IIF succesfully achieved key institutional and organizational improvements that have enhanced its governance practices
The implementation of GCG in IIF is demonstrated through a comprehensive assessment on the roles and composition of committees that provide governance support to the BoC and BoD in carrying out their duties and responsibilities.
Committees under Board of Commissioners :
1. AUDIT COMMITTEE
The Audit Committee was formed by the BoC to support the supervisory function, primarily in dealing with internal control, accounting policy, financial reporting, and internal and external auditors.
2. INVESTMENT COMMITTEE
3. RISK OVERSIGHT COMMITTEE
The Board of Commissioners – Investment Committee (BoC-IC) was formed to provide a supervisory function, in particular in dealing with IIF’s investment proposals, portfolio and strategies.
4. NOMINATION AND REMUNERATION COMMITTEE
The committee is formed by IIF’s Shareholders and the BoC to support the supervisory function, primarily in providing oversight of the risk management issues of IIF on behalf of the BoC.
This committee is to recommend the remuneration for the members of the Board of Directors and Independent Commissioners and also to set forth general remuneration policies for the Company’s staff.
Committees under Board of Directors :
1. The Board of Directors – Investment Committee
The Board of Directors – Investment Committee (BoD-IC) is responsible mainly to review, consider and make decisions on all investment proposals for IIF to be recommended to the BoC-IC.
2. The Assets & Liabilities Committee
3. Risk Management Committee
The Assets & Liabilities Committee (ALCO) was established in December 2013 by the BoD to actively monitor the risk and management of funds and other resources, primarily in managing market risk and liquidity risk.
In order to actively monitor the risk management over IIF’s business activities as well as to provide recommendations in formulating risk management policies and strategies for IIF, it is required to establish the Risk Management Committee of the Board of Director.