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Board Structure And Composition

Board Structure And Composition

The structure of the MVA Fund Board is regulated by the MVA Fund Act No. 15, 2007. In accordance to Section 6 of the MVA Fund Act 2007, The Board is appointed by Minister of Finance and Economic Development and shall be constituted of eight (8) members of which three (3) shall not be public officers. The Minister shall in accordance to Section 6(2) appoint a Chairperson from amongst the eight (8) members. A member shall in accordance to Section 6(3) be appointed to hold office for a term not exceeding three (3) years. On completion of tenure, members are eligible for reappointment.

The current Board has the diversity, experience and relevant skills necessary for the fulfilment of its roles and responsibilities. For monitoring good governance, the Minister has the power to remove and suspend the membership of any Board member. In this way, instances of abuse of power, criminal acts, bankruptcy, insolvency and corruption are curbed. Since its inception, the Fund has not recorded any instance of removal, suspension or disqualification of a Board member from office.