The Board of Trustees of the “Endowment of a Billion Meals” 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 the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation, Mohammed Al-Gergawi, and in the presence of the members of the Council. 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 benevolence and giving, and the consolidation of endowment work as a development tool for the development of societies and an effective means to enhance response to various societal needs, indicating that the Board of Trustees will work to transform this vision into action programs that contribute to Implementing the goals of the “Stop a Billion Meals” 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 “Endowment of a Billion Meals” is based on best international practices for the sustainability and development of endowment assets through a contemporary investment strategy to obtain the highest possible returns to provide the necessary funding for the initiative and projects to feed food and combat hunger, ensuring the sustainability of goodness for many years to come.
He pointed out that the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation 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 in management.
During the meeting, the Board of Trustees of the “One Billion Meal Endowment” reviewed the governance framework prepared by the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation, in cooperation with an international company, to ensure the continuity of the endowment.
The Board of Trustees reviewed the progress of the “Endowment of a Billion Meals” work, plans and programs aimed at sustaining, developing and investing the movable and immovable assets of the endowment, and the exploitation and development of the proceeds of this endowment to provide the necessary financing for the “Endowment of a Billion Meals” initiative and the food-feeding and hunger-fighting projects implemented by the Mohammed bin Rashid Initiatives Foundation. Al Maktoum International and ensuring its sustainability.
The Board of Trustees discussed setting the main controls to guarantee and secure the endowed assets, and the procedures for registering the endowment, in addition to forming the main committees of the Council.
The Board of Trustees also reviewed the most prominent investment projects and ideas that contribute to achieving the highest periodic returns on endowment assets, including deposits, stocks, sukuk and real estate, to contribute to providing permanent sources of financing for the benefit of the neediest 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 personalities known for their humanitarian work.
The Board of Trustees of the “Endowment of a Billion Meals” issued several decisions, most notably the formation of an investment committee headed by the Vice Chairman and Managing Director of the Emirates NBD Group and Chairman of the Board of Directors of Emirates Islamic Bank, Hisham Abdullah Al Qassim. The committee is specialized in market studies, searching for investment opportunities and supervising investments. Which contributes to achieving the best return and the highest rent.
The Board also issued a decision to form the Audit, Risk and Compliance Committee, chaired by Fadel Al-Ali, Chairman of the Board of Directors of the Dubai Financial Services Authority. The Council issued a decision appointing the administrator of the endowment, in addition to approving the general structure of the “Endowment of a Billion Meals.”
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.