Corporate Governance Manual for Board Representation
The Social Security Investment Fund (SSIF)
has issued a comprehensive Corporate Governance Manual governing the
representation of the Social Security Corporation on the boards of companies in
which the Fund holds equity stakes. The manual establishes a unified
institutional framework that enhances the effectiveness of representation in
line with international best practices in corporate governance.
It sets out clear and structured principles
for the selection, classification, and evaluation of board representatives,
while defining their roles, responsibilities, and fiduciary duties. It also
outlines the mechanisms through which the Fund oversees, directs, and evaluates
the performance of its representatives, ensuring alignment with governance
standards and the protection of the Organization’s and contributors’ interests.
The manual further introduces robust
disclosure requirements designed to prevent conflicts of interest, alongside a
comprehensive framework for the annual evaluation of representatives in
joint-stock companies. This includes clearly defined performance criteria and
approved monitoring tools to ensure accountability and effectiveness.
In addition, the manual specifies the key
components of the periodic reports submitted by representatives to the Fund,
covering financial, legal, and operational dimensions. This structured
reporting framework enhances transparency and supports informed, evidence-based
investment decision-making.
The Corporate Governance Manual is subject to
periodic review and continuous development to remain aligned with evolving
legislative frameworks and global governance practices. In 2023, SSIF issued an
updated version following a comprehensive review that incorporated feedback
from its representatives and insights from specialized forums, further
strengthening the quality and impact of institutional representation.
This manual reflects the Fund’s firm
commitment to upholding the highest standards of governance, safeguarding
investment interests, and reinforcing its role as a responsible institutional
investor delivering sustainable value for all stakeholders.
CorporateGovernance Manual for Board Representation (in Arabic)