. . DOCUMENT III General Directive from His Highness Shaikh Zaid bin Sultan Al-Nehyan, To The Investment Board The Investment Board in London shall act for the Finance Department in the investment of the surplus revenues of Our State. This Directive contains Our general instructions on the manner in which the Board should exercise its functions. The investment of funds by the Board shall be in securities of countries whose currencies are freely convertible. The securities shall be selected in accordance with the following instructions, and such other instructions as We may give from time to time: (a) Such investment shall at all times have regard to Our best interests and to such information as we may give to the Board as to future calls on the funds. (0) Investment shall be arranged with due regard to liquidity in order to ensure as far as may be practicable that funds shall be readily available ii and when we should require them. (c) The detailed selection of the particular investments in which the funds shall be placed shall be left to the judgement of the Board, which will be in day-to-day contact with Stock and Money markets. (a) The Board should ensure that investment and disinvestment are conducted in such a way as to avoid as far as possible any unwelcome effects on Stock and Honey markets. (e) In making investments the Board shall have due regard to market conditions prevailing from time to time. The Board shall report to the Finance Department quarterly the on the state of/investments held by the Board.
