Our Code of Conduct underscores the principles for best practice behaviour required from all employees of the Libyan Investment Authority (LIA).
It sets out the rules for personal and professional conduct and is vital for the protection of our mandate: preserve and grow the wealth of the Libyan people to secure the long-term future of generations to come.
Key principles of our code of conduct
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- Fiduciary duty: employees’ duty to act in the best interests of LIA
- Knowledge of the law: complying with local and international laws
- Personal investments (traded securities, direct investments): preventing conflicts of interest related to personal investments; restrictions on securities trading
- Responsibilities of supervisors: supervisors’ duty to lead by example
- Commitments on behalf of the LIA: ensuring employees seek approval prior to making public declarations on behalf of or regarding the LIA
- Fair, honest and ethical dealing: ensuring employees’ behaviour is appropriate
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- Confidentiality (internal, external communication): protecting data and Intellectual Property; acting with discretion and honesty; internet and media guidelines
- Outside interests: preventing employees from serving other organisations or influencing the decision-making process of either LIA or another organisation
- Trading: obtaining the best execution when trading on behalf of the LIA
- Proxy voting: voting on company matters relating to LIA investment holdings
- Use of LIA equipment: proper usage guidelines for LIA infrastructure (email, hardware, software)
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- Insider trading: preventing the use of non-public information for personal gain
- Market manipulation: preventing manipulative market practice by employees
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- Gifts, entertainment and ex-gratia payments: preventing inappropriate gifts, exchanges and transfers involving LIA employees
- Conflicts of interest: encouraging disclosure of existing or potential conflicts
- Political participation: ensuring employees’ participation does not bring them into conflict with their role at LIA; preventing the holding of political party positions
- Personal investments: ensuring up-to-date reporting of investment holdings
- Breaches of conduct (whistle blowing): whistle blowing process and protections
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Professionalism
- Fiduciary duty: employees’ duty to act in the best interests of LIA
- Knowledge of the law: complying with local and international laws
- Personal investments (traded securities, direct investments): preventing conflicts of interest related to personal investments; restrictions on securities trading
- Responsibilities of supervisors: supervisors’ duty to lead by example
- Commitments on behalf of the LIA: ensuring employees seek approval prior to making public declarations on behalf of or regarding the LIA
- Fair, honest and ethical dealing: ensuring employees’ behaviour is appropriate
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Loyalty
- Confidentiality (internal, external communication): protecting data and Intellectual Property; acting with discretion and honesty; internet and media guidelines
- Outside interests: preventing employees from serving other organisations or influencing the decision-making process of either LIA or another organisation
- Trading: obtaining the best execution when trading on behalf of the LIA
- Proxy voting: voting on company matters relating to LIA investment holdings
- Use of LIA equipment: proper usage guidelines for LIA infrastructure (email, hardware, software)
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Integrity of Capital Markets
- Insider trading: preventing the use of non-public information for personal gain
- Market manipulation: preventing manipulative market practice by employees
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Disclosure
- Gifts, entertainment and ex-gratia payments: preventing inappropriate gifts, exchanges and transfers involving LIA employees
- Conflicts of interest: encouraging disclosure of existing or potential conflicts
- Political participation: ensuring employees’ participation does not bring them into conflict with their role at LIA; preventing the holding of political party positions
- Personal investments: ensuring up-to-date reporting of investment holdings
- Breaches of conduct (whistle blowing): whistle blowing process and protections
Code of Conduct
