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Nietzsche says in his advice: ‘Do not be a victim of excessive idealism and believe that speaking the truth will bring you closer to people. People love and reward those who can drug them with illusions’. However, we will go against the advice of Nietzsche and say what we think and say is the truth.
A new board of directors was appointed for the Kuwait Investment Authority (KIA), which manages nearly a trillion dollars of assets, from five independent members, in addition to the Minister and Undersecretary of the Ministry of Finance, in their capacities, and the governor of the Central Bank.
It seems that the concerned Minister of Finance and the KIA Chairman was not been satisfied with the opinion of any of the independent members one of whom is the ‘Managing Director’. Consequently, almost everyone was surprised by the first candidate’s apology for accepting the important and dangerous position because he felt the volatility of government mood and the interference of members of the National Assembly in his work, especially the haters among them.
Another candidate preferred to decline the offer, not wanting to forfeit his current stable job to take over a job that may be more important but is risky and may not last long.
As for the third, it was not offered to him because he already holds a prestigious position. And the fourth, he respected his position knowing that he did not have enough experience to take the job.
As for the fifth, I do not think that he wants to take a government job, as he has a private investment business, but his history and previous positions attest to his integrity and solidity in holding his colleagues accountable, and perhaps these were the factors for not offering him the position, or perhaps they were among the factors which others rejected the position.
The position of KIA managing director requires absolute integrity because of the enormity of the temptations to those who assume it every minute and this integrity is available in all those who have been selected, however this also requires management experience, rich practical experience and a distinguished career and this may not be available in all of them.
To get out of the dilemma of rejection, and not to fall into the trap of accepting with shyness, which usually will be followed by a quick resignation at the first clash, I suggest, based on my modest and relatively long experience in the world of management and investment, that the decision-maker has the following exits:
1 – Appointing the independent member, Fahd Al-Rashed, to the position of managing director, and not paying attention to the age factor. Senior managers of portfolios that are far superior to our portfolio, such as Warren Buffett, are old.
2 – Appointing any other member, even if he is without experience, and creating the position of Deputy Managing Director, and putting him under the care of a foreign person with experience in investment, it is worth the state’s reserves, and ensuring our future is not a game because of unjustified conditions, and this person can be Kuwaiti, with a long history in investments.
3 – Bringing in an expert of the likes of Yousef Abdullah Al-Awadhi, who has long banking and investment experience to assume the position of Managing Director.
By Ahmad alsarraf