Libyan Investment Authority Board of Trustees Approves 3-Year Extension of Chairman and Directors’ Term
Posted on 11/25/2020
The Libyan Investment Authority (LIA) disclosed that its Board of Trustees has approved the term extension of current Chairman Dr Ali Mahmoud Hassan Mohamed, and the Board of Directors for a further three years. The term of the Board of Directors was due for renewal this year and is part of standard procedure in line with governance laws.
According to the press release, “During the meeting, the Board of Trustees also agreed to increase the size of the Board of Directors from five to seven members. The new members include Mr Ali Salem Bani, Mr Anas Saad Al-Amin and Mr Fahd Jamal Ismail. This move, along with the extension, reinforces the progress made by the LIA in improving governance, transparency and accountability across the institution, and is a positive indication of stability returning to the fund.”
LIA plans to release its latest asset valuation report. Earlier LIA revealed it hired EY as external auditors.
Earlier in 2020, the LIA moved with a transformation program with international management consultancy Oliver Wyman, as part of its broader strategy to protect and effectively manage Libya’s assets in line with the best practices of international sovereign wealth funds.
