Brunei Investment Agency Act (Chapter 137) - Revised Edition 2019.

This Act consisting of 29 articles aims to establish the Brunei Investment Agency with the primary objective of managing external assets on behalf of the government, in particular (i) oversee and administer the General Reserve Fund of the Government, both within Brunei Darussalam and internationally, along with managing all external assets of the Government; (ii) offer the Government money management services, handling remittances and overseeing interest, dividends, and other payments or corporate actions resulting from the investment of such funds, as and when remitted by the Government; (iii) take necessary actions and incur expenses for the recovery or protection of assets and property directly or indirectly linked to the Government's or the Agency's property. There shall be a Board of Directors of the Agency which shall be responsible for the policy and general administration of the affairs and business of the Agency. The Agency functions under the authority of His Majesty the Sultan and Yang Di-Pertuan, who has the authority to appoint directors and a Managing Director to oversee its operations. Directors may be disqualified without the need for specific reasons, and vacancies in their positions can be filled through new appointments. Regular meetings of the Board of Directors are convened, where decisions are reached through a simple majority vote, and the Chairman holds a casting vote in the event of a tie. Transparency is essential in the Agency's activities, including contracts and investments, with directors required to disclose any personal interests in such matters. The document also outlines provisions concerning staff, the transfer of functions, and management of assets, encompassing the appointment and oversight of employees by the Agency.