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Corporate Governance

Governance Structure

Agaciro Development Fund is managed by the Board of Trustees that was appointed by the Cabinet on 28 March 2014. The Trustees are experienced persons with a variety of expertise in different areas of economy who are appointed from public and private sector. The Board is responsible for the oversight and management of the Fund’s operations on behalf of Rwandans. The Board is accountable to the Government of Rwanda, through the Ministry of Finance and Economic Planning, in ensuring that the Fund complies with the law and the highest standards of corporate governance. On daily basis, the operations of the Fund are run by the management headed by the Chief Executive Officer who is also accountable to the Board.

 Powers of the Board of Trustees:

The Board of Trustees has power to:

Ø  Administer the Trust, its properties and affairs and do all the things which will fulfill the performance of the objects for which the Trust is established and for this purpose the Board can apply the whole or any part of the Trust property towards the payment of the expenses of the Trust. 

Ø  Utilize income and the properties of the Trust solely towards the objects of the Trust. 

Ø  Invest the Trust funds in the manner not prohibited by the Investment Policy of the Fund. 

Ø  To buy, sell, mortgage, grant, lease, hire or otherwise alienate all or any of the properties of the Trust in its discretion for adequate consideration.  

Ø  To execute power of attorney or powers of attorney to any person for the purpose of executing, administering or managing the whole or any part of the Trust for the purpose of all or some among the objects of the Trust.

Ø  To borrow money with or without security and to repay the same. 

Ø  To receive, collect and enforce recovery of all monies due or payable to the Trust and grant receipts and discharges therefore.

Ø  To settle, compromise or compound any disputes or refer the same to arbitration or litigation.

Ø  To receive voluntary contributions from any person or persons from Rwanda or outside, after complying with the statutory formalities, by way of donation, gifts or in any other manner and to hold the same upon Trust for the objects set forth herein. 

Ø  To appoint, suspend, dismiss or otherwise deal with the staff required for the administration of the Trust, to frame rules relating to their salaries and other benefits and generally to exercise all powers ancillary and incidental to effectively carry out the objects of the Trust. 

Ø  The Board shall have power to make and rescind rules and regulations for the management and administration of the Trust.

Ø  No Trustee shall commit any act or breach of Trust of the Trust fund or property or cause any loss to the Trust property or commit fraud in the administration of the Trust fund / property. 

Ø  The Trustees shall hold honorary office and shall not be entitled to any Salary, or perquisites, except for the allowances related to their work. 

Ø  The Board of Trustees may follow the instructions given by any donor who makes substantial contribution towards furtherance of the objects of the Trust, so long as such instructions are not detrimental to the attainment of the objects of the Trust.