04 | THE ORGANIZATION – 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 Board is responsible for the conduct of the OPEC Fund's general operations. It stipulates, in particular, policies with regard to the use of the OPEC Fund's resources and usually meets four times a year.
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. Isa Rachmatarwata
Mr. Robi Toni
Iran
HE Ali Fekri
Dr. Hossein Kashiri
Iraq
HE Taif Sami Mohammed
HE Masood Hayder Rustum
Kuwait
HE Waleed S. A. Al-Bahar
HE Fawaz Al-Adasani
Libya
Mr. Mustafa Ali Keshada
Mr. Tariq A. Al-Tushani
Nigeria
Mr. Okokon Ekanem Udo
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
HE Jesse Alonso Chacón Escamillo
Mr. Eduardo Antonio Ramírez Castro
As of December 31, 2023
The Governing Board has established four sub-commit- tees to oversee the OPEC Fund’s activities:
• The Ethics Committee assists in addressing matters related to the application of the code of conduct.
• The Audit and Risk Management Committee provides a structured and systematic assessment of the overall ad- equacy and effectiveness of the OPEC Fund’s arrange- ments for governance, risk management and control;
Following a request by the Governing Board, OPEC Fund management in 2022 took steps for the establishment of an Administrative Tribunal as supreme committee for dispute resolution. The new judicial body became opera- tional in January 2023, when the five independent judg- es met for their inaugural meeting. The tribunal serves as the final, independent recourse for the resolution of employment disputes.
• The Budget and Strategy Committee oversees the ap- proval and implementation of the administrative budget;
• The Committee on Development Effectiveness assesses the development effectiveness and impact of the Fund’s operations;
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