Chapter 22:20 7 Sovereign Wealth Fund of Zimbabwe Act 10/2013 Specific functions of Board (1) The Board, as administrator of the Fund, shall have the following specific functions—. (a) to oversee the investment and management of the Fund in accordance with this Act and in a manner the Board judges best suited to achieve the objects of this Act; (b) to determine the investment guidelines, including the rules, policies and directions that are most appropriate in relation to any moneys standing to the credit of the Fund in accordance with the investment mandate adopted by the Minister pursuant to section 18; (c) to appoint investment fund managers in accordance with section 9; (d) to prepare the investment mandate and budget of the Fund in accordance with section 18; (e) to reinvest the profits and proceeds of its investments to generate further risk adjusted returns; (f) to attract co-investment from other investors, including strategic investors, sovereign and internationally recognised investment funds and private companies, to enhance the Fund’s capital and maximise its risk-adjusted returns; (g) to carry out such other activities as may be related to the foregoing. (2) For the better exercise of its functions the Board shall have power to do or cause to be done, either by itself or through its agents, all or any of the things specified in the Second Schedule, either absolutely or conditionally and either solely or jointly with others. 8 Chief Executive Officer and staff of Board (1) The Board shall appoint— (a) appoint a Chief Executive Officerfor a term not exceeding five years (who is eligible for reappointment for another term subject to the efficient performance of his or her duties); and (b) in consultation with the Minister, such other staff as may be necessary for the proper exercise of its functions. (2) The offices of the Chief Executive Officer and other members of staff shall be public offices but not form part of the Civil Service. (3) The Chief Executive Officer shall, subject to the general control of the Board— (a) be responsible for carrying out the decisions of the Board and the day-to-day administration and management of the Fund and of the Board’s affairs, staff and property; and (b) be the custodian of the Board’s records; and (c) attend all meetings of the Board, but shall have no vote on any matter before the Board; and (d) perform such other functions as may be assigned by the Board: Provided that the Board shall not assign to the Chief Executive Officer any duty that has been assigned to the Chairperson of the Board. (4) An assignment of functions in terms of subsection (3)(d)⎯ (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 the functions. 6