A comprehensive regulatory framework has been established, defining the duties and powers of the fund’s Executive Director, which are as follows:
1. Leading Executive Work: The Executive Director oversees the fund’s daily workflow, monitors all technical, administrative, and financial operations, and makes necessary decisions to ensure regular work and the achievement of the fund’s objectives.
2. Monitoring Goals and Strategy: Responsible for monitoring the implementation of the fund’s goals and strategy, ensuring the application of all internal policies, regulations, and systems, and supervising the annual work plan.
3. Internal Control: Ensuring the effectiveness of the internal control system, periodically evaluating its efficiency, and proposing any necessary amendments to enhance operational control.
4. Supervising Financial Reports: Monitoring the preparation of annual financial statements and the fund’s final accounts, and presenting them to the Board of Directors for review and approval.
5. Preparing the Budget: Supervising the preparation of the fund’s annual budget and presenting it to the Board of Directors at least three months before the start of the fiscal year.
6. Supervising Obligations to Beneficiaries: Monitoring the fund’s performance in fulfilling its legal obligations towards beneficiaries according to applicable legislation.
7. Preparing Periodic and Annual Reports: Supervising the preparation of all reports related to the fund’s activities and presenting them regularly to the Board of Directors.
8. Protecting the Fund’s Assets: Taking all necessary measures to ensure the preservation of the fund’s assets and its legal rights vis-à-vis third parties.
9. Monitoring Violations and Taking Corrective Actions: Ensuring mechanisms exist to monitor any violations related to the fund’s assets by employees or counterparties, notifying the Board of Directors and the Authority immediately, and taking appropriate corrective actions.
10. Additional Duties: Performing any other duties assigned by the fund’s Board of Directors that serve its interests.
The fund’s Executive Director bears direct responsibility before the Board of Directors for all the fund’s operations and is the guarantor for the efficient and effective execution of the assigned tasks.
