shall take judicial notice of the seal of the Board affixed to any document and, unless the contrary is proved, shall presume that it was duly affixed. (4) The common seal of the Board shall be kept in such custody as the Chairperson directs and shall not be used except as authorised by the Chairperson. 11 Minister may give Board directions in national interest (1) The Minister may, in consultation with the President and in accordance with any instructions of the President, give the Board such directions in writing of a general character relating to the exercise by it of its functions as appear to the Minister to be requisite in the national interest. (2) Before giving the Board a direction, the Minister shall inform the Board, in writing, of the proposed direction and shall give the Board a reasonable opportunity to give its views on the proposal. (3) The Board shall take all necessary steps to comply with any direction. (4) Where any direction has been given to it, the Board shall ensure that the direction and any views the Board has expressed on it in terms of subsection (2) are set out in the Board’s annual report. (5) Except as provided in subsection (1), in the lawful exercise of its functions the Board shall not be subject to the direction or control of any other person or authority. 12 Reports of Board (1) The Board shall no later than thirty days after the end of each quarter submit to the Minister a quarterly report on its operations and activities during the preceding quarter. 7