Relationship between the Social Security Corporation Board and the Investment Board
The applicable Social Security Law defines the roles and responsibilities of the Board of Directors of the Social Security Corporation in relation to the investment function. The Board is responsible for approving the Corporation’s general investment policies, setting investment objectives, and establishing the governing principles, standards, and regulatory parameters for investment activities. It also approves the overall investment plan for the Corporation’s funds, as well as the annual budget.
The Board of Directors consists of fifteen members and is chaired by the Minister of Labor. Its membership includes the Director General of the Social Security Corporation, the Chairman of the Social Security Investment Fund, the Deputy Governor of the Central Bank responsible for investment, a representative of the Armed Forces and security agencies appointed by the Council of Ministers, two representatives of professional associations (one representing employers and one representing professionals), four representatives of workers nominated by the General Federation of Trade Unions, and four representatives of employers, two nominated by the Jordan Chamber of Industry and two by the Jordan Chamber of Commerce.
The Board operates through three specialized committees: the Audit Committee, the Governance Committee, and the Macro Risk Management Committee. Each committee performs specific supervisory and oversight functions as defined by the applicable Social Security Law and the Board’s decisions. These committees oversee the activities of both the Social Security Corporation and the Social Security Investment Fund.
The Investment Board of the Social Security Investment Fund is responsible for managing the investment function. It formulates the Fund’s investment policy and the overall investment plan and submits them to the Board of Directors for approval. It also oversees the implementation of the approved investment policy, develops the necessary plans and programs for execution, and takes investment decisions within the established governance framework.
The Investment Board is supported by three specialized committees: the Audit Committee, the Investment Governance Committee, and the Investment Risk Committee. Each committee operates in accordance with the provisions of the applicable SSIF regulations and contributes to strengthening governance, enhancing decision-making quality, and managing investment risks.
The activities of the Fund are subject to a comprehensive oversight framework, including internal audit, external audit, and oversight by the Audit Bureau. It is also important to note that the Executive Management of the Fund does not participate in the membership of any committees emanating from the Investment Board, ensuring the independence of oversight functions.
The Fund submits, on a monthly basis, the minutes of Investment Board meetings—covering decisions and deliberations—to the Board of Directors of the Social Security Corporation. These minutes are formally included in the Board’s agenda. In addition, the Fund provides monthly reports outlining the actions taken to implement the Board’s decisions.
Furthermore, the Fund submits quarterly reports to the Board of Directors covering its performance, financial results, and investment activities. These reports are subsequently submitted to the Council of Ministers and both Houses of Parliament, in accordance with the requirements of the applicable Social Security Law.
It is also noteworthy that four members of the Board of Directors of the Social Security Corporation simultaneously serve on the Investment Board, namely: the Chairman of the Social Security Investment Fund, the Director General of the Social Security Corporation, one representative of workers, and one representative of employers, in accordance with the provisions of the applicable law.