The Board of the Foundation

FISP’s highest management authority is the Board of the Foundation.
It is shall be composed of two representatives from each of the federal Ministries of Finance and Economic Development, and one representative from each of the federal Ministries of Culture and Construction, Housing and Utilities. The Board’s key function is to ensure that the Foundation stick to the goals specified in FISP’s Charter.

The Board shall address the following issues within its mandate:

1.     Amendment of the Charter;

2.     Identification of the Foundation’s operational priorities as well as the principles of the Foundation’s asset formation and use;

3.     Election of the Foundation’s sole executive body and early termination of his/her mandate;

4.     Approval of the annual report and the annual balance sheet;

5.     Approval and amendment of the Foundation’s financial plan;

6.     Establishment of the Foundation’s branches and opening of its representative offices;

7.     Decision making on establishment of the Foundation’s companies and/or its participation in companies;

8.     Establishment of the Board of Trustees and early termination of its members’ mandate; and

9.     Approval of the Foundation’s transactions as specified by law.

The Board of Trustees

The Board of Trustees shall be composed of 3 members.

The members of the Board of Trustees shall include one representative from each of the federal Ministries of Culture, Finance and Construction, Housing and Utilities..

The Board of Trustees shall supervise the operation of the Foundation, decision making by other Foundation bodies and implementation of the decisions made, the use of the Foundation’s funds, and legislative compliance by the Foundation.

The General Director

The General Director, FISP’s sole executive authority, shall be responsible for day to day management of FISP’s operations in between the meetings of the Board of the Foundation.
FISP’s General Director shall be:

·        Accountable to the Board of the Foundation;

·        The only executive of the Foundation; and

·        Appointed by the Board of the Foundation.