Press Release
The Board of Directors of the Fondo de Ahorro de Panama elects its new Chair and Vice Chair
Panama | February 26, 2020
The Board of Directors (the “Board”) of the Fondo de Ahorro de Panama (“FAP” or “Fund”), in its February 20, 2020, ordinary meeting unanimously elected director Anamae Maduro de Ardito Barletta and director Jean Pierre Leignadier as Chair and Vice Chair of the Board, respectively; both directors took office on February 21, 2020.
Director Maduro and director Leignadier have served as members of the Board since 2016.
“I am honored to serve as director and now as chair of the Fund, which is an important savings vehicle for the Panamanian people; I am looking forward to working closely with the rest of the directors and with Abdiel Santiago and his executive team to continue managing the Fund in a conservative and transparent manner”, said Mrs. Maduro.
Outgoing chair, director José N. Abbo, added: “I am confident that under director Maduro’s stewardship we will continue to strengthen the Fund’s corporate governance practices; additionally, her election marks an important milestone for the Fund and for Panama, as she becomes the Fund’s first woman director and chair”.
Under outgoing chair Abbo, the Fund achieved several other milestones, to include:
Subscription of the Fund to the Santiago Principles, which establishes asset management principles for the most important sovereign wealth funds in the world.
Change in the Fund’s law (in 2018), that would promote the Fund’s organic growth through reinvestment of returns and likely new contributions from the Panama Canal by the lowering of its funding threshold – from 3.5% to 2.25% of Canal contributions/Gross Domestic Product ratio) needed for the Fund to receive new Canal funds in the coming years.
Increasing the Fund’s transparency rankings to one of the most transparent globally.
Lead the Fund's investment strategy, together with the executive and technical team, to achieve positive, long-term results, including the 2019 results, which were a record for the Fund.
The initiative to hold this election is based on the Board of Directors’ good corporate governance practices and on ensuring that the Fund, as an important national asset, continues to be managed under conservative asset management principles.
Director Maduro has over 20 years of professional experience in the financial and banking sectors. She is a board member of the Prival Bank family of funds and is a founding member of the Association of Securities Agents of Panama. Mrs. Maduro holds a Bachelor’s degree in Economics and Business Administration from Brown University, Providence, Rhode Island, USA.
Director Leignadier has more than 25 years of experience in the financial and commercial sectors. Mr. Leignadier is currently a member of the Board of Directors of the Chamber of Commerce, Industries and Agriculture of Panama, director of Profuturo AFPC, and director of the Fondo General de Inversiones, S.A. Director Leignadier earned his Bachelor of Business Administration from Villanova University and his Master of Business Administration (MBA) from the University of Notre Dame, South Bend, Indiana, USA.
About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
Establish a long-term savings mechanism for the Panamanian State; and
Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.
Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
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