The Board monitors the performance of the Bank's businesses and guides and supervises the Bank's management. Hareb Al Darmaki Joined the Abu Dhabi Investment Authority in June 1976 as Director, Bond & Equity Department. Ms. Ghobash holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania in the United States of America. Board Of Directors; CEO's Message; Staff. Mr. Al Badi has more than 35 years of experience in the government and private sector. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. The scope of the audit is agreed between the Audit Committee and the auditor. Previously, she was Vice-Chairperson of Aldar Properties and Invest AD. Amr Al Menhali has a proven executive management track record with over 22 years of experience across a number of leadership positions in the financial sector such as the CEO of Al Hilal Bank (previously) and Waha capital. In 2006, while at Mubadala, at the direction of the UAE leadership, he helped establish Masdar, Abu Dhabis pioneering renewable energy initiative, and served seven years as its CEO, guiding its global contribution to clean technology and sustainable development. He was part of the high-profile team that was behind the launch of Area 2071, the nucleus of the future envisioned in the UAE Centennial Plan 2071. In addition to his roles at ADIA and Gulf Capital, Mr. Al Darmaki holds multiple board roles, including Chairperson of Neue Privat Bank (Middle East), Board and Committee Member at Emirates Investment Authority. All three functions cover all banking activities in general and key risk areas in particular. The Board's Audit Committee reviews audit reports periodically and particularly where significant violations to the applicable regulations, prescribed policies and procedures have occurred. Monitoring by the Central Bank is undertaken by way of regular inspections of banks and their records and the requirement for regular submission of data including credit data and anti-money laundering measures. [5] The goal was to invest the Abu Dhabi government's surpluses across various asset classes, with low risk. ADIAs Managing Director has responsibility for implementing ADIAs strategy and its investment and operational activities. The Board has adopted a rolling agenda to ensure that each of its responsibilities is satisfied on a periodic basis, and considers other agenda items on an 'as required' basis. Dr. Tariq Bin Hendi was recently the Chief Investment Officer of Group 42 (G42). Board Member, Ely Lilly Foundation, Indianapolis, IN, USA. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. He was previously elected by ADCB shareholders to join the ADCB Board of Directors in March 2009 and was re-elected by the ADCB shareholders to join the ADCB Board of Directors in 2022. | Advanced search It will be backed by a major commitment from the Authority. This is a profile preview from the PitchBook Platform. The most relevant comments from the evaluation are presented to the Board, in the form of an action list, and its implementation is monitored by the Board's Nomination, Compensation, HR & Governance Committee. The Bank complies with the independence requirements of the Central Banks Corporate Governance Regulation and Standards for Banks (Circular No.89/2019 dated 18th July, 2019) and the Securities & Commodities Authority (SCA) Chairmans Resolution No.3/TM of 2020 Regarding the Approval of the Public Join-Stock Companies Governance Guide. The Audit Committee also periodically meets separately with the Banks internal auditors and the external auditor in the absence of management. Investment Leadership Program (ILP) Working at EIA; Media & Resources; . MSc International Securities Investment and Banking (University of Reading, UK) Telephone: +97124190000 PO Box 3235, International Tower, ADNEC Capital Centre, Abu Dhabi United Arab Emirates . The ministry will also enable better integration between industrial sectors, while embedding advanced technology at the center of the nations industrial base. With the initial core team and governance framework in place, we were then entrusted with the custody, management and development of strategic federal assets such as Emirates Integrated Telecommunications Company (du) and Emirates Telecommunications Corporation (Etisalat). All rights reserved. In 2008, ADIA co-chaired the International Working Group of 26 sovereign wealth funds that produced the "Generally Accepted Principles and Practices of sovereign wealth funds" (known as the Santiago Principles). Any proposals for changes are considered by the