Corporate Governance
The Social Security Investment Fund
has a comprehensive structure that governs its work at various levels to ensure
good governance practices under the umbrella of legislation in force, in
accordance with the Social Security Law No. (1) of 2014 and the Social Security
Investment Fund and Investment Bylaw No. (97) of 2014 and the
regulations issued pursuant to them.
1. Social Security Corporation Board:
The
Social Security Law defines the duties and powers of the Social Security
Corporation Board that govern the investments of the Social Security Corporation that are managed
by the Social Security Investment Fund.
There are three committees emanating from the Social
Security Corporation Board: Control Committee, Good Governance Committee and
Overall Risk Management Committee. These committees fulfill the duties that are
defined by the Law and the related Social Security Corporation Board resolutions.
These committees monitor the work of the Social
Security Corporation; the insurance and investment arms.
2. Social Security Investment Board:
The
Social Security Law defines the duties and powers of the Social Security Investment
Board including supervising the executive management of the Social Security Investment Fund.
There are three committees emanating from the Social Security Investment Board:
A. The Audit Committee
B. The Investment Governance Committee
C. The Investment Risk Committee
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Investment Decision Making Mechanism
The Social Security Investment Fund takes investment
decisions based on clear and transparent guidelines and on purely investment
criteria to achieve the highest risk adjusted returns on various investments,
while being adherent to the investment policy and the best international
investment practices.
Each investment
opportunity is studied by the related investment directorate to ensure
that it complies with the Social Security Investment Fund’s investment
objectives, the investment department then submits its recommendation and study
findings to the Investment Committee, which in turn reviews the opportunity and take
the appropriate decision, if it falls under its mandate or submits it to the Social
Security Investment Board.
The Investment
Committee composed of the following members: the Executive
Chairman of the Social Security Investment Fund as the
Chairperson, 4 members of the directorate managers, and an Observer from
Risk Management and Strategic Planning Directorate.