correct gramma and professional english $,$ remove duplicate :A very lean governance structure with emphasis only on one committee, being the audit committee. $-$The organisational structure provided does not explicitly demonstrate the roles that the bidder will have for an optimal structure.$-$Lack of diversity on the Board of directors with both NED and the ED being finance professionals. $-$There is a potential conflict of interest that is not disclosed by the bidder. $-$Although the bidder has demonstrated succession planning. There is keyman risk in the core function of the business as there is only one Investment professional being the PM$.$The company is owned $100\%$ by Batswana with the majority shareholder being female. The minority shareholder of $5\mathrm{.}6\%$ is MS po who is currently a shareholder in a company where he has $100\%$ interest $$ this could potentially present a conflict. The organisational structure does not indicate the human resources carrying out the respective roles. The board meets $4$ times a year and it has approved charters for the respective committee; sustainability, audit and risk while an investment committee is contemplated $$ but not indicated where the functions of the committee are currently carried. $2$ independent members and one executive member of the board. The Chair of the audit and risk is not in accordance with BAOA requirements $$ in terms of being a Chartered Accountant. There are no known intentions of the company to increate the number of its board members. The current members of the board who are $8$ years on the board both came in at the same time and given the company$$s claim of the Pula code, they will be both out at $9$ years. It isn$$t clear and in some instances doesn$$t reconcile on the staff complement of the team and the envisaged ultimate complement. Only a lead investment professional is expected to be recruited past P$500$mn$.$ There are no policies attached. One of the references is from one of the products of the same manager which would not show a lot in terms of objectivity. In some instances, the names of the advisors with whom the company has relationships with have not been disclosed.