04 | THE INSTITUTION – OUR GOVERNANCE
OUR GOVERNANCE
The OPEC Fund’s governance ensures proper imple- mentation of rules and procedures, accounting data and business processes. The latter are the basis for the OPEC Fund’s efficient operation, fostering a strong risk management culture and providing management and the Governing Board with objective analyses of the OPEC Fund’s activities.
The organization’s founding charter is the Agreement Establishing the OPEC Fund. It outlines the authori- ties and responsibilities of the Ministerial Council, the Governing Board and the President.
Ministerial Council
The OPEC Fund's supreme authority is the Ministerial Council, composed of the Minister of Finance or any other authorized senior representative of the member countries. Each member country is represented on the Ministerial Council. The Ministerial Council issues policy guidelines, approves the replenishment of the OPEC Fund's resources,
ratifies the appointment of the President, approves audited financial statements, authorizes the administration of special funds and takes major policy decisions such as regarding the long-term strategy. The Ministerial Council holds one annual session and elects one of its members to serve as chair for a period of one year.
Country
Representatives
Algeria
HE Laaziz Djamel Faid
Ecuador
HE Juan Carlos Vega Malo
Gabon
HE Mays Mouissi
Indonesia
HE Sri Mulyani Indrawati
Iran
HE Dr. Abdolnaser Hemmati
Iraq
HE Taif Sami Mohammed
Kuwait
HE Eng. Noora Sulaiman Salem Al Fassam
Libya
HE Dr. Khalid Al-Mabrouk Abdalla Al-Mabrouk
Nigeria
HE Adebayo Olawale Edun
Saudi Arabia
HE Mohammed Al-Jadaan
United Arab Emirates
HH Sheikh Maktoum Bin Mohammed Al Maktoum HE Mohammed Bin Hadi Al Hussaini (chair)
Venezuela
HE Dr. Anabel Pereira Fernández
66
Powered by FlippingBook