Instructions Governing the Authority of Investment Decision-Taking and the Approval of Related Investment Expenditure in The Social Security Investment Unit issued by the Board of Directors of the Social Security Corporation in accordance with Article (5) of Social Security Investment Bylaw No. (111) of 2001 and its amendments.

Article (1):
These Instructions are called the "Instructions Governing the authorities of investment decision-taking and the approval of related investment expenditure in the Investment Unit-(SSC)" and applies to all the investment decisions and expenditure of SSIU and will take effect as of the date of the approval thereof.

Article (2):
The following words and phrases, wherever mentioned herein shall have the meanings ascribed herein below unless otherwise indicated in the context:

Article (3):
A- The Internal Committee shall be formed according to a decision taken by the Commission Chairman under his 
    chairmanship and the membership of four department managers in addition to a representative of the Risk 
    Management Department as an observer.
B- The Commission Chairman will appoint a deputy for the Committee in case of his absence..
C- The Committee's meetings shall be legal if attended by at least three members provided that one of them is 
    the Committee's Chairman or his deputy.
D- The Committee Chairman shall appoint one of SSIU employees as a Rapporteur who shall prepare the
    minutes and the decisions of the meetings and keep them completely confidential inside an iron safe.
E- The Internal Investment Committee shall hold its meetings upon the request of its Chairman or his deputy
    in case of his absence.
F- The Committee shall take its decisions and/or recommendations on a majority basis. In case of a tie, the 
    Chairman shall have a casting vote. 

A- The Internal Committee shall be formed according to a decision taken by the Commission Chairman under his 
    chairmanship and the membership of four department managers in addition to a representative of the Risk
    Management Department as an observer.
B- The Commission Chairman will appoint a deputy for the Committee in case of his absence.
C- The Committee's meetings shall be legal if attended by at least three members provided that one of them is 
    the Committee's Chairman or his deputy.
D- The Committee Chairman shall appoint one of SSIU employees as a Rapporteur who shall prepare the
    minutes and the decisions of the meetings and keep them completely confidential inside an iron safe.
E- The Internal Investment Committee shall hold its meetings upon the request of its Chairman or his deputy in 
    case of his absence.
F- The Committee shall take its decisions and/or recommendations on a majority basis. In case of a tie, the 
    Chairman shall have a casting vote.

Article (4):
The Internal Investment Committee shall be vested with the following tasks:-
A‌- Discussing and reviewing the proposed investment operations according to these instructions and taking the 
    necessary decisions thereof within the limits of the authorities of approval and accreditation of the
    expenditure allocated to it.
B‌- Discussing the periodical reports related to the performance of SSIU 's investment activities, allocation and
    reallocation of the portfolio, risk management, and the future investment policies.

The Internal Investment Committee shall be vested with the following tasks:-
A‌- Discussing and reviewing the proposed investment operations according to these instructions and taking the 
    necessary decisions thereof within the limits of the authorities of approval and accreditation of the
    expenditure allocated to it.
B‌- Discussing the periodical reports related to the performance of SSIU 's investment activities, allocation and
    re-allocation of the portfolio, risk management, and the future investment policies.

Article (5):
Where the decisions to approve and accredit the investment expenditure are being taken, it is necessary to take into consideration the amounts allocated within the estimated budget, the standards stated in the investment strategy and policies document approved by SSC board, the regulation and these instructions.

Article (7):
The Commission shall be vested with the authorities to approve the underwriting of the shares of the new public shareholding companies or in the shares of increasing the capital of the already existing public shareholding companies in SSIU based on the recommendation of the Internal Investment Committee.

Article (8):
The Commission shall be vested with the authorities to approve underwriting of the shares of the new private shareholding companies or buying/selling the shares of the already existing private shareholding companies in SSIU based on the recommendation of the Internal Investment Committee.

Article (9):
The Commission shall be vested with the authorities to approve buying and amortizing/selling investment units or stocks of a joint investment fund managed by third parties in SSIU based on the recommendation of the Internal Investment Committee.

Article (10):
A.The authorities to approve underwriting government bonds or loan corporate bonds guaranteed by the government shall be determined as follows:
1- By the approval of the Treasury Department Manager for a maximum of 20% of the issue value, provided
    that it does not exceed the sum of (10) ten millions JD per transaction.
2- By the approval of the Commission Chairman and according to a nomination from the Treasury Department 
    Manager for a maximum of 50% of the issue value, provided that it does not exceed the sum of the (50)
    fifty million JD per transaction.
3- By the approval of the Internal Investment Committee, and according to a nomination from the Treasury 
    Department Manager for the amounts exceeding 50% of the issue value per transaction.
4-The above-mentioned approvals shall be carried out within the framework of the confirmed
   investment strategy and policies.
5-The Commission shall be informed of the underwriting transaction results in its first forthcoming meeting.

