Governance
Guarantee of Trust and Compliance
The Fund’s governance is underpinned by a robust legal framework that ensures transparency and sound risk management in line with international best practices. It is structured around two main bodies:
Supervisory Board
Chaired by the minister in charge of investment, the Supervisory Board is responsible for :
- Defining the strategy for the development of the Fund’s activities and the general policy governing its interventions ;
- Approving the Fund’s annual investment and placement program ;
- Approving the Fund’s financial statements and annual activity report ;
- Approving the estimated budget and monitoring its implementation ;
- Approving program contracts and monitoring their implementation ;
- Approving the organization of the Fund’s services, the specific status, and the remuneration scheme of its staff ;
- Appointing the statutory auditors in accordance with the legislation in force .
The Supervisory Committee meets periodically and takes its decisions by majority vote of the members present. Its prerogatives may not be delegated.
Specialized Committees
Investment Committee
- Proposing the Fund’s general policy and areas of intervention;
- Granting prior approval for all Fund investments, with the exception of management operations ;
- Monitoring and evaluating the mobilization of the Fund’s resources through loans and grants obtained from financial institutions ;
- Monitoring and evaluating framework agreements concluded with risk capital mutual funds, venture capital funds and seed funds .
Audit Committee
- Ensuring the implementation of the internal control system approved by the Supervisory Board ;
- Reviewing the Fund’s annual activity report and financial statements prior to their submission to the Supervisory Board;
- Supervising and coordinating the activities of the structures responsible for internal audit and, where applicable, other control functions ;
- Proposing the appointment of the Fund’s external auditors .
Risk Committee
- Proposing the strategy for managing financial and operational risks ;
- Evaluating the risk coverage policy relating to the Fund’s investments and placements ;
- Evaluating the performance of the investments and placements carried out ;
- Evaluating compliance with prudential management standards.
Director General
The Chief Executive Officer is appointed by government decree and exercises his functions under the authority of the Supervisory Board.
Key responsibilities include:
- Overseeing the administrative and financial management of the Fund ;
- Preparing the work of the Supervisory Board and implementing its decisions and recommendations;
- Representing the Fund before third parties in all civil, administrative and judicial matters, in accordance with the applicable legislation ;
- Proposing the specific staff regulations and remuneration framework applicable to the Fund’s personnel ;
- Preparing the Fund’s internal rules and procedures ;
- Concluding arbitration agreements, arbitration clauses and settlement agreements relating to dispute resolution .
