The Libyan Investment Authority (LIA) has announced that its Board of Trustees has approved the term extension of current Chairman Dr Ali Mahmoud Hassan Mohamed, and the Board of Directors for a further three years.
During the meeting, the Board of Trustees also agreed to increase the size of the Board of Directors from five to seven members. The new members include Mr Ali Salem Bani, Mr Anas Saad Al-Amin and Mr Fahd Jamal Ismail.
According to a press release, this move, along with the extension, reinforces the progress made by the LIA in improving governance, transparency and accountability across the institution, and is a positive indication of stability returning to the fund.
Commenting on the Board of Trustees' decision, Dr Ali Mahmoud said:
"I am delighted to be continuing in my position as Chairman of the Libyan Investment Authority, alongside the rest of the Board of Directors, with the full confidence of the Board of Trustees.
"The LIA is committed to implementing real change and enhancing the way we operate as a sovereign wealth fund. We continue to make good progress, most recently with the completion of the first phase of our comprehensive transformation programme this year, which has already delivered a series of key institutional reforms.
"We look forward to consolidating this progress, starting with the fund's latest asset valuation report which will be released soon and the formal appointment of EY as external auditors."
Earlier this year, the LIA launched an ambitious transformation programme with international management consultancy Oliver Wyman, as part of its broader strategy to protect and effectively manage Libya's assets in line with the best practices of international sovereign wealth funds.
The first phase of this strategic initiative successfully concluded in September, and included the deployment of a new organisational structure, a robust new governance framework, and further integration and cooperation with the international community.
The term of the Board of Directors was due for renewal this year and is part of standard procedure in line with governance laws.