OPEC Fund Annual Report 2024

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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