Santiago Principles Self-Assessment

Mubadala Investment Company

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  • Pillar 1: Legal
  • Pillar 2: Institutional
  • Pillar 3: Investment
Principle 1

1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).

1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.

1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.

Mubadala Investment Company (Mubadala) was established on 19 January 2017 by Law no. (2) of 2017 (the Incorporation Law) as a public joint stock company wholly owned by the Government of Abu Dhabi. Pursuant to the Incorporation Law, the entire shareholding of the Government of Abu Dhabi in each of Mubadala Development Company PJSC (now Mamoura Diversified Global Holding PJSC (MDGH)) and International Petroleum Investment Company PJSC (IPIC) were transferred to Mubadala. 

In 2018, the Abu Dhabi Investment Council (ADIC) became part of Mubadala, again through the transfer of the ownership of the Government of Abu Dhabi of ADIC to Mubadala. 

Mubadala is subject to supervision by its sole shareholder (the Government of Abu Dhabi) through the Abu Dhabi Supreme Council for Financial and Economic Affairs (the Supreme Council) which is an agency of the Government of Abu Dhabi. The Supreme Council oversees the overall strategy of Mubadala. Mubadala has an independent legal personality with full capacity to act in fulfilling its statutory mandate and objectives as set-out in the Incorporation Law and its Articles of Association and carries out its investment program and activities independently and with autonomy.

Mubadala and its subsidiaries operate through four investment platforms of significant scale:

  • UAE Investments;
  • Direct Investments;
  • Disruptive Investments ; and
  • Real Estate and Infrastructure Investments.

ADIC operates on a standalone basis from the four investment platforms. However, the Board of Directors of Mubadala is currently also the Board of Directors of ADIC.

The structure and performance of MDGH is publicly disclosed via the prospectus pertaining to MDGH’s global medium term note (Mubadala’s GMTN) program, which is available on Mubadala’s website

Mubadala’s mandate is supported by centralized corporate units including Corporate & Human Capital (including Digital & Technology Services, Business Services, Business Continuity Management and Government Affairs), Legal & Governance  (including Taxation and Corporate Governance), Group Finance (including Treasury & Investor Relations, Financial Planning & Business Performance and Financial Governance & Reporting), Group Strategy & Risk (including Portfolio Strategy, Enterprise Risk Management and Responsible Investing), Group Communications, Internal Audit and Ethics & Compliance.

Principle 6

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.

Mubadala’s Board of Directors (the Board) and an executive committee of the Board (the Board Executive Committee) have oversight over Mubadala’s affairs. The Board is composed of a Chairman, a Vice-Chairman, a Managing Director, and other Board members who are appointed by a Decree of the Ruler of the Emirate of Abu Dhabi.  

The Board has delegated various powers to the Board Executive Committee, led by the Vice Chairman and comprised of other Board members.  The Board Executive Committee is responsible for Mubadala’s strategic direction, oversight and corporate governance, and reviews and approves Mubadala’s business plans and strategic direction on behalf of the Government of Abu Dhabi.

Mubadala’s Managing Director, together with the Investment Committee, have responsibility for executing on Mubadala’s strategy and affairs. This includes investments to achieve a sustainable and diversified economy in line with the Abu Dhabi Government’s mandate. 

Mubadala has a delegation of authority (DOA) that grants authorities to various management committees and personnel.

A number of key committees support the governance framework, including:

The Audit Risk and Compliance Committee (ARCC), with oversight of financial reporting in accordance with International Financial Reporting Standards (IFRS), systems of internal control, financial compliance, appointment of external auditors and internal audit processes.

The Investment Committee is responsible for developing and monitoring the organization’s investment strategy and for the company’s overall performance. In addition, the Investment Committee approves or endorses all major investment, divestment and related matters made by Mubadala in accordance with the DOA.  

The Investment & Business Planning Committee is responsible for reviewing the individual business plans of each investment platform and submitting them to Mubadala’s Investment Committee for endorsement. It monitors and tracks individual platform’s progress against their business plans. In addition, the Investment & Business Planning Committee approves or endorses investment, divestment and related matters in accordance with the DOA.  

The Management Committee is responsible for reviewing, considering and approving certain corporate, organizational and operational matters.

The Valuation Committee is responsible for determining the periodic valuation of portfolio investments in accordance with the Valuation Policy.

Mubadala’s corporate structure, as well as the composition of the Board and Investment Committee, are available on The role and responsibilities of the key committees are documented in their respective committee charters. 

Principle 18

18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.

18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.

18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.

18.3. A description of the investment policy of the SWF should be publicly disclosed.

Mubadala’s investment strategy is to make sustainable, long-term, risk-adjusted financial returns.

Mubadala invests in a variety of assets classes, geographies and sectors, employing both direct and indirect strategies, with a preference for direct investments where Mubadala can actively work with the management of the asset to create value.  

As outlined in Principle 2 above, Mubadala funds its capital and investment expenditures and its financial obligations through operating cash flow, borrowings from third parties and asset monetizations where appropriate.  Mubadala invests in line with its mandate in compliance with applicable laws and the values of its shareholder.

Mubadala’s portfolio of assets is reviewed on a regular basis by the Portfolio Strategy and Enterprise Risk Management units, who recommend capital allocation levels to the Investment Committee.

Mubadala’s investment strategy is complemented by its Responsible Investing Policy, and is based on our belief that incorporating environmental, social and governance (ESG) factors are fundamentally linked to our ability to protect and create long-term value at both the asset and portfolio levels. 

The purpose of this policy is to establish a framework to govern Mubadala's approach to Responsible Investing and ESG, which includes providing guidance on integrating ESG factors into our investment decisions and activities across the investment lifecycle.