LONDON and TRIPOLI, Libya, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The Libyan Investment Authority (LIA), Africa's largest sovereign wealth fund, has announced the conclusion of the first phase of its comprehensive Transformation Programme, a major strategic mechanism for institutional development. The key milestone was marked in the presence of the International Forum of Sovereign Wealth Funds (IFSWF), a global network of close to 40 SWF, and international experts, as well as the directors of its subsidiaries and affiliated investment portfolios.
Phase one of the strategic programme focused on the design and adoption of an operational mechanism to boost working efficiency, ensure internal transparency, control and governance, as well as compliance with the Santiago Principles.
The first phase saw the LIA adopt an organisational structure that meets all set objectives, and better supports its long-term strategy. It also covered the creation and deployment of a comprehensive package of financial and investment policies and regulations, as well as internal control systems that are in line with the best practices of sovereign wealth funds around the world.
As a result, the LIA is now advancing with a clear strategy and well-defined roadmap, with a system in place to measure success and ensure continued progress. Clear authorities, decision making protocols and reporting lines have also been institutionalised.
Following the completion of the first phase of the Transformation Programme, the LIA's compliance rating with the Santiago Principles has climbed to 20 points out of a possible 24 (a substantial increase from just six points in mid-2019).
The implementation of this all-encompassing strategic initiative will enable the LIA to manage its international assets with optimal effectiveness in line with the best practices of international sovereign wealth funds, while operating well within the United Nations' sanctions framework.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69f3aba9-b5c0-4406-b0b5-ff3e87ec476c
