1. The AIFM shall appoint a Chair to its board on a permanent basis.

2. The board of an AIFM shall be responsible for the following managerial functions:

a) Regulatory compliance: The board shall put in place, and ensure adherence to, procedures designed to ensure compliance with all applicable legal and regulatory requirements of the AIFM itself and all AIFs under management. The board shall have arrangements in place to ensure that complaints from unitholders regarding matters other than distribution are addressed promptly and effectively;

b) Fund risk management: The board shall put in place, and ensure adherence to, procedures designed to ensure that all applicable risks pertaining to the AIFs under management can be identified, monitored and managed at all times;

c) Operational risk management: The board shall put in place, and ensure adherence to, procedures designed to ensure that all applicable risks pertaining to the AIFM can be identified, monitored and managed at all times;

d) Investment management: The board shall put in place, and shall ensure adherence to, procedures to:

a. ensure and verify that the investment approach of each AIF is complied with; and