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.
The Palestine Investment Fund (“PIF”) was established by a Presidential decree in 2000 as an independent entity and was registered in 2003 as a public shareholding company under the Palestinian corporate law. Palestinian People own its shares.
PIF bylaw sets the general objectives and governance structure for PIF.
PIF operations are overseen by an independent eleven members Board of directors, responsible for setting PIF’s goals and objectives. The President appoints the Board for a three-year term. Members of the Board are reputable businessmen and experts in finance and management.
A General Assembly of 30 members, which the President also appoints for a three-year term, represents PIF’s ultimate shareholder, the people of Palestine. The General Assembly provides strategic guidance to the Board of Directors, reviews the annual reports, appoints the external auditor, and approves the distribution of dividends to the Palestinian treasury.
Information about PIF’s structure, governance and performance are published in PIF’s annual report and PIF’s website www.PIF.ps