This Act establishes the Greenland Resource Fund. It defines the Fund as an independent legal entity with its own assets, tasked with receiving, managing, and investing Greenland’s revenues from mineral resources. The law outlines that the Fund’s purpose is to secure sound investment of resource revenues, finance expenses and investments related to resource activities, and support the long-term economic interests of Greenland. Revenues must be transferred from the state treasury into the Fund, and disbursements back to the government are tightly regulated, particularly in relation to reductions in the Danish state block grant. The law also provides detailed definitions of resource revenues, expenses, and investments related to extractive industries. The Act further regulates the Fund’s governance, including a board of directors with strict eligibility requirements, and establishes rules on administration, investment management, auditing, and reporting. The Fund must place its assets outside Greenland, primarily in fixed-income securities (75–85%) and equities (15–25%), ensuring both maximum returns and ethical standards. Oversight is provided by the government and external auditors, with transparency obligations including annual reports and board evaluations. Sanctions are set for violations of the law, and dissolution of the Fund is only possible by parliamentary law, with assets reverting to Greenland’s Home Rule government.
Greenland (Denmark) · 2008-12-05