Overview of the Kuwait Investment Authority
KIA's management reports to the Board of Directors, which consists of four ex-officio members and five members representing the private sector, who are appointed by the Council of Ministers through an Amiri Decree. The Board of Directors appoints a Managing Director (the Chief Executive) from one of the private sector representatives. KIA's Managing Director is Mr. Bader M. Al Sa'ad. The Board of Directors also appoints an External Auditor, who reviews the FGF and GRF. In addition, the Board also appoints a second independent external auditor for review of the funds being managed by KIA. The two external auditors are international accounting firms.
The ex-officio members of the Board of Directors are: - Minister of Finance (Chairman of the Board) - Minister of Energy - Governor of the Central Bank of Kuwait - Undersecretary, Ministry of Finance
In addition to the external auditors, KIA has an Internal Audit Office that reports directly to the Chairman of the Board of Directors. There is also a Board Audit Committee comprising of two private sector Board members. The Board Audit Committee is chaired by the Minister of Finance. The Managing Director is invited to attend the Board Audit Committee meetings as an observer. The State Audit Bureau (SAB) audits KIA on a continuous basis and issues an annual report to the National Assembly. Various Committees of the National Assembly, such as the Finance and Economic Committee, the Budget Committee, the Closing Accounts Committee, and others summon KIA to discuss the comments of the SAB audits. KIA also makes annual closed door presentations on the full details of all funds under its management, including its strategic Asset Allocation, benchmarks and rates of return, to the Council of Ministers as well as to the National Assembly. An Executive Committee of five Board members, of whom atleast 3 are private sector appointees, is formed from the Board. The Chairman of the Executive Committee is the Managing Director. The primary role of the Executive Committee is to assist the Board of Directors in setting strategic goals and objectives of KIA.