Corporate Governance CIDA Empowerment Fund (“CEF”) adheres to the King's Report on Corporate Governance. Emphasis has been placed on ensuring proper internal controls are in place, investment guidelines are followed, executive and non-executive functions are clearly defined, and monitoring and evaluation processes effectively implemented. The following structures are in place to facilitate adherence to good corporate governance: Board of Trustees • Provide strategic direction and approval of management mandates Executive Committee • Monitor effectiveness of business plan implementation on a monthly basis Investment Committee • Evaluate investment recommendation and provide final investment approval Management Team • Develop and implement business plan • Source and manage deal flow • Report on progress • Day to day management Auditing Firm • Deloittes The board has adopted formalised board charters