8. The governing body(ies) should act in the best interests of the SWF, and have a clear mandate and adequate authority and competency to carry out its functions.
PIF ‘s articles of association/ bylaws and governance manual detailed the authorities, roles, and responsibilities of the Board of Directors, General Assembly and executive management.
The Board has a clear mandate and adequate authority and competency to fulfil its functions.
The Board Responsibilities include, among other things:
Establishing strategic goals, objectives and appropriate corporate policies;
Reviewing and approving the strategic plans;
Reviewing and evaluating PIF’s initiatives, programmes and subsidiaries on a regular basis;
Approving company-wide policies, authority matrices, code of conduct, corporate governance, and transparency and disclosure policies;
Monitoring executive management performance;
Approving investment and procurement decisions in line with the approved Authority Matrix;
Ensuring ethical behavior and compliance with laws and regulations;
Ruling on any cases of conflict of interest at the Board or executive management levels;
The Board carries out its duties through a number of active board committees.