Under the provisions of Article (12) paragraph (C) of the Social Security Investment Fund and Investment Board Bylaw No. (97) of 2014, the Audit Committee shall assume the following duties and powers:

1. Recommend to the Good Governance Committee emanating from the Social Security Corporation Board created in accordance with the provisions of Article (17) of the Social Security Law, the investment governance policy and develop the principles and recommendations necessary for implementation of this policy.

2. Monitor the implementation of the code of conduct and report violations.

3. Ensure the existence of internal and external oversight and risk management systems, and the effectiveness and independence of these systems.

4. Ensure compliance with the rules and standards of good governance of the Social Security Investment Fund that are adopted by the Social Security Investment Board.

5. Ensure the existence of a clear governance structure and effective instruments and responsibilities in investment decision making in terms of approvals, supervision of implementation, investment management and performance monitoring.

6. Ensure the existence of a system for investment decision making that defines the ceilings and powers of the parties concerned with decision making and their compliance with the decision-making matrix.

7. Recommend to the Social Security Investment Board the rules governing corporate representation in the boards of directors of shareholding companies, including assessment criteria of persons nominated to represent the Social Security Corporation. 

8. Ensure the sound implementation of the rules and criteria set for the Social Security Corporation’s representation on the boards of directors and managements of companies.

9. Ensure the independent custody of investment assets.

10. Ensure the compliance of the Social Security Investment Board members, the Social Security Investment Fund personnel, and representatives of the Social Security Corporation on the boards of directors of shareholding companies with the conflict of interest policies in force and their commitment to disclose any form of conflict of interest, whether financial, commercial, functional, or professional.

11. Ensure compliance with the rules and standards of personal trading by the Social Security Investment Fund staff.

12. Ensure compliance with the investment performance assessment and evaluation policy.

13. Ensure the existence of specific criteria for the qualifications and capabilities that must be met by the Social Security Investment Fund staff.

14. Ensure the effectiveness of the investment reporting systems and their content.

15. Exercise other powers vested in it in accordance with executive instructions issued in accordance with this regulation.

16. Any other duties assigned to it by the Social Security Investment Board.