Tawasul Fund

SEZAD’s vision for establishing a CSR Section in 2015 was to set up a development fund, which would be managed independently by shareholders consisting of investors operatingwithin the Zone, who work closely to support the local communities through different CSR initiatives.

In October 2018, SEZAD’s vision was finally achieved by forming Tawasul Fund with the support of 8 founding members and investors operating in the Special Economic Zone at Duqm.

 

Vision

Tawasul’s vision is to improve the daily living standard of the local communities in Al Wusta Governorate while empowering them to play a more active role in society through corporate social responsibility on a sustainable level.

 

Mission

The main objective of Tawasul Fund is to bridge the gap between the public, private and charitable organisations within Al Wusta Governorate to support social projects. This will help maximising the contribution to the welfare of local communities.

Tawasul Fund’s Founding Members

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Proposed Organizational Structure

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  • Objective: To provide financial support for projects that promote sustainable socio-economic development for the local communities in the Special Economic Zone and Al Wusta governorate.
  • Activities: The Fund implements its activities in accordance with the terms of its Articles of Association which have already been approved by the Ministry of Social Development as per the law.
  • Funding Source: The Fund is financed through funds contributed by the founding companies and income generated by the Fund.
  • Management Structure: The Board of Directors shall appoint a CEO to run the operations of the Fund who shall be ultimately accountable to the Board. The executive management team of the Fund, led by the CEO, shall be responsible for drafting the Fund’s internal policy for approval by the Board of Directors.
  • Membership: The Fund shall continue to operate despite of any changes made to the initial structure of the founding members:
    1. New companies can be accepted into the fund as founding members provided that they comply with the membership conditions specified in the internal policy and procedures;
    2. Any of the initial founding members may withdraw its membership by sending a written notice to the other founding members. Withdrawal shall only take effect after obtaining written approval from the Ministry of Social Development.
    3. Existing members may suspend or terminate the membership of another company based on obtaining approval from the Ministry of Social Development. In case the company being suspended while complying with its obligations approved in the current session of board meetings, suspension will take effect in the following session.
  • Financial Year: Begins on January 1st and ends on December 31st of each year except for the first financial year which begins on the date of registering the Fund and ends on December 31st of the following year.
  • Board Members: The Board shall be comprised of 7 members; including the CEOs of each of the 7 founding companies or their official representatives.
  • Chairmanship: Chairmanship of the Board shall be agreed upon in accordance with the internal policy of the Fund (TBD).
  • Frequency of Meetings: To be agreed upon in accordance with the internal policy of the Fund (TBD).
  • Voting rights: All board members shall have equal voting rights.
  • Role & Powers of the Board:
    • Appoint a CEO to manage the strategy and operations of the fund and be accountable to the Board;
    • Unanimously issue approvals of any decision related to the projects implemented by the Fund (or any modifications thereto) in accordance with its scope of work;
    • Approve the internal policy of the Fund drafted by the executive management;
    • Appoint members of the Audit Committee in the first meeting (who shall serve their positions for two years);
    • Members of the Board shall disclose any potential conflicts of interest related the Fund’s scope or internal policy where applicable;
    • Determine ways in which funds are to be used to achieve the objectives of the Fund, including making decisions on the use of savings as a reserve fund for future expenditures.
  • Support and fund social development projects and encourage vocational institutions, public or private, operating in the social field.
  • Develop human resources and individuals’ skills in order to enable them to be independent.
  • Encourage and support public and private entities, to establish joint programmes in the field of social development.
  • Coordinate with different institutions to develop training programmes for individuals from Al Wusta Governorate so they become competent workforce.
  • Support and finance social researches to determine the social welfare services and the development projects required to assist local communities.
  • Participate in providing training for individuals in the welfare system through funding training and rehabilitation programmes at Al Wusta Governorate.
  • Determine the social services and important institutions for the communities.
  • Promote projects through different media channels and encourage sponsors to finance these promotion campaigns.
  • Support and fund social development projects and encourage vocational institutions, public or private, operating in the social field.
  • Develop human resources and individuals’ skills in order to enable them to be independent.
  • Encourage and support public and private entities, to establish joint programmes in the field of social development.
  • Coordinate with different institutions to develop training programmes for individuals from Al Wusta Governorate so they become competent workforce.
  • Support and finance social researches to determine the social welfare services and the development projects required to assist local communities.
  • Participate in providing training for individuals in the welfare system through funding training and rehabilitation programmes at Al Wusta Governorate.
  • Determine the social services and important institutions for the communities.
  • Promote projects through different media channels and encourage sponsors to finance these promotion campaigns.

Interested to become a member?

New companies can join the fund as founding members shall they comply with the membership conditions specified in the Fund’s internal policy and procedures.

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