Governing Board

The Governing Board is composed of one representative and one alternate from each member country. Subject to directives issued by the Ministerial Council, the Board is responsible for the conduct of the OPEC Fund's general operations. It stipulates, in particular, policies with regard to the use of the OPEC Fund's resources and usually meets four times a year.

The Governing Board has established four sub-committees to oversee the OPEC Fund’s activities:

• The Audit and Risk Management Committee provides a structured and systematic assessment of the overall adequacy and effectiveness of the OPEC Fund’s arrangements for governance, risk management and control;
• The Budget and Strategy Committee oversees the approval and implementation of the administrative budget;
• The Committee on Development Effectiveness assesses the development effectiveness and impact of the Fund’s operations;
• The Ethics Committee assists in addressing matters related to the application of the code of conduct.