SSIF plays a key role in driving economic growth and enhancing corporate governance
December 04, 2023
The Social Security Investment Fund (SSIF) CEO Dr. Ezzeddin Kanakrieh said that SSIF plays a significant role in realizing economic growth and bolstering the business environment by institutionalizing corporate governance principles and sustainable development and practices.
Kanakrieh made his remarks during the 8th forum for corporate governance that SSIF co-organized with the Central Bank of Jordan (CBJ). The forum that was attended by SSIF representatives in the boards of directors of companies and banks discussed corporate governance regulations for banks that were recently amended by CBJ.
SSIF CEO said the Fund has a strategic stake in 13 commercial and Islamic banks, which accounted for around 44% of its public equity portfolio. He also highlighted the crucial role of a bank's board of directors in shaping its objectives, policies, and strategic plans and developing policies that focus on the bank's responsibility for environmental and societal protection, among other issues.
Kanakrieh praised CBJ's role in boosting corporate governance practices, enhancing banking sector resilience and stabilizing monetary policy. He emphasized the importance of the current partnership between SSIF and CBJ, which is aimed at boosting the national economy by establishing a resilient institutional system for banks.
Moreover, SSIF has recently amended its “Corporate Governance Manual” for its representatives in the boards of directors of companies, setting a minimum requirement for women’s representation and requiring periodic reports on the companies’ commitment to apply environmental, social and corporate governance standards and sustainable development goals.
While SSIF's investment in the banking sector is a significant part of its portfolio, it also invests in other sectors such as mining, energy, real estate development, tourism, agriculture, services, industry, and development zones, in addition to financing mega projects in the health, transportation and logistics sectors through financial leasing.
