The Sovereign Fund of Egypt is structured with a rigorous governance framework that ensures TSFE processes and procedures are in accordance with industry best practices and follow transparent decision-making processes.
TSFE is supported by leading experts on both the General Assembly and the Board of Directors levels.
TSFE’s governance strategy relies on a key set of standards adopted to ensure a reliable and consistent support framework.
Auditing of Accounts
The auditing of the accounts of the fund is undertaken by two auditors, one of whom is an independent/private sector auditor as chosen by the General Assembly and the other the Central Audit Bureau (Accountability State Authority).
TSFE is a member of the International Forum of Sovereign Wealth Funds (IFSWF), which aims to promote transparency, good governance, accountability, and sustainable investment practices.
TSFE adheres to the Santiago Principles, which consists of 24 generally accepted principles and practices voluntarily endorsed by the IFSWF.
Responsible investing is a cornerstone of TSFE’s investment strategy and part of its commitment to sustainable value creation from assets in Egypt and beyond. TSFE follows the Environmental, Social and Governance (ESG) framework for responsible investing, and is a member of the One Planet Sovereign Wealth Funds (OPSWF).
Mandate: Monitor overall TSFE & Board performance
Members: Formulated by presidential decree No. 235 of 2019 comprised of the Prime Minister (Chair), Minister of Planning & Economic Development, Minister of Finance, Minister of Investment, Deputy Governor of the CBE; 7 independent members who are experts in the financial, economic and legal fields and in management of similar funds
H.E. Dr. Mostafa MADBOULYGeneral Assembly Chairperson
H.E. Dr. Hala Helmy ELSAIDGeneral Assembly Member. Rep. Ministry of Planning
H.E. Dr. Mohamed Ahmed MAAITGeneral Assembly Member
Counsellor Mohamed Ahmed ABD EL-WAHABGeneral Assembly Member. Rep. Ministry of Investment
Mr. Rami ABOUL NAGADeputy CBE Governor
Dr. Sadek WAHBAIndependent General Assembly Member
Mr. Mohammed Salah YOUNESIndependent General Assembly Member
Dr. Farouk EL OKDAHIndependent General Assembly Member
Mr. Hussein CHOUCRIIndependent General Assembly Member
Mr. Adel EL-LABBANIndependent General Assembly Member
Mr. Hesham OkashaIndependent General Assembly Member
Mandate: Approve overall Fund strategy, key guidelines & investment decisions
Members: Formulated by presidential decree No. 382 of 2023, comprised of Minister of Planning & Economic Development (Chair), representative of Ministry of Finance, representative of Ministry of Investment; 5 independent members who are experts in the financial, economic and legal fields and in management of similar funds
H.E. Dr. Hala Helmy ELSAIDBoard Chairperson
Mr. Mohamed Abbas FAYEDIndependent Board Member
Eng. Tarek TAWFIKIndependent Board Member
Eng. Yehia ZAKIIndependent Board Member
Mrs. Lobna HILALIndependent Board Member
Mr. Nidal El-Kassem ASSARIndependent Board Member
Ms. Sherine Hamed EL SHARKAWYRepresentative of Ministry of Finance
Counsellor Mohamed ABA ZEIDRepresentative of Ministry of Planning & Economic Development.
Mr. Waleid GAMALELDIENRepresentative of Ministry Investment.
The board of directors has formulated 4 internal committees, namely:
- Investment committee
- Remuneration committee
- Governance & Internal Audit committee
- Risk and Compliance committee