Nomination, Compensation, HR & Governance Committee prior to obtaining Board and, if necessary, shareholder approvals. [6] ADIA's global portfolio is broken down into sub-funds covering a specific asset class. ADIA Lab, the independent research institute dedicated to basic and applied research in data and computational sciences, commenced operations today, the 51st National Day of the UAE.As part of its launch, the Lab announced the composition of its Advisory Board, the details of its first academic collaborations, and launched a US$ 100,000 research award. Shareholder support Jan Schuster Portfolio Manager - Private Equity Division. The Banks internal controls over financial reporting comprise processes designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles. Mr. Al Mahmood has held senior roles at a number of companies including the Abu Dhabi Investment Authority (ADIA), and was also Chief Executive Officer, Managing Director and a board member of the development and investment company Al Qudra Holdings. Mansour bin Zayed chairs meeting of EIA Board of Directors. According to the Sovereign Wealth Fund . The Abu Dhabi Investment Group (ADIG) is an investment arm of the Bin Aweidha Corporation Holding, Established in 1968, Based in Abu Dhabi, With Capital 1 Billion USD. In his capacity as Minister of Cabinet Affairs and The Future, Al Gergawi led the development of the UAE National Agenda and Future Foresight Strategy. The Emirates Investment Authority (EIA), an authority owned by the Federal Government, was established through Federal Decree Law No. Board of Directors | Abu Dhabi Investment Group Leadership Board Of Directors Sheikh Dr.Majid bin Saeed Al Nuaimi Chairman As nephew and son in law of Ajman ruler he played a major role in the development of UAE from a desert to an oasis. He has also been Chairman of Emirates Financial Services. All audits are conducted in accordance with the annual audit plan, which is approved by the Audit Committee, and which may be broadened, as circumstances require. The board members currently serve for a period of three years, and can be renewed. In the year 2005, Abu Dhabi Investment Company purchased 51 percent of shares of Massar (Company) from Abu Dhabi Power Corporation, a subsidiary of Abu Dhabi Water & Electricity Authority. Its responsibilities also include reviewing the appropriateness and effectiveness of the Group's risk management systems and controls, reviewing the outcome of stress tests and the Bank's stress-testing methodology, overseeing the Management Risk Committees and ensuring that the Bank's risk governance is supportive of prudent risk-taking at all levels in the Bank. He holds a Bachelors Degree in Economics from Northeastern University of Boston, Massachusetts, U.S.A. Mr. Mohamed Hadi Al Hussaini is the Chariman of Emirates Integrated Telecommunications Co. PSJC, and currently he sits on the board of Emirates NBD, Em. Prior to his appointment, H.E. Directors access to independent professional advice policy (PDF), Procedures for selection and appointment of the Banks Directors, Procedures for selection and appointment of the Banks Directors Flowchart (PDF), Board performance evaluation policy (PDF), Directors' conflicts of interest policy (PDF), Abu Dhabi Executive Affairs Authority, Chairman (2006), UAE, Emirates Nuclear Energy Corporation, Chairman (2009), UAE, Emirates Global Aluminium PJSC, Chairman (2014), UAE, City Football Group Limited, Chairman (2008), UK, Abu Dhabi Executive Council, Member (2006), UAE, UAE Supreme Council for Financial & Economic Affairs, Member (2020), UAE, Abu Dhabi National Oil Company, Member (2021), UAE, AlNowais Investments LLC, Chairman (2016), UAE, Rotana Hotels and Real Estate Investment, Member (2006), UAE, Abu Dhabi National Hotels PJSC, Non-Executive Director (2009), UAE, Abu Dhabi National Takaful Company PSC, Vice-Chairman (2008), UAE, Manazel Group, Non-Executive Director (2009), UAE. As a distinguished economist he became one of the top corporate turnover specialists and the most influential player in the history of UAE financial markets. ADIA has robust governance standards with clearly defined roles and responsibilities that ensure accountability. In addition, he also served as Chairman of Waha Investment PrJSC, Waha Land LLC and Anglo Arabian Healthcare LLC). Abu Dhabi Investment Authority (ADIA) is a public institution established in 1976 by the Government of the Emirate of Abu Dhabi as an independent government investment institution. With a joint MBA from London Business School and Columbia, he then joined Mubadala