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).
