The relevant decree-law specified that the activities and projects falling within the scope of scientific and technological research to protect the marine environment and human life at sea are fully or partially funded.
On the other hand, the diploma specifies that the annual commission allocated to the General Secretariat of Economy is 0.5% of the fund’s own revenues, recorded each year.
The General Secretariat of Economy is the fund manager and will provide technical, administrative and logistical support.
According to the same diploma, the fund is managed by a manager who “is by nature the secretary-general of the economy,” assisted by the deputy secretary-general of the economy.
Financial management is the responsibility of the General Secretariat of Economy.
The composition of the advisory board is determined by the government member responsible for the marine area, and this body must include all entities that finance the fund.
The General Directorate of Maritime Policy chairs the advisory board.
Fundo Azul has one supervisor responsible for monitoring the legality and regularity of the financial and asset management, who will now also be responsible for keeping the manager and advisory board informed of the results of the checks.
On the other hand, it shall also express its opinion on every issue related to economic and financial management, “whenever the director or the advisory board so requests.”
Fundo Azul aims to support sea-related policies to achieve the Sustainable Development Goals.
This decree-law comes into force on Wednesday.
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