(hereinafter referred to as "the Fund")
(Approved on 23 February 1998 by the Danish Minister of Foreign Affairs)
The Investment Fund for Central and Eastern Europe (IØ) is a self-governing institution founded pursuant to Section 2 (1) of Act no. 828 of 19 December 1989 on the support to Danish investments in Central and Eastern Europe. The statutes have been drawn up in pursuance of Section 2 (5) of the Act.
The Fund's legal status is that of an independent, self-governing legal entity which is limited in its liability to the extent of its net worth only.
The Fund’s resources that have not immediately been utilised in accordance with the objectives of the Fund shall be invested as deemed appropriate by the Board in due consideration of profitability, liquidity and safety.
Expenses relating to the Fund’s administration, including emoluments to members of the Board, the managing director's salary and the auditor's remuneration, shall be covered by the Fund.
The members of the Board shall be appointed for a period of 3 consecutive years.
The Board shall adopt rules of procedure for its activities and a job description for the managing director.
The members of the Board shall receive emoluments as stipulated by the minister.
The managing director's position shall, with a few exceptions rendered necessary as a result of the special conditions governing the Fund, be similar to that of a managing director in a limited liability company with sole powers of procuration.
The managing director shall be obliged to notify the Board prior to undertaking any other salaried employment which is not of a temporary nature, to entering into business or commercial activity or prior to joining the board of companies having a commercial purpose. In case the Board finds that such employment or acquisition of such rights will prove a hindrance to the conscientious performance of his duties as managing director of the Fund as well as to the respect and confidence required to fill such a position, the Board may order the managing director to refrain from undertaking such employment or office.
Following the Board's recommendation, the minister shall appoint a state-authorised public accountant in an accounting firm of international experience. The appointed auditor shall review and endorse the accounts and furnish them with an audit report.
The auditor shall be appointed for a period of one year. Unless the Board resolves otherwise, the period may, however, be prolonged automatically for another year.
The Office of the Auditor General may on its own initiative or at the request of the Public Accounts Committee institute investigations in accordance with the Danish Auditor General Act on accounts submitted by the Fund. For such investigations the Auditor General shall have access to the Fund's accounting documents, etc. in accordance with Sections 12 and 13 of the Danish Auditor General Act.