The legal structure and governance principles of the Fund is set out in this Section.
The Fund has been set up under the Act as a body corporate with perpetual succession and a common seal and may sue and be sued. It has all other attributes and the powers of a body corporate.
GIIF is a corporate body which will function on the principles that govern well-managed entities as benchmarked against best practices of similar infrastructure funds. The governance structure adopted for GIIF is derived from the Act; particularly:
- Sections 4 (1) and (2) of the Act in setting out the governance structure in these Principles, emphasis has been placed on the independence of the Fund enshrined under the Act.
The GIIF has a two tier governance structure namely:
- An Advisory Committee that shall advise the Board on behalf of the Government, the sole Shareholder by offering national policy guidance on infrastructure investment to the Fund while respecting the autonomy of the Board.
- A Board which shall be responsible for the attainment of the object of the Fund, the making of the operational policy and general supervision of the management and affairs of the Fund and such other functions conferred upon it by any provision of Act 877.
- The management and officers of the Fund will manage the day-to-day function of the Fund under the policy direction and programmes approved by the Board.