The board of trustees at the Libyan Investment Authority (LIA) has approved a three-year term extension for its current chairman, Ali Mahmoud Hassan Mohamed, and the board of directors.
The sovereign wealth fund will also add two more directors to the board which now comprises seven members.
“This move, along with the extension, reinforces the progress made by the LIA in improving governance, transparency and accountability across the institution, and is a positive indication of stability returning to the fund,” stated the LIA.
The fund also plans to release its latest asset valuation report before the year-end.
Earlier this year the LIA appointed EY as external auditors and also engaged management consultant Oliver Wyman as part of an operational strategy to bring its practices in line with other sovereign wealth funds.
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