Strengthening International Ties through Strategic Partnerships
The Maharlika Investment Corporation (MIC) has recently entered into a significant memorandum of understanding (MoU) with Ithmar Capital, the sovereign wealth fund of Morocco. This strategic partnership aims to enhance the operational capabilities of both funds by facilitating a crucial exchange of expertise and best practices. According to Rafael D. Consing, Jr., President and CEO of MIC, this collaboration represents a valuable opportunity for mutual capacity building and the sharing of insights particularly in the implementation of the Santiago Principles, which are designed to promote good governance and transparency among sovereign wealth funds.
Focus on Governance and Institutional Development
As part of the agreement, the two funds will initiate a 12-month benchmarking plan that encompasses various non-investment functions, including areas such as corporate planning, communications, human resources, and internal audits. Furthermore, a steering committee composed of representatives from both MIC and Ithmar Capital will oversee the implementation of this plan. This partnership comes at a pivotal moment for MIC, as it prepares to apply for regular membership in the International Forum of Sovereign Wealth Funds (IFSWF), aiming to transition from its current associate member status to full membership by next year. Securing this membership would not only enhance MIC's international standing but also grant it voting rights within the IFSWF, aligning it with globally recognized standards of excellence in sovereign wealth fund management.
Obaid Amrane, the CEO of Ithmar Capital and chair of the IFSWF, expressed optimism about the collaboration, emphasizing the potential for sovereign wealth funds to strengthen their operations through shared governance practices and a commitment to sustainable development. The partnership is expected to deepen the bilateral ties between the Philippines and Morocco, fostering greater cooperation in various economic sectors. Additionally, in a separate development, the MIC board has approved the establishment of a Risk Management Committee tasked with overseeing a comprehensive risk management framework, ensuring that potential risks associated with investments and operations are meticulously identified, assessed, and managed.
As reported by bworldonline.com.
