Santiago Principles Self-Assessment

Qatar Investment Authority

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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.

The Qatar Investment Authority (“QIA”) was established by Amiri Decision of the State of Qatar (“the State”) No. (22) of the year 2005 amended by Amiri Decision No. (73) of the year 2013 (“QIA Constitution”). The Amiri Decision can be found at the following link

As such, QIA has a separate juridical personality, wholly owned by the Government of the State of Qatar (“Government”), with a Board of Directors (“Board”), a Chairman, a Chief Executive Officer (“CEO”), and an executive management team.

QIA reports to the Supreme Council for Economic Affairs and Investments (“Supreme Council”), the highest decision-making body concerning economy, energy, and investment of the State. The Supreme Council approves QIA’s investment strategy and oversees QIA’s performance.

The Supreme Council is chaired by H.H. The Amir, with the Deputy Amir as Deputy Chairman. The other members are the following: 

-Prime Minister and Minister of Interior (Executive Member)

-Minister of Foreign Affairs

-Minister of Energy and Industry

-Minister of Finance

-Minister of Economy and Trade

-Governor of Qatar Central Bank

-Economic Advisor at the Amiri Diwan

-Two representatives of QIA

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.

QIA’s governance framework guides and coordinates the distribution of rights and responsibilities to the appropriate departments and units, determines the rules and procedures to make governance and investment decisions and ensures an integrated internal structure through which the objectives of QIA are implemented.

The respective roles of the different layers of QIA governance framework are as follows:​  

- The Supreme Council: approves QIA’s strategic objectives and its investment strategy;​

- QIA Board of Directors: approves governance policies, provides strategic guidance and monitors activities of executive management;​

- The CEO and executive management team: manage QIA’s day-to-day operations under the supervision of the Board. ​

The governing body of QIA is its Board of Directors, appointed by a decision of the Amir, which acts in the best interests of QIA and has a clear mandate and adequate authority and competency to carry out its functions. 

The current Board is composed of eight members, having relevant experience, as follows:

- H.E. Sheikh / Mohammed Bin Abdulrahman Al Thani (Chairman)

- H.E. Sheikh / Mohamed Bin Hamad Bin Khalifa Al Thani (Vice-Chairman)

- H.E. Mr. / Ali Bin Ahmed Al-Kuwari

- H.E. Mr. / Saad Bin Sherida Al-Kaabi

- H.E. Sheikh / Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani

- H.E. Sheikh / Bandar Bin Mohammed Bin Saoud Al-Thani

- H.E. Mr. / Nasser Bin Ghanim Al-Khelaifi

- H.E. Mr. / Hassan Bin Abdulla Al-Thawadi


The Board provides strategic guidance and monitors QIA executive management and is responsible for the governance implementation of QIA’s mission.

The Board is supported in its oversight by four Board Committees: Audit Committee, Investment Committee, US Investment Committee, and Local Portfolio Committee.

QIA operates within a framework of appropriate Governance policies and procedures.

Within the Legal Department, the dedicated Governance function is responsible for establishing, managing and ensuring the good corporate governance framework of QIA, in accordance with the Santiago Principles and other international standards, such as the G20/OECD Principles of Corporate Governance, the International Corporate Governance Network (ICGN) Global Governance Principles.

QIA’s Delegation of Authority Manual (DoA) specifies the approval authorities for key decisions and includes the authorities delegated to the Board of Directors, CEO and other QIA executives. The DoA reflects QIA’s continuous strive to strengthen its governance and align it with industry best practices.

QIA has made ‘Sustainability/ESG’ one of its key Corporate Priorities.

Cross functional working teams have been collaborating to develop the approach to Sustainable Investing. Within this approach, QIA is focused on enhancing the governance practices of its portfolio companies, which includes improved reporting and engagement activities.

QIA continues its active contribution to global initiatives. QIA is a founding member of One Planet SWF framework and has become a member of the ICGN.

Participating in such important platforms for collaboration supports QIA in its drive to adopt and endorse global best standards and practices, effective stewardship and engagement with other key actors in order to further its objectives.

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.

As per its investment policy, QIA seeks to achieve real long-term investment returns without exposing itself to undue levels of risk. 

QIA has no liabilities and does not employ leverage at the total portfolio level. Certain investments, for example, in funds or real estate, may involve leverage at the fund level or investments level, as determined by the fund manager or portfolio manager. 

QIA uses its internal investment management capabilities in areas where it has particular expertise and avails of external investment management resources where appropriate. When external managers are instructed, they are selected based on their risk-adjusted financial performance and following clear policies approved by the Board and the relevant guidelines and procedures thereof.

The main elements of QIA’s investment policy are available on QIA’s website