Board Committees - Libyan Investment Authority - LIA

Keeping us in line with best-in-class sovereign wealth funds

The four Board Committees report to the Board of Directors and are responsible for overseeing critical operations across the Libyan Investment Authority (LIA).  

    • Oversees and evaluates the effectiveness of internal and external audit processes.
    • Defines and monitors the effectiveness of the LIA’s risk management framework, policies and practices, to address any challenges identified.
    • Monitors compliance with policies, laws, regulations and the Code of Conduct.
    • Reviews the accuracy and integrity of independently audited financial statements.
    • Examines and issues recommendations to the Board on the investment proposals of the Executive Management team.
    • Reviews and advises the Board on investment policies, standards and procedures, as well as portfolio performance, asset allocation and investment transactions.
    • Recommends controls and guidance to ensure adherence to the UN sanctions, with a focus on defining a mechanism to optimally manage the frozen assets.
    • Recommends the appointment of external advisors to the Board.
    • Defines and monitors the LIA’s adherence to strong and appropriate governance standards, aligned to our founding laws and international best practices.
    • Recommends the necessary strategies to support the Board and the associated committees to carry out their duties in relation to the governance framework.
    • Defines the training, coaching and selection processes required to support the Board and its Committees in conducting their responsibilities.
    • Advises members of the Board and its Committees on possible conflicts of interest.
    • Nominates candidates to the position of the Chief Executive Officer and to the broader Executive Management team.
    • Evaluates workforce plans developed by the Executive Management, detailing positions, functional job descriptions, vacancies and estimated aggregate salaries.
    • Recommends the framework and principles used to set overall compensation and pool (expected amount of financial incentives for all employees).
  • Audit, Risk & Compliance Committee
    • Oversees and evaluates the effectiveness of internal and external audit processes.
    • Defines and monitors the effectiveness of the LIA’s risk management framework, policies and practices, to address any challenges identified.
    • Monitors compliance with policies, laws, regulations and the Code of Conduct.
    • Reviews the accuracy and integrity of independently audited financial statements.
  • Investment Committee
    • Examines and issues recommendations to the Board on the investment proposals of the Executive Management team.
    • Reviews and advises the Board on investment policies, standards and procedures, as well as portfolio performance, asset allocation and investment transactions.
    • Recommends controls and guidance to ensure adherence to the UN sanctions, with a focus on defining a mechanism to optimally manage the frozen assets.
    • Recommends the appointment of external advisors to the Board.
  • Governance Committee
    • Defines and monitors the LIA’s adherence to strong and appropriate governance standards, aligned to our founding laws and international best practices.
    • Recommends the necessary strategies to support the Board and the associated committees to carry out their duties in relation to the governance framework.
    • Defines the training, coaching and selection processes required to support the Board and its Committees in conducting their responsibilities.
    • Advises members of the Board and its Committees on possible conflicts of interest.
  • Nominations & Compensation Committee
    • Nominates candidates to the position of the Chief Executive Officer and to the broader Executive Management team.
    • Evaluates workforce plans developed by the Executive Management, detailing positions, functional job descriptions, vacancies and estimated aggregate salaries.
    • Recommends the framework and principles used to set overall compensation and pool (expected amount of financial incentives for all employees).

© 2021 LIA,  ALL RIGHTS RESERVED.

© 2021 LIA,  ALL RIGHTS RESERVED.