13. Professional and ethical standards should be clearly defined and made known to the members of the SWF’s governing body(ies), management, and staff.
Article 24 of Presidential Decree No. 48/11 states in relevant part that “[t]he staff of the Oil Fund shall be subject to the common legal regime applicable to employees of public companies.”
The composition of the new board of directors includes professionals with extensive experience in finance and public management. The executive profiles of the members of the board of directors are available on the Fund's website.
All internal policies are also posted on the Fund's website.
The Fund also has a Code of Conduct and compliance policies.
The Fund has a Code of Conduct with four stated objectives:
Guarantee compliance with the provisions of the law on the respect of professional duties incumbent upon FSDEA, its employees and third parties;
Ensure compliance with legislation and policies on the prevention of corruption and on anti-money laundering and terrorist financing;
Ensure that, in addition to complying with the rules and duties arising from the applicable legal and regulatory provisions, the activities of FSDEA shall be performed in accordance with strict ethical and deontological principles;
Contribute to the promotion an institutional image of rigour, efficiency and competence.
In addition to the compliance rules and policies to which all employees of the Fund are subject, under the terms of current legislation, members of the board of directors are required to present the declaration of assets at the commencement of their duties to the Public Prosecutor's Office.