Auditing Committee: The role of the audit committee is to help the board of directors in fulfilling its responsibilities with regard to the internal control system of the fund. The auditing committee is responsible for supervising the internal, accounting and financial reports, ensuring compliance with the regulatory requirements of the fund and reviewing the accounting policies. The audit committee also supervises the internal control unit and the chartered accountant. The members of the audit committee enjoy complete independence. 


The duties and responsibilities of the committee are: 

  • To supervise the internal control unit of the fund to ensure efficiency in performing the activities and tasks assigned to it by the board of directors. 


  • Submit recommendations to the board of directors in respect of appointment or removal of the chartered accountants services, taking independence into consideration during submittal of recommendations. 


  • Audit the annual financial statements before being submitted to the board of directors and provide remarks and recommendations on them to the board of directors. 


  • Audit the reports of universities deposits submitted by the Secretariat-General and review the cash flows coming into the fund by universities deposits and the efforts made by the fund to expedite collection. 


  • Ensure diversification of the financial resources in a way that is consistent with the fund’s organization. 


  • Review the scope of work and the plan of the internal review of the fund. 


  • The audit committee and the director of the internal audit unit discuss the reports of the internal audit and the work procedures of the management and follow up its works periodically. 


  • Make sure of the independence of the internal audit unit director. 


Investment Committee: The investment committee, in cooperation with the fund’s board, set the general strategy of investment and supervise the implementation of the investment program. The duties and responsibilities of the investment committee are represented in: 


  • Evaluating the investment policies, strategies and guidelines of the fund including “Investment Policy Document” and submit its recommendations to the board. 


  • Supervising the implementation of the HEF investment strategy approved by the board. 


  • Approval of investments within the powers of the investment committee and submit to the board what exceeds its powers. 


  • Review the performance of the investment portfolio including the performance of the appointed assets managers and comparing their performance with similar assets managers. 


  • Periodic review of assets distribution strategy and reference indicators or any measurement tools followed by HEF to control the performance of the investment portfolio. 


  • Recommend to the board, when necessary, the adopted changes in the assets distribution strategy, and reference indicators or any measurement tools followed by HEF to control the performance of the investment portfolio. 


  • Selection and control of the performance of external investment managers and appointment and removal of the external managers. 


  • Perform any activities consistent with the adopted regulations and policies as necessary or according to the direction of the board. 


Consulting Committee: The consulting committee is interested in the participation of the universities not represented in the board. It reviews all works of the fund and provide consultations to the board. The committee aims at increasing the participation of universities in decision making. 


Nominations and Rewards Committee: Nominations and Rewards Committee is related to HEF board. It is responsible for the continuous review of the board structure and making sure there is no conflict of interests. It assists the board regarding the nominations for executive positions and the rewards of HEF affiliates according to the principles and criteria defined in the regulations of Nominations and Rewards Committee. 


Approved Regulations and Forms Review Committee: Approved Regulations and Forms Review Committee is interested in continuous updating of HEF regulations and forms. It invites specialists to prepare studies and recommendations related to HEF work organization regulations. It is also interested in raising the level of efficiency and effectiveness of HEF works.