Social Security Investment Board Sub Committees
Under
the provisions of Article (11) paragraph (C) of the Social Security Investment
Fund and Investment Board Bylaw No. (97) of 2014, the Audit Committee shall
assume the following duties and powers:
1. Oversee the financial and investment activities of the Social Security Investment
Fund and audit its financial reports including its financial data before they
are submitted to the Social Security Investment Board.
2. Review the Social Security Investment Fund internal and external auditors’
reports, follow-up on actions taken regarding these reports, and submit their
recommendations to the Social Security Investment Board.
3. Submit the internal audit plan to the Social Security Investment Board
for approval.
4. Ensure the accuracy and soundness of accounting and auditing procedures.
5. Ensure the Social Security Investment Fund’s compliance with the laws,
regulations, and instructions that govern its work.
6. Exercise other powers vested in it by means of executive instructions
issued in accordance with the provisions of this Bylaw.
7. Any other tasks assigned to it by the Social Security Investment Board.
- Investment Governance Committee:
-
Under the
provisions of Article (12) paragraph (C) of the Social Security Investment Fund
and Investment Board Bylaw No. (97) of 2014, the Audit Committee shall assume
the following duties and powers:
1. Recommend to the Good Governance Committee emanating from the Social Security Corporation Board created in
accordance with the provisions of Article (17) of the Social Security Law, the
investment governance policy and develop the principles and recommendations
necessary for implementation of this policy.
2. Monitor the implementation of the code of conduct and report violations.
3. Ensure the existence of internal and external oversight and risk
management systems, and the effectiveness and independence of these systems.
4. Ensure compliance with the rules and standards of good governance of the
Social Security Investment Fund that are adopted by the Social Security
Investment Board.
5. Ensure the existence of a clear governance structure and effective
instruments and responsibilities in investment decision making in terms of approvals,
supervision of implementation, investment management and performance
monitoring.
6. Ensure the existence of a system for investment decision making that
defines the ceilings and powers of the parties concerned with decision making
and their compliance with the decision-making matrix.
7. Recommend to the Social Security Investment
Board the rules governing corporate representation in the boards of
directors of shareholding companies, including assessment criteria of persons
nominated to represent the Social Security Corporation.
8. Ensure the sound implementation of the rules and criteria set for the Social
Security Corporation’s representation on the boards of directors and
managements of companies.
9. Ensure the independent custody of investment assets.
10. Ensure the compliance of the Social Security Investment Board members,
the Social Security Investment Fund personnel, and representatives of the Social
Security Corporation on the boards of directors of shareholding companies with
the conflict of interest policies in force and their commitment to disclose any
form of conflict of interest, whether financial, commercial, functional, or
professional.
11. Ensure compliance with the rules and standards of personal trading by
the Social Security Investment Fund staff.
12. Ensure compliance with the investment performance assessment and
evaluation policy.
13. Ensure the existence of specific criteria for the qualifications and
capabilities that must be met by the Social Security Investment Fund staff.
14. Ensure the effectiveness of the investment reporting systems and their
content.
15. Exercise other powers vested in it in accordance with executive
instructions issued in accordance with this regulation.
16. Any other duties assigned to it by the Social Security Investment Board.
- Investment Risk
Committee:
Under the provisions of Article (13)
paragraph (C) of the Social Security Investment Fund and Investment Board Bylaw
No. (97) of 2014, the Audit Committee shall assume the following duties and
powers:
1. Ensure the soundness
of methodologies followed in risk assessment, analysis and management in
accordance with international risk management standards.
2. Ensure the existence
of sound periodic reports to assess and analyse investment risks related to
investment portfolios and ensure the optimal implementation of risk management.
3. Monitor deviations
from the risk management policy and recommend the necessary decisions regarding
them.
4. Study and review the
Risk Management and Strategic Planning Directorate reports and submit the
necessary recommendations regarding them.
5. Exercise any other
authority vested in it under the provisions of this regulation, and the
instructions issued pursuant thereto.
6. Any other duties
assigned to it by the Social Security Investment Board.