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The Board of Overseers PDFPDF PrintPrint E-mailMail to Bookmark this pageBookmark

The operations of Reinet Investments and Reinet Fund are subject to review and audit by the Board of Overseers.  The Board of Overseers of Reinet Investments has been appointed by Reinet Shareholders.  Reinet Investments Manager has ensured that the same persons are elected as the members of the Board of Overseers of Reinet Fund as those elected to the Board of Overseers of Reinet Investments.

The following members have been appointed to the Board of Overseers:

Denis Falck

South African, born 1945

Mr Falck retired at the end of June 2008 after a career of close to 37 years with the Rembrandt Group Limited/Remgro Limited group of companies. He is a Chartered Accountant, but left the auditing profession in 1971 to join the Rembrandt Tobacco company, where he became the Chief Financial Officer before being transferred to the Rembrandt Group Limited head office in 1979.  After various senior positions, he was appointed as the Financial Director of the Listed Holding Company in 1990. He was a member of the Remgro Executive Committee and its Audit and Risk Committee and was the Chairman of the group's Pension and Retirement Funds' Boards of Trustees. Mr Falck also served as a Non-Executive on the Boards and Audit/Risk Committees of listed and unlisted investee companies of Remgro, including FirstRand Bank Holdings Ltd, RMB Holdings Ltd, Medi-Clinic Corporation Ltd, Total South Africa (Pty) Limited and Trans Hex Group Limited.

 

Dr. Peter Kaul

German, born 1949

Dr. Kaul is a Managing Director at Commerzbank (until recently Dresdner Kleinwort). He joined Dresdner Bank Luxembourg S.A. in 1980 and started an extensive career at the Dresdner Bank Group where he has served in a wide range of postings covering, amongst other things, treasury and capital markets, acquisitions, sovereign reschedulings/restructurings as well as sovereign and corporate debt financings.  Since 2001 his focus has been on Client Relationship Management and he has advised on and arranged numerous acquisition and project related financings for major international companies.  In addition to his responsibilities at the bank, he serves on a number of boards and was a member of the Luxembourg Stock Exchange Committee for 10 years.

 

Yves Prussen

Luxembourger, born 1947

Mr Prussen graduated as a doctor at law and has a diploma from the "Institut d'Etudes Politiques" of the University of Grenoble in 1971. During the same year he became a member of the Luxembourg bar and since 1975 he has been a partner at Elvinger & Hoss (now Elvinger, Hoss & Prussen). Mr Prussen is a member of the International Bar Association, the Section Luxembourgeoise de l'International Fiscal Association, the Association Luxembourgeoise pour l'Arbitrage and the Comité d'Experts Juristes auprès de la Commission de Surveillance du Secteur Financier. He is the author of various publications in the field of tax law, securities laws and undertakings for collective investments.

 

Ian Whitecourt

British, born 1946

Ian Whitecourt was formerly a senior partner of Pricewaterhouse in Luxembourg and now operates his own accountancy and advisory practice in Luxembourg.  He is an English Chartered Accountant. He has considerable experience of the financial world, in particular the Luxembourg banking and investment fund areas, and is a member of the boards of funds managed by UBS, ING and BOUWFONDS and of the board of PTR Holdings Inc.

 





Reinet Investments Manager and Reinet Fund Manager must consult the Board of Overseers in respect of matters which exceed their respective powers.

The Board of Overseers has the general role of overseeing the operations of Reinet and its members may inspect all of Reinet’s records for this purpose and may require any information from Reinet’s independent auditors as they deem fit to fulfil their duties. In addition, the Board of Overseers must approve any decisions of Reinet Investments Manager or Reinet Fund Manager which relate to, among other things:

  • any amendment of the stated investment policy of Reinet in the Reinet Prospectus (or otherwise made pursuant to a listing obligation or in connection with the listing of securities of Reinet) or the adoption of a new publicly stated investment policy;
  • a significant departure from the stated investment policy of Reinet from time to time; a significant departure from any material statement regarding future conduct of Reinet’s affairs made in the Reinet Prospectus or otherwise made pursuant to a listing obligation or in connection with the listing of securities of Reinet;

  • any issue of new Reinet Shares at a discount to the per share net asset value of Reinet Investments;

  • any material amendment to the Investment Advisory Agreement; and

  • any transaction being entered into by Reinet with a related party.
The Board of Overseers must report to general meetings of Reinet Shareholders on the results of the mandate entrusted to it and may make such recommendations as it considers fit. The Board of Overseers will also assume the functions that are normally delegated to an Audit Committee of a listed company.