in the UAE sovereign wealth sector. G42 is oriented to development of AI industries in the government sector, healthcare, finance, oil and gas, aviation and hospitality. Board Of Directors; CEO's Message; Staff. The Abu Dhabi Investment Authority (ADIA) is a major purchaser of U.S. institutional real estate through various sub-entities. He serves on the board of Emirates Global Aluminum-the fifth largest aluminum company in the world. ADIA is a public institution established by the Government of the Emirate of Abu Dhabi in 1976 as an independent investment institution. Staff. Collectively, the Board possesses knowledge, experience and skills appropriate for the Bank. Dr. Al Jaber has initiated a program of increased efficiencies, strengthened ADNOCs overall performance and fostered a more commercial mindset. Chief Financial Officer, Private Equities Department, Youre viewing 5 of 29 commitments. DISTINGUISHED LEADERSHIPBoard of Directors Mr. Hareb Al Darmaki Co-founder and Chairperson of the Board H.E Hareb Al Darmaki is Co-Founder and Board Chairperson of Gulf Capital. This enabled us to assume the dual roles of a trusted advisor to the Federal Government as well as a highly efficient and capable investment manager of the UAEs sovereign wealth. ADIA's Board of Directors meets periodically, as required for the establishment and review of ADIA's strategic policy, as part of its oversight of ADIA. ADIA conducts its investment activities without reference to the Government of Abu Dhabi and has no visibility on the spending requirements of the Government or the activities of other Abu Dhabi-owned investment entities. BSc Finance (Suffolk University, USA). Last edited on 23 February 2023, at 20:27, Bank of Credit and Commerce International, International Forum of Sovereign Wealth Funds, "Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets", "Gulf sovereign wealth funds among world's least transparent", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Cash-Rich, Publicity-Shy, Abu Dhabi Fund Draws Scrutiny", "Money and mystery: Adia unveils its secrets", "Generally Accepted Principles and Practices (GAPP)Santiago Principles", https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund, "The Abu Dhabi Investment Authority is a Buyer of Hotels Sovereign Wealth Fund Institute", "Abu Dhabi Power to take control of TAQA in asset swap", "Abu Dhabi Investment Authority Publishes 2012 ADIA Review", "Sheikh Ahmed Bin Zayed Al Nahyan: 1969-2010", "H.H. [12] ADIA also invests in development projects including malls. In line with the above, the Bank has determined that, (a) Board members employed by Abu Dhabi Investment Council, the Government of Abu Dhabi's Department of Finance or Abu Dhabi Investment Authority should be classified as independent directors, (b) the Bank's Board contains a majority of independent directors, and (c) each of the Bank's Board committees contains a majority of independent directors. ADIAs investment departments are responsible for building investment portfolios within the parameters set for them through the asset allocation process. in Business Administration. One-third of the Board will seek re-election on an annual basis. Board of Directors Corporate Governance Board of Directors H. E. Khaldoon Khalifa Al Mubarak CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR) Read more H. E. Hussain J. AlNowais VICE CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR) Read more Khaled H. Alkhoori INDEPENDENT, NON-EXECUTIVE DIRECTOR Read more Khalid Deemas Alsuwaidi NON-EXECUTIVE DIRECTOR Overall between 70% and 80% of the organization's assets are managed outside, and over the last few years the fund has become more indexed which given its unique asset liability structure is somewhat perplexing. The core mandate of the ministry is to increase industrial competitiveness and help drive economic growth by catalyzing the diversification of the UAEs economy. He is the Founding Member and Chairman of AlNowais Investments. The Board maintains awareness of the other commitments of its Directors and is satisfied that these do not conflict with their duties and time commitments as Directors of the Bank. Copyright 2023 ADCB. Abu Dhabi Investment Authority 's most notable . [12] ADIA also invests in development projects including malls. in Economics and Politics from Bristol University, and obtained an M.A. Combining extensive experience in both the public and private sector, he was responsible for overseeing, developing and enhancing strategic geopolitical, social and economic partnerships with several