B.The authorities to approve buying or selling the government bonds or loan corporate bonds guaranteed by the government shall be determined as follows:
1- By the approval of the Treasury Department Manager for a maximum of (5) five million JD per transaction.
2- By the approval of the Commission Chairman and according to a nomination from the Treasury Department 
   Manager for the amounts exceeding (5) five million JD and a maximum of (10) ten million JD per transaction.
3- By the approval of the Internal Investment Committee and according to a nomination from the Treasury 
    Department Manager for the amounts exceeding (10) ten million JD per transaction.
4-The above mentioned approvals shall be carried out within the framework of the confirmed investment
   strategy and policies.
5-The Commission shall be informed of the selling and buying transaction results in it first forthcoming meeting.

A.The authorities to approve underwriting government bonds or loan corporate bonds guaranteed by the government shall be determined as follows:
1- By the approval of the Treasury Department Manager for a maximum of 20% of the issue value,
    provided that it does not exceed the sum of (10) ten millions JD per transaction.
2- By the approval of the Commission Chairman and according to a nomination from the Treasury Department 
    Manager for a maximum of 50% of the issue value, provided that it does not exceed the sum of the (50)
    fifty million JD per transaction.
3- By the approval of the Internal Investment Committee, and according to a nomination from the Treasury 
    Department Manager for the amounts exceeding 50% of the issue value per transaction.
4-The above-mentioned approvals shall be carried out within the framework of the confirmed investment
   strategy and policies.
5- The Commission shall be informed of the underwriting transaction results in its first forthcoming meeting.

B. The authorities to approve buying or selling the government bonds or loan corporate bonds guaranteed by the government shall be determined as follows:
1- By the approval of the Treasury Department Manager for a maximum of (5) five million JD per transaction.
2- By the approval of the Commission Chairman and according to a nomination from the Treasury Department 
    Manager for the amounts exceeding (5) five million JD and a maximum of (10) ten million JD per transaction.
3- By the approval of the Internal Investment Committee and according to a nomination from the Treasury 
    Department Manager for the amounts exceeding (10) ten million JD per transaction.
4- The above mentioned approvals shall be carried out within the framework of the confirmed
    investment strategy and policies.
5- The Commission shall be informed of the selling and buying transaction results in it first forthcoming meeting.

Article (11):
A. The authorities for the approval of underwriting of tradable loan backed bond of the public shareholding 
companies shall be determined as follows:
1- By the approval of the Internal Investment Committee and according to a nomination from the Treasury 
    Department Manager for a maximum of (10) ten million JD per transaction.
2- By the approval of the Commission and according to a nomination from the Internal Investment
   Committee for the amounts exceeding (10) ten million JD.
3-The above-mentioned approvals shall be carried out within the framework of the confirmed investment
   strategy and policies.

B.The authorities for approval of buying or selling tradable loan corporate bonds of the public shareholding companies shall be determined as follows:
1- By the approval of the Internal Investment Committee and according to a nomination from the Treasury 
    Department Manager for a maximum of (5) five million JD per transaction.
2- By the approval of the Commission and according to a nomination from the Internal Investment Committee
    for the amounts exceeding (5) five million JD.
3- The above-mentioned approvals shall be carried out within the framework of the confirmed investment 
    strategy and policies.

Article (12):
The authorities for the approval of underwriting, buying or selling the loan corporate bonds issued by the private shareholding companies shall be determined as follows:
A‌- By the approval of the Internal Investment Committee and according to a nomination from the Treasury 
    Department Manager for a maximum amount of (3) three million JD per transactions.
B‌- By the approval of the Commission and according to a nomination from the Internal Investment Committee
    for the amounts exceeding (3) three million JD.

Article (13):
A‌-The authorities for approval of the Management Agreements of the Investment Portfolio owned by the
   (SSC) and which are managed by third parties or of the amendments to those agreements based
   on the approval of the Commission and according to a nomination from the Internal Investment
   Committee.
B-The Commission Chairman shall be authorized to sign the management agreements of the Investment
   Portfolios Management as well as specify the other conditions where no stipulation has been stated by the  
   relevant authority at the time of taking a decision either to approve the agreement or make any subsequent 
   amendments.

Article (14):
The authorities for the approval of granting a direct loan or participating in bilateral or joint loan granted to the government or guaranteed by the government shall be determined as follows:
A-By the approval of the Commission Chairman and on the basis of the recommendation given by the loans 
   department manager for a maximum of (5) five million Dinar per loan.
B-The approval of the Internal Investment Committee and according to a nomination from the Loans
   Department Manager for a maximum of (25) twenty-five million JD per loan.
C-By the approval of the Commission and according to a nomination from the Internal Investment Committee
   forthe amounts exceeding (25) twenty-five million JD per loan provided that a single loan's value does not
   exceed 2% of SSIU 's total investments.
 

