1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
Palestine Investment Fund (“PIF”) was established by a Presidential decree in 2000 as an independent entity and was formally registered in 2003 as a public shareholding company under the Palestinian corporate law. PIF shares are owned by Palestinian People.
PIF’s articles of association/ bylaws set the general objectives and governance structure for PIF.
PIF operations are overseen by an independent eleven members Board of directors, appointed by the President for a three years term. The Board is comprised of leading business figures, economists, and policymakers from across the region, and is responsible for setting PIF’s goals and objectives.
The General Assembly, which acts on behalf of the Palestinian people, is PIF’s highest supervisory and oversight body. The General Assembly provides strategic guidance to the Board of Directors, reviews PIF’s annual report, and ratifies the distribution of dividends to the Palestinian Treasury.
The PIF General Assembly is comprised of 30 individuals representing the various segments of Palestinian society, including the business community, regulatory agencies, and civil society. General assembly members are appointed by the President for three years term.
Information about PIF’s structure, governance and performance are published in PIF’s annual report and PIF’s website.