The Fund operates through its bodies. The Bodies of the Fund are the Board of Trustees of the Fund and the Director of the Fund.
Board of Trustees
The higher management body of the Fund is the Board of Trustees (BT) of the Fund that has a control function as well.
The BOT has 11 members, who cannot be members of another body of the Fund.
The Board is comprised of representatives from public administration bodies, representatives from state and civil sectors, whose knowledge and experience meet the requirements set forth for a member of the BOT. The representative composition of the BOT is defined by the Charter of the Fund. The nominal staff of the BOT has been approved by RA Prime Minister’ s Decree N 572-A from 26th of July, 2005.
The Board implements functions defined by RA Law “About Funds”, by RA Government Decisions, Charter of the Board. While implementing projects on the account of external financial programs provided to Republic of Armenia, the Board acts as the Management Board of the given project and coordinates the implementation of activities in regard to Project Implementation.
The scope of authority of the Board:
Approval of the Strategic Plan (Plans) of the Fund,
Approval of the Fund’s budget, amendments in the budget, Annual Financial Reports, Annual Activity reports,
Approval of the procedure of property management of the Fund,
Making a decision about reorganization of the Fund,
Selection of new members of the Board and decisions about early termination of duties of the Board members,
Elections of the Chairman of the Board of Trustees, Director of the Fund and termination of his/her duties, including early termination,
Approval of the Management of the Fund, upon proposal by the Director,
Decisions about making an amendment or addendum in the Charter of the Fund, approving a revised Charter,
Decision about creation of business unions or participation in such, as well as about creation of separate subdivisions and institutions and approval of their charters,
Control of financial and economic activity of the Fund,
Hearings of the quarterly reports of the Director of the Fund,
Control of the process of implementation of its decisions,
Selection of the person to conduct the audit of the Fund,
Implementation of other duties envisaged by law and by this Charter
The authority of the Board cannot be assigned to another body.
The Chairman of the Board:
Organizes the activities of the Board,
Convenes the sessions of the Board and chairs those,
Organizes the record of the session protocols.
The Chairman of the Board is elected by the members of the Board from among themselves. In case of absence of the Chairman, his/her duties are implemented by a member of the Board, upon its decision.
The Director of the Fund
All the issues related to the ongoing management of the Fund activities are implemented by the Director, excluding issues under the jurisdiction of the Board defined by Law and by this Charter. The Director arranges the implementation of the Board Decisions.
The Director of the Fund is appointed by the Founder for a 4-year term, which can be extended.
The Director of the Fund:
Manages the activities of the Fund,
Manages the property of the Fund, including financial means, concludes transactions on behalf of the Fund,
Represents the Fund in the Republic of Armenia and foreign countries,
Acts without a power of attorney and releases power of attorney,
Signs agreements according to the defined order (including labor agreements),
Opens settlement and other accounts (including foreign currency) of the Fund in the banks,
Submits the Internal Work Regulations of the Fund for the Board’s approval, as well as the Charter of separate subdivisions, institutions and business unions established by the Fund, administrative and organizational structure of the Fund and the payroll,
Releases orders, instructions in the scope of its authority, gives compulsory directions for implementation and controls the implementation,
Hires and fires the staff of the Fund,
Applies motivational and disciplinary actions towards the staff of the Fund,
Implements other functions envisaged by Law, by this Charter and the assignments of the Founder.
The Director can hold a paid position in a different organization only upon agreement from the Board.