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GOVERNANCE

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GOVERNANCE AND TRANSPARENCY

At SGRF, we believe that success can only be achieved by gaining trust and building a name that is linked to transparency and governance. This is particularly true if such name is supposed to shoulder the responsibility of providing a decent life for the Sultanate's future generations as well as those living on its good soil.


In light of this, SGRF has taken a number of steps that create a solid internal foundation to maintain high levels of governance and transparency. The most notable step taken towards achieving this goal is the issuance of Authorities and Responsibilities Manual, and the investment manual in 2013, which draws the roadmap for each department in SGRF in order to prevent any conflict of responsibilities or undesired overlap between the authorities granted to each department, and to maintain the integration between the duties of departments in a manner that achieves SGRF objectives.


In addition to the above, SGRF adopted the Code of Business Conduct. It is a guide for all SGRF staff outlining the ethics and behaviours, which an SGRF employee should emulate, as they reflect SGRF integrity. The goal behind this is to gain the trust of whom SGRF is deals with. The Whistle Blowing system was also introduced to report any violations and take appropriate actions in a manner that preserves the rights for all parties.


SGRF Management has been working towards updating and improving SGRF governance frameworks to keep pace with the requirements of the age and achieve a better operational and investment performance. It also aims to realize the goals entrusted with the fund, pursuant to Royal Decree No. 1/80, and its amendments, to establish the sovereign wealth Fund.


SGRF applies the best international practices in the area of governance to guarantee the enforcement of an effective and flexible system that interacts with the requirements of each stage without contravening the existing laws.


The governance structure of SGRF consists of a set of executive, administrative and regulatory levels that include SGRF regulative body represented by the Financial Affairs and Energy Resources Council (FAERC), SGRF Board of Directors and the Executive Team responsible for managing the SGRF operations including the Audit Committee, the Management Committee, the Investment Committee, the Human Resources Committee, Tenders Committee, and the Information Technology Committee.


CORPORATE GOVERNANCE MANUAL

SGRF has recently issued corporate Governance Manual. This Manual contains an elaborate account of the tasks to be carried out by each of the SGRF units as well as integration between such units. It also contains the FAERC's scope of competences in its capacity as the SGRF's Regulative Body as well as those of SGRF Board and executive and administrative apparatus. The aim behind this is to prevent any conflict of powers between the Regulative Body, FAERC and the Executive Team and to ensure smooth and effective performance. The Manual also contains the tasks of the Management Committees, Human Resources, Investment Committee, Tenders, Risk Management, mechanisms for selecting their members and the documentation of the meetings of various committees to facilitate the performance monitoring process and transparency.


WHISTLE BLOWING POLICY

In 2014, SGRF launched the Violations Reporting System. It is one of SGRF's multiple lines of defence. The System has a high level of confidentiality to hide the identity of the reporter. The launching of this System came as a result of SGRF members' strong belief in the importance of their standing together to prevent any of SGRF staff from committing wrong practices that may damage SGRF's reputation or jeopardize its financial status. The system allows the reporter to describe certain incidents or employees who break the work systems or the procedures applicable at SGRF, whether the same has to do with financial transactions like tenders and investments or administrative operations. Based on such reports, an independent committee carries out an internal investigation and then refers its report to the competent authorities.


INTERNAL AND EXTERNAL AUDIT

To ensure transparency and achieve the best control of its transactions, SGRF goes through three different auditing stages. Through the Internal Audit Committee, the financial statements as well as SGRF transaction-related data are drawn-up and audited. Besides, SGRF Board puts up its recommendations relating to the appointment of an independent auditor to the FAERC for approval of the same. The SGRF is subject to be audited by the State Audit institution (SAI), an independent regulative body that oversees the performance of different government authorities in the Sultanate and presents its unbiased notes on the financial performance, investments and other SGRF transactions to ensure its compliance with the laws and regulations


AUDIT COMMITTE MEMBERS

HIS EXCELLENCY SAUD BIN NASSIR AL-SHUKAILY
Chairman

H.E. Saud bin Nassir Al-Shukaily serves as the Chairman of the Audit Committee of SGRF. Mr Al-Shukaily is the Secretary General for Taxation at Ministry of Finance and has over 21 years of experience in Taxation, Revenue and Investments and has served on numerous Boards and Audit Committees in his extensive career.


