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. The Governing Board has established four sub-committees to oversee the OPEC Fund’s activities:
• The Audit and Risk Management Committee provides a structured and systematic assessment of the overall adequacy and effectiveness of the OPEC Fund’s
• The Ethics Committee assists in addressing matters related to the application of the code of conduct. Following a request by the Governing Board, the OPEC Fund management in 2022 took steps for the establishment of an Administrative Tribunal as supreme committee for dispute resolution. According to the Governing Board’s decision in March 2022, the Administrative Tribunal is fully independent and its judgements will be final.
arrangements for governance, risk management and control;
• The Budget and Strategy
Committee oversees the approval and implementation of the administrative budget;
• The Committee on Development Effectiveness assesses the development effectiveness and impact of the Fund’s operations;
COMPOSITION AS OF DECEMBER 31, 2022
Country
Representatives
Alternates
Algeria
Mr. Abdelkrim Bouzred
Mr. Kamel Meraghni
Ecuador
HE Leonardo Francisco Sánchez Aragón
HE Mireya Del Carmen Muñoz Mera
Gabon
Mr. Jean Jacques Essono Nguema
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Indonesia
Mr. Isa Rachmatarwata
Mr. Kurnia Chairi
Iran
HE Ali Fekri
Mr. Kourosh Taherfar
Iraq
Mr. Khaled Salah Alddin Mohammed Murad
Mr. Bilal Sabbah Hussein
Kuwait
HE Waleed S. A. Al-Bahar
HE Fawaz Al-Adasani
Libya
Mr. Mustafa Ali Keshada
Mr. Tariq A. Al-Tushani
Nigeria
HE Aliyu Ahmed
Ms. Aisha Shehu Omar
Saudi Arabia
HE Dr. Hamad S. Al-Bazai (chair)
HE Mohammed Abdulkarim Aljenaidel
United Arab Emirates
Mr. Majed Ali Omran Alshamsi
Mr. Hammad Al-Zaabi
Venezuela
HE Jesse Alonso Chacón Escamillo
Mr. Eduardo Antonio Ramírez Castro
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