nations. The Group Chief Internal Auditor functionally reports to the Audit Committee and to the Group Chief Executive Officer on administrative and day-to-day matters. The Board of Directors of the Emirates Investment Authority consists of a group of distinguished and accomplished individuals, led by His Highness Sheikh Mansour Bin Zayed Al Nahyan as its Chairman. H.E. View Biography Based in London, he played the lead operating role in the Firms investment in SPIE and served as chairman of the supervisory board of Rexel during CD&Rs ownership of the company from 2005 to 2014. The Bank is subject to five main sources of regulation and supervision: Directors' remuneration is set annually by the Board following delegation from the Bank's shareholders. Our support department structure has developed over many years to ensure that the business continues to operate efficiently at all levels in pursuit of ADIAs investment goals. Their most recent diversity investment was on May 6, 2021, when Charter Next Generation raised Abu Dhabi Investment Authority has had 22 exits. H.E. [6][citation needed], In the Bank of Credit and Commerce International scandal of the 1990s, ADIA reportedly lost hundreds of millions of dollars. Its primary directive is to manage the sovereign wealth of the UAE by investing in a diversified portfolio of assets in key economic sectors and industries with the aim of delivering sustained financial gains for the UAE. Eissa Al Suwaidi holds the post of Chief Executive Officer at Abu Dhabi Investment Council, United Arab Emirates. As a custodian of the Federal assets of the United Arab Emirates, the EIA is mandated to strategically invest funds allocated by the Federal Government to create long-term value for the UAE and contribute to the future prosperity of the country. Previously, Dr Bin Hendi was the Director General of the Abu Dhabi Investment Office (ADIO) since October 2019. FAB's Board of Directors have huge and various experiences in different fields and domains giving the bank a strong stand. BSc Business Management (University of Sussex, UK). Its board of directors, which is made up of members nominated by the two companies, is responsible for directing the company's independent strategy and developing its business. During his tenure, Dr. Al Jaber oversaw the completion of Khalifa Port, Abu Dhabis flagship, fastest growing deep water port as well as Khalifa Industrial Zone Abu Dhabi (KIZAD), Abu Dhabis first integrated trade, industrial and logistics free zone. Our investment portfolio approach was broken down into two distinct and focused investment groups: Strategic Assets and Asset Management groups: Strategic Assets and Asset Management. These investment departments, which invest across multiple geographies, have discretion over the origination and recommendation of investment proposals. [13] In 2019, Dr. Al Jaber received a lifetime achievement award from his Excellency the prime minister of India, Narendra Modi, for his contributions to energy security, building bridges to emerging Asian economies and for reshaping traditional energy business models. Reporting to H.H., the Managing Director his current responsibilities at ADIA include asset allocation, portfolio management and strategic decisions. Prior to CD&R, he served as CEO of BBA Group plc from 1993 to 2001, leading the successful restructuring and reorganization of the company, and continued to serve as chairman from 2001 to 2006. Abu Dhabi Investment Authority - ADIA: A government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates. He was also responsible for all Treasury activities including Mubadalas bond issuances and project financing. ABU DHABI, H.H. 13 of 2009. H.E. H.E. Executive Director of the Institute of Multi-Cultural Studies, University of Denver, Colo, USA. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. 2023 Gulf Capital. She also served on the boards of National Bank of Abu Dhabi, Al Hilal Bank and National Takaful Co. Watania and was a Director in the Global Special Situations Department at the Abu Dhabi Investment Council. Mr. Quarta has been a Partner at CD&R for 21 years and is chairman of CD&R Europe. Even today, investment in short-term paper remains the strategy for the vast majority of countries. ADCB has implemented a Directors' conflicts of interest policy. ABU DHABI, Under the patronage of H.H. It is primarily involved in the establishment of Abu Dhabi National Bank 1968, and working in multiple sectors such as Banking, Financial services as well as Insurance services and manages investments.