04 | THE INSTITUTION – OUR GOVERNANCE
Governing Board
The Governing Board is composed of one representative and one alternate from each member country. Subject to directives issued by the Ministerial Council, the Governing Board is responsible for the conduct of the OPEC Fund's general operations, including reviews and approvals of the business plan and budget, new loans,
policies and regulations. It stipulates, in particular, poli- cies with regard to the use of the OPEC Fund's resources and meets four times a year. In January 2024, the Governing Board convened for its inaugural retreat and provided management with guidance for the Strategy Review and Update.
Country
Representatives
Alternates
Algeria
Mr. Hadj Mohammed Seba
Mr. Kamel Meraghni
Ecuador
Ms. Ana Cristina Avilés Riascos
HE Mireya Del Carmen Muñoz Mera
Gabon
Mr. Jean Jacques Essono Nguema
-
Indonesia
Mr. Suminto
Mr. Tormarbulang Lumbantobing
Iran
HE Dr. Abolfazl Kodehei
Dr. Hossein Kashiri
Iraq
HE Taif Sami Mohammed
HE Rebaz Mohamad Abdulla
Kuwait
HE Waleed S. A. Al-Baher
HE Fawaz Al-Adasani
Libya
Mr. Mustafa Ali Keshada
Mr. Tariq A. Al-Tushani
Nigeria
Mrs. Lydia Shehu Jafiya
Mr. George Nyeso Stanley
Saudi Arabia
HE Dr. Hamad S. Al-Bazai (chair)
HE Mohammed Abdulkarim Aljenaidel
United Arab Emirates
Ms. Thuraiya Hamid Alhashmi
Mr. Hammad Essa Al-Zaabi
Venezuela
Mr. Román Daniel Maniglia Darwich
Mr. Eduardo Antonio Ramírez Castro
As of December 31, 2024
The Governing Board has established four sub-commit- tees to oversee the OPEC Fund’s activities:
• The Budget and Strategy Committee oversees the approval and implementation of the administrative budget.
• The Audit and Risk Management Committee provides a structured and systematic assessment of the overall adequacy and effectiveness of the OPEC Fund’s arrangements for governance, risk management and control.
• The Committee on Development Effectiveness assesses the development effectiveness and impact of the OPEC Fund's operations.
• The Ethics Committee assists in addressing matters related to the application of the code of conduct.
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