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A defect in the governance of the guarantee funds investment fund wastes responsibility and accountability

Amman Today

publish date 2023-06-01 16:00:38

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Social insurance and protection expert, media and human rights activist Musa Al-Subaihi revealed that there is a clear defect in the good governance of the Social Security Fund Investment Fund, noting that “there is a chairman of the Security Fund Investment Council from outside the social security system.”

Al-Subaihi said in a statement on Facebook that “there is a head of the investment fund, and the latter is a member of the board of directors of the Guarantee Corporation by virtue of his position, but the head of the investment board is not a member, but on the investment side, he is a higher authority that exceeds the authority of the fund’s presidency, which forms part of the highest authority.” In the Foundation by virtue of his membership in the Board of Directors of the Foundation.

He pointed to “the weakness of the organizational relationship between the Board of Directors of the Corporation, which is the supreme authority of the Social Security Corporation, and the Investment Fund, pointing out that the representation of workers and employers in the Investment Council is very little.”

And he indicated that “the council consists of (9) people (seven of them represent the government, they are: the insurance manager and the fund’s president, and five members appointed by the Council of Ministers), while one member represents workers, and one member represents employers.”

Al-Subaihi emphasized that “the limits of accountability and responsibility in the organizational structure of the Social Security Corporation are unclear and may be lost at times, as the institution is managed according to this organization by five heads: the chairman of the institution’s board of directors, the chairman of the guarantee funds investment board, the general manager of the institution, the head of the investment fund, and the head of The Insurance Council, which leads to loss of responsibility and accountability.

And he stressed that this “requires a comprehensive review of the legislation, policies, procedures and administrative organization of the institution, with its insurance and investment parts, in order to achieve the desired good governance for the largest and most important institution in the Kingdom.”

And he expressed his hope that “this will be taken into account in the first upcoming amendment to the guarantee law, and that priority be given in reviewing and amending so that we can get rid of this “dizziness” and the institution will have one head that manages it under the supervision, follow-up and accountability of only one board of directors.


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Jordan News

Source : اخبار الاردن

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