Transformation strategy

Our objective is simple – to create a world class sovereign wealth fund.

The Libyan Investment Authority aims to lead the way with its performance, transparency, ethics and accountability. Through our work, the LIA will build, and enhance resilience of, the Libyan economy. This will help ensure the well-being of all Libyans for years to come.

To achieve this, we have a core transformation strategy based on five key areas. These were developed by the LIA’s management and its external advisors and approved by the LIA Board of Directors and Board of Trustees.

The transformation will be led by the LIA CEO, AbdulMagid Breish, and his Transformation Office, supported by 18 major taskforces.

1. Strengthen Libyan Investment Authority Core

Launch clear internal and external communication protocols locally and internationally
Strengthen restructuring, hiring and training processes
Establish robust systems and operations, including IT architecture upgrade
Develop business continuity plan

2. Structure Governance of the LIA and its Subsidiaries

Propose reforms of Law 13 for approval by the national legislature
Roll-out best practice governance, including new Board Committees
Strengthen controls across audit, risk and finance
Enhance reporting & MIS, including publication of Annual Review
Comply with best practice governance rules, including limitations on board memberships

3. Assign Initial Assets to Funds

Rationalise asset holdings across subsidiaries
Obtain valuations of over 550 assets using independent third parties
Unfreeze international assets at an appropriate time when a unity government is established
Carry out legal actions against past corrupt transactions

4. Establish Fund Structure

Subject to legislative approvals, create three new funds for all future investments, including definition of Strategic Asset Allocation
Build-out LIA UK to support investment execution by HQ and specialised functions
Shift investment approach towards employing external fund managers
Conduct quarterly performance reviews of external managers
Assign historic, illiquid assets to new non-permanent portfolios

5. Align & Integrate Subsidiaries with the LIA

Improve communication, control & cooperation between LIA and its subsidiaries
Integrate subsidiaries (staff, capabilities, etc.) over time and simplify structure, in a phased approach, starting with the Long Term Investment Portfolio