Mr Al-Shukaily has an in depth understanding of taxation, investments, auditing and the associated regulatory issues, with specific experience in government bodies, investment and large public sector organizations. Mr Al-Shaukaily is also the Deputy Chairman of Qatari Oman Investment Company


Mr. Al Shukaily holds a BS in Business Administration from University of South Carolina, and an MA in Development Management from the American University.


MR. ALI MOHAMMED REDHA JAFFAR

Mr. Ali Mohammed Redha Jaffar is the Director General of Treasury & Accounts at the Ministry of Finance and has been a member of the Audit Committee of SGRF since 2015. Mr Jaffar has a Masters in Accounting and Development Finance from the University of Birmingham and has over 20 years of experience in various senior roles in the government. He serves on several boards in Oil & Gas, manufacturing, banking, investment and service sector companies in Oman and the GCC.


Mr. Jaffar serves as a Director at Oman Oil Refineries and Petroleum Industries Company (Orpic), Oman International Container Terminal , The Arab Fund for Economic and Social Development (the Arab Fund), The Arab Investment Co. SAA and Majan Glass Company S.A.O.G


MR. MUSALLAM BIN MOHAMMED AL BARAMI

Mr. Musallam bin Mohammed Al Barami is the Director of Investment Reports & Data at the Ministry of Finance. Mr. Barami has been a member of the Audit Committee of SGRF since 2015. Mr. Barami has a B.S in Finance from Sultan Qaboos University (College of Economics and Political Science). Mr. Barami also has an International certification in IC3 (Internet and Computing Core) and Diploma in International Accounting from the Netherlands.


Mr. Barami has worked in various roles in the Ministry of Finance in the Investment Directorate function and elevated to head the Investment Reports & Data function. Mr. Barami has expertise in Financial Analysis, Budgeting, Investments and IFRS and also is a member of a committee that aims to protect Investments of GCC member nations.


Mr. Barami is also on the Audit Committee of Oman Investment Fund (OIF) and on the Board of Oman Flour Mills.


MR. SUNIL RAYKAR

Mr. Sunil Raykar is the Financial Advisor in the Directorate General of Investments at the Ministry of Finance and a member of the Audit Committee of SGRF. Mr Raykar is a Fellow of Institute of Chartered Accountants (FCA) of India and also a Certified Public Accountant (CPA) from the United States. Mr.Raykar advises various authorities within the Ministry of Finance in relation to key revenue, investment, privatization, accounting and financial matters. He lends his expertise by dealing with various industries and local institutions in Oman covering various economic sectors including financial & economic affairs, taxation, tourism, ports & free zones, transportation, infrastructure & utilities, banking & investment and securities market. He also represented the Ministry of Finance as a key team member in privatization programs via IPOs and investment divestments of Government stakes in major companies in Oman.


Prior to joining the Ministry of Finance, Mr. Raykar served in Senior Finance roles in various leading investment companies and banks in Oman. He also held positions with a Big 4 Audit firm in Oman and audited large private institutions and government entities.


Mr. Raykar is the Chairman of the Audit Committee and Board Member of Al Ghobra Power & Desalination Co. SAOC and a member of the Audit Committee of Oman Investment Fund.


IFSWF

The State General Reserve Fund (SGRF) is a member in the International Forum of Sovereign Wealth Funds (IFSWF) since April 2015.


Founded in 2009, IFSWF is a voluntary group of Sovereign Wealth Funds (SWFs) which meets to exchange views on issues of common interest and to facilitate adoption by members and a greater understanding of the Santiago Principles and SWF activities internationally. The Forum operates in an inclusive manner and facilitates communication among SWFs as well as with recipient country officials and representatives of multilateral organizations and the private sector.



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