KUWAIT CITY, Oct 28: Statistics reveal that the Public Institution for Social Security (PIFSS) had no representation on the boards of directors for 17 publicly listed local companies as of the end of June. Additionally, there were 29 unlisted local companies as of August 2023, in which PIFSS holds significant shares, yet lacked representation.

In response to a parliamentary inquiry submitted to the Minister of Finance, Fahd Al-Jarallah, the Institution clarified that some companies currently lack a representative due to the unavailability of a suitable candidate within the Institution. However, it expressed its commitment to appoint representatives for these companies promptly, following meetings of the PIFSS Funds Investment Committee.

Furthermore, PIFSS emphasized its dedication to monitoring its ownership stakes in listed companies, tracking the dates of upcoming general assemblies responsible for forming boards of directors.

It intends to appoint a representative whenever the opportunity arises, particularly when it holds the requisite ownership percentage on the boards of those companies, even considering the possibility of multiple representatives.

By Fares Al-Abdan

Al-Seyassah/Arab Times staff