PI Power International Limited (?PI?) is regulated under the Collective Investments Funds (Jersey) Law 1988, as amended. By virtue of PI?s regulation, a licensed independent Adminstrator is normally required to be appointed to deal with the administrative aspects of PI?s activities on a daily basis. In consultation with, and with approval from, the Jersey Financial Services Commission, PI terminated its contract with Aztec Financial Services (Jersey) Limited on 25th November 2008.
The Company through its Executive Management Team (the ?EMT?) is able to provide the functions normally assumed by a licensed Administrator with the appropriate technical skill and speed of response necessary to meet PI?s needs. PI?s Net Asset Value is calculated by the EMT under International Accounting Standards on the basis of valuations provided by PI?s investment banker, Goldman Sachs. This calculation is independently reviewed by PI?s Audit and Risk Committee (?ARC?) and is subject to independent statutory audit by Grant Thornton, PI?s appointed auditor.
PI is aware that the delegation of any duties normally assumed by the Adminstrator must be subject to and in accordance with the Jersey Financial Services Commission?s Policy Statement and Guidance Notes on Outsourcing . Pursuant to these guidance principles, PI has established a robust corporate governance framework with an appropriate committee structure for the disposal of PI?s assets and the repayment of capital to its shareholders, as instructed by the shareholders in general meetings.
Furthermore, PI?s ARC meets regularly in Jersey to review the matters dealt with by the EMT. In particular, all banking documentation and monthly management accounts are sent to PI?s Jersey office for review by the members of the ARC . PI?s independent statutory auditors regularly attend meetings and minutes are maintained in Jersey . The Jersey resident directors of PI, Richard Boléat and George Baird, are independent of the EMT. Richard Boléat acts as compliance officer, money laundering reporting officer and money laundering compliance officer.