Held its first meeting under the chairmanship of Al Gergawi
«Endowment of one billion meals» approves the governance system and the formation of investment and audit committees
The Board of Trustees reviewed the governance framework to ensure the continuity of the endowment. From the source
The Board of Trustees of the "One Billion Meals Endowment" held its first meeting, after its formation, in implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the aim of managing and ensuring the development of the assets of the largest endowment project to feed food, sustain goodness and giving, and achieve the highest periodic returns on its assets.
The meeting of the Board of Trustees was chaired by the Secretary-General of Mohammed bin Rashid Al Maktoum Global Initiatives, Mohammed Al Gergawi, and in the presence of the members of the Board, where plans were reviewed to develop the endowment assets and care for the endowment money, in order to achieve the survival of its eye and the permanence of its benefit, to reach the largest number of less fortunate groups in many countries of the world, and the Board approved the governance system and the formation of the Investment Committee, and the Audit, Risk and Compliance Committee.
Al Gergawi said that the initiative translates the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, in the sustainability of goodness and giving, and the consolidation of endowment work as a development tool for the development of societies and an effective means to enhance the response to various societal needs, noting that the Board of Trustees will work to transform this vision into work programs that contribute to implementing the objectives of the "One Billion Meals Endowment" initiative, to provide a food safety net for tens of millions around the world.
He stressed that the approach of the Board of Trustees of the "One Billion Meals Endowment" is based on the best international practices to sustain and develop the assets of the endowment through a contemporary investment strategy to obtain the highest possible returns to provide the necessary funding for the initiative, food feeding projects and the fight against hunger, in a way that ensures the sustainability of goodness for many years to come.
He pointed out that the Mohammed bin Rashid Al Maktoum Global Initiatives has adopted in its plans to achieve the objectives of the largest endowment project to feed food, the best standards of integrated institutional work in line with the Emirati philosophy of management.
During the meeting, the Board of Trustees of the "One Billion Meals Endowment" was briefed on the governance framework prepared by the Mohammed bin Rashid Al Maktoum Global Initiatives, in cooperation with an international company, to ensure the continuity of the endowment.
The Board of Trustees reviewed the progress of the work of the "One Billion Meals Endowment", and the plans and programs aimed at sustaining, developing and investing the movable and immovable endowment assets, and exploiting and developing the proceeds of this endowment to provide the necessary funding for the "One Billion Meals Endowment" initiative and the projects of feeding food and combating hunger implemented by the Mohammed bin Rashid Al Maktoum Global Initiatives and ensuring their sustainability.
The Board of Trustees discussed the development of the main controls to guarantee and secure the suspended assets, the procedures for the registration of the endowment, in addition to the formation of the main committees of the Council.
The Board of Trustees also reviewed the most prominent projects and investment ideas that contribute to achieving the highest periodic returns on the assets of the endowment, including deposits, shares, sukuk and real estate, to contribute to providing permanent sources of financing for the benefit of the most needy communities.
The Board of Trustees discussed mechanisms to achieve significant increases in the volume of donations and contributions to the initiative from individuals, institutions, companies, businessmen and well-known personalities in humanitarian work.
The Board of Trustees of the "One Billion Meals Endowment" issued several resolutions, most notably the formation of the Investment Committee headed by the Vice Chairman and Managing Director of Emirates NBD Group and Chairman of the Board of Directors of Emirates Islamic Bank, Hisham Abdullah Al Qassim, and the committee is responsible for market studies, searching for investment opportunities and supervising investments in a way that contributes to achieving the best return and higher rents.
The Board also issued a resolution to form the Audit, Risk and Compliance Committee, chaired by the Chairman of the DFSA, Fadhel Al Ali, to study and analyze investment risks and reduce exposure of endowment funds to a high degree of risk. The Council issued a decision appointing the administrator of the endowment, in addition to approving the general structure of the "Billion Meals Endowment".
Mohammed Al Gergawi:
"Adopting best practices for the sustainability and development of endowment assets through a contemporary investment strategy."
Discuss plans and programs aimed at sustaining and investing movable and immovable endowment assets.