The Charities (Iveagh Bequest, Kenwood) Order 1997

Delegation

3.  Where the Trustees make any delegation under this Scheme they shall:

(a) inform the Investment Manager in writing of the extent of the Charity’s investment powers;

(b) lay down a detailed investment policy for the Charity and immediately inform the Investment Manager in writing of it and of any changes to it;

(c) ensure that the terms of the delegated authority are clearly set out in writing and notified to the Investment Manager;

(d) ensure that they are kept informed of and review on a regular basis the performance of their investment portfolio managed by the Investment Manager and on the exercise by him of his delegated authority;

(e) take all reasonable care to ensure that the Investment Manager complies with the terms of his delegated authority;

(f) review the appointment of the Investment Manager at such intervals not exceeding 24 months as they think fit;

(g) pay such reasonable and proper remuneration to the Investment Manager and agree such proper terms as to notice and other matters as the Trustees shall decide and as are consistent with this Scheme provided that such remuneration may include commission fees and/or expenses earned by the Investment Manager if and only to the extent that such commission fees and/or expenses are disclosed to the Trustees.