SSIF has crucial role in fostering economic growth and sustainable practices, says CEO

[03-12-2023 12:55 PM]

Ammon News - The Social Security Investment Fund (SSIF) plays a crucial role in promoting economic growth and enhancing the business environment by institutionalizing corporate governance and sustainable development principles and practices, said the CEO of SSIF, Ezzeddin Kanakrieh.

The remark came during the eighth forum for corporate governance, organized by the SSIF and the Central Bank of Jordan (CBJ) on Sunday, in the presence of Social Security Corporation (SSC) representatives in companies and banks' boards of directors.

Kanakrieh noted that the SSIF has been conducting forums over the years to discuss different aspects of institutional governance, with plans to specialize further in the future. The current forum specifically targeted representatives on the boards of directors of banks in which the SSC holds a strategic ownership stake. Approximately 44 percent of SSIF's general contributions portfolio is invested in the banking sector.

During the session, which hosted an expert from CBJ, Kanakrieh praised CBJ's role in strengthening corporate governance practices, enhancing banking sector resilience, and stabilizing monetary policy.

He emphasized the importance of the current partnership between the SSIF and the CBJ, which is aimed at strengthening the national economy by establishing a robust institutional system for banks, which is designed to ensure the financial stability of banks and the long-term sustainability of their operations. In addition, he highlighted the role that banks play in achieving societal and environmental sustainability.

The forum also tackled CBJ's instructions on corporate governance for banks, highlighted the crucial role of a bank's board of directors in shaping the bank's objectives, policies, and strategic plans, emphasized the importance of developing policies that focus on the bank's responsibility towards protecting the environment and society, and underscored the need for the board of directors to monitor the performance of executive management in achieving the bank's financial and operational objectives.

The SSIF's investment in the banking sector is a significant part of its portfolio. It also invests in other sectors such as mining, energy, real estate development, tourism, agriculture, services, industry, and development zones, as well as finances major projects in the health, transportation, and logistics sectors through a financial leasing window.


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