Appointment has been approved by LIA’s Board of Trustees, and is part of the fund’s broader goal to improve transparency and disclosure
London and Tripoli – October 14, 2020 – The Libyan Investment Authority (LIA) has appointed EY, formerly known as Ernst & Young, as its new external auditor. The appointment is part of the fund’s strategy to improve governance, transparency and accountability across the institution, in line with international best practice.
The appointment of EY was made by the LIA Board of Directors and has been approved by the Board of Trustees. EY will undertake the audit of the LIA for the financial year ending 31 December 2019, in alignment with International Financial Reporting Standards.
This important milestone follows the recent conclusion of the first phase of the LIA’s strategic transformation programme at the end of September, and demonstrates the continued progress of the fund in effecting real change in the pursuit of institutional excellence.
Commenting on the appointment, Dr Ali Mahmoud Hassan Mohammed, Chairman of the LIA, said, “We welcome EY as our new auditor and look forward to working with them. As the LIA continues to advance on our strategy to improve transparency and accountability, EY’s professional expertise and knowledge of global best practice is best suited to help meet our objectives. The LIA is committed to observing the highest standards of disclosure, and is continuing to take steps to enhance our openness. Progress is being made each day. This is another major step forward in [our] the Board of Directors’ ongoing efforts to preserve and protect Libya’s assets for the benefit of current and future generations.”
The latest appointment builds on the positive momentum that the LIA has gained over the past year to implement positive reforms, and bring the fund in line with best-in-class international sovereign wealth funds. The LIA seeks to effectively manage the assets of the Libyan people within the UN sanctions framework, and in line with the Santiago Principles, so Libyans can enjoy economic security and prosperity in the future.