Article (15):
The approvals for granting a direct loan or participating in the bilateral or joint loan granted to the public or private shareholding companies shall be determined as follows:
A- By the approval of the Internal Investment Committee and according to a nomination from the Loans 
    Department Manager for a maximum of (10) ten million JD per loan.
B‌- By the approval of the Commission and according to a nomination from the Internal Investment Committee
    for the amounts exceeding (10) ten million JD provided that the single loan's value does not exceed
    1% of SSIU's total investments.

Article (16):
The authorities for the approval of transferring the loans granted as well as their accumulating interests and commissions into in kind shares or assets in a certain company, or swapping them for other assets shall be determined as follows:
A-By the approval of the Internal Investment Committee and according to a nomination from the Loans 
   Department Manager for a maximum of (5) five million JD.
B‌- By the approval of the Commission and according to a recommendation of the Internal Investment
    Committee for the amounts exceeding (5) million Dinnars.

Article (17):
A-The authorities for the approval of buying and selling plots of land and real estate projects shall be
   determined according to the approval of the Commission and according to a recommendation of
   the Internal Investment Committee.
B‌- The SSIU Commission is vested with the approval of the compensation amount that should be paid for SSC
    real estates acquisition by other parties, according to a recommendation of the Internal Investment
    Committee.

Article (18):
The authorities for the approval of capital expenditure on the real estate projects owned by the (SSC) for the purpose of establishing, developing, maintaining or renewal of their assets within the framework of their estimated budgets agreed by the relevant authority shall be determined as follows:

A- The approval of the Internal Investment Committee and according to a nomination from the Project
    Financing Department Manager for a maximum of (2) two million JD per transaction.
B-  By the approval of the Commission and according to a recommendation of the Internal Investment
     Committee for the amounts exceeding (2) two million JD per transaction.

Article (19):
The authorities for the approval of transferring any owned projects or lands into in kind assets or shares in one of the companies shall be determined according to the approval of the Commission and according to arecommendation of the Internal Investment Committee.

Article (20):
The Commission shalll be invested, according to a recommendation of the Internal Investment Committee, with approval of leasing the ''investment contract'' of the real estate projects owned by the (SSC), or contracting with specialized management companies for managing any (SSC) real estate projects.

Article (21):
 The authorities for the approval of liquidating a company shall be determined according to the approval of the Commission and according to a recommendation of the Internal Investment Committee.

Article (22):
According to a nomination from the Project Financing Department Manager, the Commission Chairman shall be authorized to approve the following:
A‌-Determining the amounts of rental, key money of the offices and shops according to the current market
   prices.
B-Approving of paying the rental or key money in installments and determining the rate of increase in the
   rental amount in case of changing the nature of the profession or in any other case that requires
   increasing of the rental amount.
C-Approving to exempt the tenants from the interests on delayed payment of the rental provided that the 
   period of delay does not exceed (15) days.
D-Signing the lease contracts of the offices and shops and the contracts of management, maintenance,
   cleaning and guarding of the real estate owned by (SSC).

Article (23):
Subject to the standards indicated in the investment strategy and policies document, the Treasury Department Manager shall be authorized to open and close bank accounts, make and distribute deposits, current accounts subject to inter-bank notice, renew deposits, underwrite, sell and deduct deposit certificates and treasury bills provided that the Commission Chairman be informed of these transactions by the end of the day.

Article (24):
The Commission Chairman shall be authorized to name SSIU 's representatives in the ordinary and extraordinary General Assemblies of the public and private shareholding companies which (SSC) invests in.

Article (25):
The Commission Chairman shall be authorized to choose and replace the brokers in the secondary markets according to a nomination from the Equity Investment Department Manager to invest in the shares based on the principles approved by the Commission for this purpose.

Article (26):
A‌-The loan amount, interest rate, term, all other conditions thereof and any consequent amendments shall be 
   approved by the authority entitled to grant loans. 
B‌-The Chairman shall be authorized to sign the loan agreements according to the provisions of these
   instructions and to determine the other conditions where no stipulation has been stated by
   the related authority at the time of taking a decision either to approve of granting the loan
   or make any subsequent amendments.

Article (27):
A-The Commission may empower the Commission Chairman with any of its authorities who in turn may
   empower any manager in SSIU with any of his authorities provided that the authorizations shall
   always be definite and in writing.
B‌‌- The authority with the higher authority may take any decision to approve the expenditure within the 
    authorities of the lower authorities. 
C- The Commission Chairman may authorize, in writing, the Administrative Manager to approve the
    disbursement from the petty cash fund according to the instructions determined by the
    Commission for this purpose.

Article (28):
Any transaction leading to increase the value of the investment portfolio beyond the limit determined by the investment strategy and policies document shall be subject to the approval of the (SSC) Board of Directors according to a nomination from the Commission.