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.
The Board is the governing body of QIA, ultimately responsible for deciding how to implement investment strategies, delegating responsibilities, setting up committees as necessary, appointing, and removing the QIA’s management. The QIA’s Board is subject to supervision from the Supreme Council. The Supreme Council proceeds with its functions related to the investment of the State's reserves by identifying objectives to be achieved from this reserve investment within the State's overall strategy.
The Supreme Council also develops long-term strategy for the reserve investment and annual investments programs.
The QIA, through its Board has all powers and competencies necessary to achieve its mission by:
- Laying down the QIA’s general policies, within the framework of the general policy approved by the Supreme Council;
- Approving the investment programs and projects of QIA and following up on their execution;
- Evaluating the performance of investments in accordance with the set strategies and long-term plans;
- Approving the standards and criteria of investments, as proposed by the Chief Executive Officer;
- Approving the organizational structure of QIA.
- Issuing the HR regulations for the QIA’s Employees, and the regulations for tenders and biddings, and other internal regulations;
- Approving the important policies for the QIA including the governance policies, investment policy, the Risk Management Framework, the policy setting the relationship between the QIA and its subsidiaries, and the policy defining the relationship between the QIA and third parties;
- Approving the annual budget and the closing account of the QIA, and submitting them to the Supreme Council for approval;
- Considering the periodical reports and follow-up reports concerning QIA works, which shall be submitted by the CEO to the Board;
- Submitting the required reports about the activities of the QIA to the Supreme Council; and
- Any other works assigned to it by the Amir or the Supreme Council.