OIA ranks second globally in development of governance, sustainability performance

Muscat: Oman Investment Authority (OIA) has ranked second globally in the Governance and Sustainability Performance Index.

Oman Investment Authority ranked second in the world in the index of the development of governance and sustainability performance between 2022 and 2023, with an increase of 28 percent, compared to 200 global sovereign funds, according to a new report issued by the Global SWF platform.

This comes as an affirmation of the Oman Investment Authority interest in international norms and principles, its commitment to the principles and rules of governance and transparency, and its fulfillment of the disclosure principles and practices issued by the International Forum of Sovereign Wealth Funds.

The platform report indicated that the Authority seeks to achieve operational excellence and draw the identity of a global institution, especially after its establishment in 2020 by merging two different institutions: the State General Reserve Fund and the Oman Investment Fund.

The report stated that the data issued by the Authority sheds light on investments and their strategies, the exit plan and governance, and it shows that the Authority is in the process of forming a new framework in line with the goals of sustainable development.

Oman Investment Authority adheres to a large set of Santiago Principles issued by the International Forum of Global Sovereign Wealth Funds represented in unified procedures and standards related to the nature of the work of these funds and their objectives, and defining a framework that accurately reflects the requirements of disclosure, transparency, governance, accountability and risk management, with the Authority conducting a continuous evaluation process for this commitment in cooperation with the Forum

The Authority works to keep pace with the latest requirements in the governance system, and to achieve better operational and investment performance by constantly updating and improving governance frameworks, and applying international best practices in this aspect, which means its ability to implement an integrated, flexible and effective system.

The governance framework of the Authority consists of a set of executive, administrative and organisational levels, to ensure the achievement of the highest standards of governance, transparency, sustainability and business flexibility applied in global sovereign funds.