The Board of Directors has exclusive power to administer and manage the Fund. It can propose changes to the Fund’s investment objective and investment policy for approval by the shareholders and can amend the investment guidelines. Furthermore, the Board of Directors decides upon investment restrictions and the course of conduct of management and business affairs of the Africa Agriculture and Trade Investment Fund, in compliance with the Fund’s founding documents and applicable laws. The Board of Directors is also responsible for notifying the Shareholders of the Fund’s business development. The Directors are elected by the Shareholders.