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| Strategic Investment Funds
of Economy, Finance and Planning into two separate ministries: the Ministry of Economy, Planning and Cooperation and the Ministry of Finance and Budget. The former Ministry of Economy, Finance and Planning’s two board seats were transferred to the Ministry of Economy, Planning and Cooperation. The board elects a chairman proposed by the President of the Republic; the CEO may also be considered for the chairman role. Board members are appointed for three-year terms (renewable once), which can be revoked during their term with the approval of the President of the Republic. FONSIS’s CEO is appointed by the board on recommendation of the President of the Republic, for a five-year term (renewable once). With the approval of the President of the Republic, the CEO may be dismissed for gross misconduct, mismanagement, or unsatisfactory performance. The CEO must have at least 10 years of relevant experience in investment management, sovereign fund management, and banking (financing, mergers, acquisitions, capital markets, and so on), with at least 3 years as manager, general manager, associate or managing partner, or similar managerial position. The CEO must meet requisite standards of integrity. Figure 9.4 depicts FONSIS’s organizational structure under the CEO. Once investments are approved by the board, the Investment Committee validates each disbursement to make sure it is made according to the board’s resolution. The Investment Committee comprises six members: the CEO, executive director in charge of business sectors, the executive director in charge of finance and investor relations, the chief legal officer, and two board members (one of whom chairs the Investment Committee).
FIGURE 9.4
FONSIS organizational structure CEO
Legal and regulatory affairs
Strategy and communication directorate
Executive directorate in charge of funds activity
Financial and administrative directorate
Executive directorate in charge of investments
Sectoral investments directorate
Sectoral investments directorate
Source: FONSIS. Note: CEO = chief executive officer; FONSIS = Fonds Souverain d’Investissements Stratégiques (Sovereign Fund for Strategic Investments).
