Section 5E of Public Trustee Act CAP 168: Public Trustee Investment Board

(1) There is established an Investment Board to be known as the Public Trustee Investment Board.
(2) The Investment Board shall comprise of—
(a) the Solicitor-General as the Chairperson;
(b) the person for the time being in charge of public investment and portfolio management at the ministry responsible for matters relating to finance or a designated representative;
(c) one advocate having at least ten years' experience nominated by the Law Society of Kenya;
(d) three persons with knowledge and at least fifteen years' experience in matters relating to finance, economics and investments–
(i) one of whom shall be of opposite gender from the other two;
(ii) not being public officers; and
(iii) not being full time employees or directors of a public company; and
(e) the Public Trustee.
(3) The members of the Board under subsection 2(c) and (d) shall be appointed by the Attorney General.
(4) The Investment Board shall meet as often as may be necessary for the dispatch of its business but there shall be at least four meetings of the Board in any financial year.
(5) The Board shall submit quarterly reports to the Attorney-General.
(6) A member of the Board appointed under section 5E(2)(c) and (d) shall hold office for a term of three years and shall be eligible for re-appointment for one further term.
(7) Appointment of the members of the Board under this section shall be done in a staggered manner separated by two months so that the respective expiry dates of their terms shall fall at different times.
(8) A Board member appointed under this Act may–
(a) at any writing to the Attorney-General or otherwise cease to represent the interests of the nominating body; or
(b) be removed from office by the Attorney-General if the person–
(i) has been absent from three consecutive meetings of the Board without the permission of the chairperson and is unable or has neglected to furnish any plausible reason for absence; or
(ii) is disqualified under any provision of the Constitution or any other written law from holding a public office.
(9) Members of the Board shall be paid such allowances as the Attorney-General shall determine from time to time.
(10) The Board, by instrument in writing, may from time to time resign from office by notice in time delegate to the Public Trustee its powers in respect of the investment of money as it deems fit.
(11) The Board may from time to time make by-laws for the control of its business and proceedings.

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