OPEC Fund Annual Report 2024

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

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