Governance

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).

IFSWF Membership

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.

Santiago Principles

TSFE adheres to the Santiago Principles, which consists of 24 generally accepted principles and practices voluntarily endorsed by the IFSWF.

Responsible Investing

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).

Leadership

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 Madbouly
General Assembly Chairperson
H.E. Eng. Sherif Ismail
Independent General Assembly Member
H.E. Dr. Hala Helmy Elsaid
General Assembly Member. Rep. Ministry of Planning
H.E. Dr. Mohamed Ahmed Maait
General Assembly Member. Rep. Ministry of Finance
Counsellor Mohamed Ahmed Abd el-Wahab
General Assembly Member. Rep. Ministry of Investment
Mr. Rami Aboul Naga
Deputy CBE Governor
Dr. Sadek Wahba
Independent General Assembly Member
Mr. Mohammed Salah Younes
Independent General Assembly Member
Dr. Farouk El Okda
Independent General Assembly Member
Mr. Hussein Choucri
Independent General Assembly Member
Mr. Adel El-Labban
Independent General Assembly Member

Mandate: Approve overall Fund strategy, key guidelines & investment decisions

Members: Formulated by presidential decree No. 234 of 2019, 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 Elsaid
Chairperson
Mr. Hassan El Khatib
Independent Board Member
Mr. Mohamed Abbas Fayed
Independent Board Member
Ms. Neveen El Tahri
Independent Board Member
Eng. Tarek Tawfik
Independent Board Member
Eng. Yehia Zaki
Independent Board Member
Ms. Sherine Hamed El Sharkawy
Representative of Ministry of Finance
Counsellor Mohamed Aba Zeid
Representative of Ministry of Planning & Economic Development
Dr. Mohamed Farid Saleh
Representative of Ministry of Investment

The board of directors has formulated 4 internal committees, namely:

  • Investment committee
  • Remuneration committee
  • Governance & Internal Audit committee
  • Risk and Compliance committee