Muscat: Oman Investment Authority (OIA) ranked second in the world in the index of development of governance and sustainability performance between 2022 and 2023. It posted 28% improvement in its accomplishments, compared to 200 global sovereign funds.
This was unveiled in a new report issued by the International Forum of Sovereign Wealth Funds (IFSWF) in its platform, which affirms OIA’s keenness to abide by international norms and principles of governance and transparency practices endorsed by IFSWF.
The report indicates that OIA seeks to achieve operational excellence and develop a global identity, notably after its emergence as a merger of the State’s General Reserve Fund and the Oman Investment Fund.
The report notes that the data issued by OIA highlights investments and their strategies and an exit plan. It explains that OIA is in the process of devising a new framework that corresponds to the goals of sustainable development.
The Oman Investment Authority adheres to a large proportion of Santiago Principles issued by the IFSWF. These comprise unified procedures related to the nature of functions of funds and their objectives. They define a standard structure that accurately reflects the requirements of disclosure, transparency, governance, accountability and risk management.
The OIA conducts regular assessment of its commitment to such criteria through its cooperation with the IFSWF. It aspires to keep pace with the latest governance requirements and achieve better operational and investment performance by applying the best international practices in the field. This qualifies the OIA to introduce an integrated, flexible and practical system.
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