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Manila Bulletin devider Business devider Maharlika finalizes framework for investments, governance structure

Maharlika finalizes framework for investments, governance structure

Published Jul 19, 2024 02:28 am

The Maharlika Investment Corporation, the management that runs the state’s wealth fund, said it has finalized its governance structure, as well as its principles and framework in deciding investments.

 

 

During a meeting presided over by Finance Secretary and MIC Chairperson Ralph G. Recto on Thursday, July 18, the board approved the framework that outlines the policies, strategies, and risk management practices guiding the MIC's investment decision-making and portfolio management.

The framework is a prerequisite for the MIC before proceeding with its investments, as per the Republic Act No. 11954.

The board also approved the MIC board protocol, which covers the procedures for conducting board of directors meetings, its revised implementing rules and regulations, and general principles of good corporate governance.

On the other hand, the MIC said it secured membership in the International Forum of Sovereign Wealth Funds (IFSWF) on July 11, an organization that sets governance standards for sovereign wealth funds worldwide.

The MIC was accepted based on its willingness to endorse voluntarily the Santiago Principles, which are generally accepted principles and practices that ensure the effective operations of sovereign wealth funds globally.

These principles emphasize appropriate governance and accountability arrangements and sound and prudent conduct of investment practices.

The IFSWF membership grants the Philippines access to various privileges, such as international recognition, networking, and peer learning opportunities.

MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. stated that with the membership, the MIC will be allowed to participate in the IFSWF Annual General Meeting, which will be held in Oman, Muscat, from Nov. 3 to 6.

It will engage IFSWF members and financial leaders worldwide in private networking sessions to discuss key global topics impacting investors today.

Present during the meeting were Department of Finance Undersecretary for Privatization and Partnerships Group Catherine L. Fong,  MIC Regular Director Vicky Castillo L. Tan; MIC Independent Directors Atty. German Q. Lichauco II, Andrew Jerome T. Gan, and Roman Felipe S. Reyes; Development Bank of the Philippines (DBP) PCEO Michael O. de Jesus, and Landbank of the Philippines Executive Vice President Carel D. Halog as an alternate board member.

Related Tags

Department of Finance (DOF) MAHARLIKA SOVEREIGN FUND RAFAEL CONSING JR
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