Audit Committee

The Audit Committee is established by a decision of the Board of Directors and consists of at least two (2) members of the Board of Directors, one of which is the Chair, and one external expert of recognized standing and experience in auditing and accounting. The Board of Directors may appoint Observers to the Audit Committee.

The purpose of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by providing advice and/or opinions on the:

• financial reporting process and integrity of financial information
• statutory audit process including audit scope, timing, and audit results
• selection, appointment, compensation, and dismissal of the statutory auditor
• independence of the statutory auditor and in particular the appropriateness of the provision of audit services
• systemofinternalcontrols
• InternalAuditFunction’sactivityandperformance
• compliancewithapplicablelaws,regulations,andtheHFSF’sCode of Conduct

The Executive Members of the Board or members of the Fund’s staff may be invited to attend the meetings of the Audit Committee.