Press Release

New Member of the Board of Directors of the Fondo de Ahorro de Panamá

Panama | October 9, 2020

The Fondo de Ahorro de Panamá (“FAP” or “Fund”) announces that through Executive Decree No. 620 of December 31, 2019, Mario Roberto Amaya Pineda was appointed as a member of the board of directors of the FAP; his appointment replaces that of director José N. Abbo. The new director was ratified by the National Assembly on April 14, 2020, and took his oath of office before the Ministry of Economy and Finance on October 5, 2020.

Mr. Amaya has a degree in Business Administration from the University of El Salvador, San Salvador, El Salvador and has more than 36 years of experience in the regional corporate sector. He has served as an advisor to the Board of Directors of Panama’s Chamber of Commerce, Industries and Agriculture and is a past president of the Club Activo 20-30. Currently, Mr. Amaya is the General Manager of Sommerus S.A. / Group SG.

Anamae Maduro de Ardito Barletta, president of the board of directors of the FAP, stated “on behalf of the board and the executive team we welcome director Amaya. Additionally, we thank outgoing director Abbo for his dedication to the mission and vision of the Fund and his valuable contributions throughout his tenure beginning in 2012.”

Mr. Amaya commented, “I am proud to be part of the FAP and its board of directors, which has been recognized for its high degree of independence and transparency. I hope to utilize my experience to continue strengthening the Fund’s corporate governance.”

Outgoing director Abbo stated that “since the beginning of my tenure, and alongside the board, we have focused on ensuring robust compliance with governance principles. I am honored to have been a member and former chair of the board, and to have help the fund achieve a crucial change in its law, which allowed the Fund to grow and to solidify its standards of transparency.”

About the Fondo de Ahorro de Panama

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. 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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