Panel holding funds for minors in trust told to work out an investment plan

Custodian of the Two Holy Mosques King Salman has directed the General Commission of Guardianship of Trust Funds for Minors and their Counterparts to lay out a strategy for the investment plans of the commission within six months.

The king's directive comes after a request to this effect from Prince Mohammad bin Salman, deputy crown prince, second deputy premier and defense minister and president of the economic and development affairs council, Al-Youm Arabic newspaper said.
The directive made it clear that reports should be produced every six months for the next three years about the achievements of the commission, as well as the difficulties and delays involved as well as solutions, and these are to be sent to the king to take appropriate action.
The directive includes holding workshops attended by invited experts in financial, economic, investment and legal fields to lay down a futuristic vision for the commission; formulating the needed work strategies; making recommendations and re-evaluating the structure of the commission for its actual needs in laying down special management for governance, risks, investment, revaluations; and to study the best ways for work in line with international standards.
These include the work the commission may do directly or otherwise, including best qualities and capabilities for investments that would be under its supervision, and the application of best methods in this field according to law.
The directive instructs the board of the commission to review its laws and recommend amendments to realize the required objectives it was set out for. Other government financial authorities may be consulted in this regard.
The board must lay down the percentages related to investment returns, and should finish procedures in no more than 90 days. The head of the commission must coordinate with the National Information Center of the Interior Ministry to verify the IDs of the owners of capital supervised by the commission.

Source: Arab News