Sun 27-12-2020 19:29 PM
ABU DHABI, 27th December, 2020 (WAM) -- In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law to establish the Supreme Council for Financial and Economic Affairs, to oversee all matters related to the emirate’s financial, investment, economic, petroleum and natural resources affairs.
The law stipulates that the Chairman of the council is the Ruler of Abu Dhabi, and the Vice-Chairman is the Crown Prince of Abu Dhabi.
The council is the entity responsible for organising, setting and approving public policies for Abu Dhabi in relation to all financial, investment, economic, petroleum and natural resources affairs. Its mandate includes supervising the performance of the relevant entities to ensure compatibility with the general direction and plans approved by the council and the emirate’s leadership.
The council will work primarily and directly with the Department of Finance, the Abu Dhabi Investment Authority, Mubadala, ADNOC, ADQ, and other entities within the scope of the council's mandate. The Supreme Petroleum Council’s regulatory powers will be merged with those of the Supreme Council for Financial and Economic Affairs. The Supreme Petroleum Council’s members will continue to exercise their role as ADNOC’s board members until the appointment of a new board of directors.
The Supreme Council for Financial and Economic Affairs’ methodology will allow the boards of the relevant entities the corporate autonomy to develop their strategies, which are then approved by the council.
It also allows them the independence to develop, approve and implement their annual plans. This aims to cement a culture of governance that depends on clear and centralised policies and performance monitoring, and at the same time ensures independence and accuracy in delivery and execution.
The establishment of the council confirms the leadership’s commitment to reinforce the pioneering role played by the sovereign wealth funds and other financial and investment entities in Abu Dhabi’s development, and serves as a proactive step to establish a comprehensive and sustainable financial, investment and economic system that preserves Abu Dhabi’s financial and economic position in the future.