CEO of SSIF affirms institution’s key role in driving economic growth, enhancing corporate governance

AMMAN — Ezzeddin Kanakrieh, the CEO of  Social Security Investment Fund (SSIF) said on Sunday that  SSIF plays a significant role in realising economic growth and bolstering the business environment by institutionalising corporate governance and sustainable development principles and practices.

Kanakrieh made his remarks during the 8th forum for corporate governance, co-organised by the SSIF and Central Bank of Jordan (CBJ), with the participation of Social Security Corporation (SSC) representatives in companies and banks' boards of directors, the Jordan News Agency, Petra, reported.

The CEO noted that the SSIF has been conducting forums over the past years with the aim of discussing different aspects of institutional governance. He also referred to plans of hosting more specialised events in the future. 

Kanakrieh added that this forum specifically targets representatives on the boards of directors of 13 commercial and Islamic banks in which the SSC maintains a strategic share, highlighting that 44 per cent of SSIF's overall contributions portfolio is invested in the banking sector.

Kanakrieh also praised CBJ's role in boosting corporate governance practices, enhancing banking sector resilience and stabilising monetary policy. He emphasised the importance of the current partnership between the SSIF and the CBJ, which is aimed at boosting the national economy by establishing a resilient institutional system for banks. “This system is designed to guarantee the financial stability of banks and ensure the long-term sustainability of their operations.” 

The forum also addressed CBJ's guidelines regarding corporate governance for banks, highlighting the crucial role of a bank's board of directors in shaping its objectives, policies, and strategic plans. It also stressed the importance of developing policies that focus on the bank's responsibility for environmental and societal protection, among other issues, Petra reported.

While the SSIF's investment in the banking sector is a significant part of its portfolio, it also invests in other sectors such as mining, energy, real estate development, tourism, agriculture, services, industry, and development zones, in addition to financing major projects in the health, transportation and logistics sectors, Petra reported.