Kuwait's Public Institution for Social Security (PIFSS) has signed an agreement with Ernst and Young for consultations to apply governance rules to its investment sector, PIFSS's director-general Hamad Meshari Al-Humaidhi has said.
The step aims at enhancing transparency and exposure on the investment operations at PIFSS, besides upgrading the sector's performance through boosting independence of decision-making, Al-Humaidhi added in a press statement on Wednesday. It also seeks to consolidate regular assessment and monitoring.
Initial steps were taken in April 2014 when PIFSS invited leading world firms to bid for the sector's governance. Bids have been assessed and eventually Ernest and Young was selected, he noted.
Governance rules are to be ready in nine months.