(1) The board of a management company shall:
(a) be responsible for the managerial functions of the management company specified in Schedule 10;
(b) be responsible for making all material decisions that affect the operation and conduct of the business of the management company;
(c) have the competence to make all material decisions that affect the operation and conduct of the business of the management company.
(2) The board of a management company shall put in place, and ensure adherence to, the following:
(a) procedures that are designed to ensure compliance by the management company with every legal and regulatory requirement to which the management company and every investment fund that is under its management are subject;
(b) procedures that are designed to ensure that every relevant risk pertaining to the management company and to every investment fund that is under its management can and is being identified, monitored and managed;
(c) procedures to:
(i) ensure and verify th