Maharlika Investment Corp. Seals Partnership with Morocco's Ithmar Capital

THE Maharlika Investment Corp. (MIC) said it signed a memorandum of understanding (MoU) with Morocco’s sovereign wealth fund, Ithmar Capital. According to the MIC, the partnership will facilitate the exchange of expertise and best practices between the two sovereign wealth funds. “We are eager and grateful for the opportunity to participate in mutual capacity building and the sharing of best practices in the application of the Santiago Principles with Ithmar Capital,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said on Tuesday. “This partnership builds on MIC’s strong institutional foundations and reinforces the standards that already guide our work — transparency, strong governance, and excellence,” he added. The MoU will facilitate benchmarking across non-investment functions, including communications, human resources, corporate planning, internal audit and other institutional support areas. It will also establish a steering committee composed of representatives from both funds to oversee a 12-month benchmarking plan. The MIC said the partnership comes at an important stage in its institutional development as it prepares to apply for regular membership in the International Forum of Sovereign Wealth Funds (IFSWF). “Membership would place MIC among a class of internationally-recognized sovereign wealth funds committed to the Santiago Principles and the common standards and best practices upheld by IFSWF,” it added. MIC aims to secure full membership by next year, upgrading from its current associate member status and gaining voting rights. Ithmar Capital Chief Executive Officer Obaid Amrane, who also chairs the IFSWF, said the partnership “reflects our belief that sovereign wealth funds can grow stronger together by exchanging expertise, upholding sound governance, and advancing sustainable development.” “We look forward to supporting MIC on its journey while deepening the ties between the two countries,” he added. Separately, the MIC said that its board approved the establishment of the Risk Management Committee to oversee the sovereign wealth fund’s enterprise-wide risk management framework. The committee is tasked with identifying, assessing, monitoring, managing and reporting the risks that will arise from MIC’s investments, lending, operations, financial management, regulatory obligations and strategic initiatives. — Justine Irish D. Tabile