6. The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives.
The Board of Directors (Board) governs our operations and is ultimately accountable and responsible for Khazanah’s overall governance – this includes both performance and conformance matters.
A Board Charter sets out the roles and responsibilities of the Board in overseeing the management of Khazanah.
The Board is assisted by three subcommittees – the Executive Committee (EXCO), the Audit and Risk Committee (ARC) and the Nomination and Remuneration Committee (NRC).
In addition, a Management Committee (MC) and a newly formed Investments Committee (IC) were established in September 2018 to assist the Board in managing and overseeing operational and investment-related matters.
Our Framework of Integrity, Governance and Risk Management (FIGR) includes a Risk Management Policy, Schedule of Matters for the Board (SMB), Limits of Authority (LOA) for the Management, a Code of Conduct and the appropriate policies and procedures.