Kuwait Investment Authority (KIA)

The Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund  in the world. KIA traces its roots to the Kuwait Investment Board, which was established in 1953, eight years before Kuwait's independence in 1961 In 1982, KIA was created by Law No. 47 as an autonomous governmental body responsible for the management of the assets of the country. Responsibility KIA does not seek to purchase majority or controlling interests in the companies in which it invests, other than shares in real estate investment entities and in investment holding companies that it establishes for particular transactions. Throughout its history, KIA has been a stable and responsible shareholder and owner. KIA pursues corporate governance activities based on industry best practices and the highest international standards of shareholder responsibility.​ Structure and Governance KIA believes that its structure and governance, which are established by law, represent a high standard of excellence and accountability. KIA is an independent public authority managed by its Board of Directors.  In 2014, KIA undertook a comprehensive review of its strategy in order to align itself with industry best practices in all aspects of asset and investment management. During this review, the consultants undertaking the study found that KIA had one of the best corporate governance structures within its peer group and within the industry as a whole.