Press Release
The Board of Directors of the Fondo de Ahorro de Panama elects its new Chair and Vice Chair
Panama | May 2, 2023
The Board of Directors (the “Board”) of the Fondo de Ahorro de Panama (“FAP” or “Fund”) announces that directors Jose N. Abbo and Mario Amaya have been appointed president and vice president of the Board, respectively. This appointment was made at a regular Board meeting held on April 19, 2023, and it was unanimously resolved to make it effective on May 1, 2023.
Both Director Abbo and Director Amaya have served as members of the Board since 2021 and 2020, respectively.
In this regard, director Abbo commented “transparency and professionalism in investment management are two of the fundamental pillars of the FAP, as they assure the protection of one of the most important assets of the Panamanian State. I am proud to have been elected by my fellow directors as president, and I look forward to working together with the rest of the directors to fully fulfill our mandates, and thus continue to grow and protect the assets of the FAP.”
The outgoing president, Anamae Maduro from Ardito Barletta, added “I am confident that with director Abbo as president and director Amaya as vice president, there will be continuity in responsible management and the strengthening of good corporate governance practices for the FAP.”
Mr. Abbo is a financial professional with a career of more than 35 years and author of recognized international financial and economic publications. Mr. Abbo was part of the FAP’s Board from 2012 to 2020, in his tenure, he was elected vice president from 2012 to 2016, and as president from 2016 to 2020. Mr. Abbo is the author of several books related to financial and risk issues, including, “From Asteroids to Pandemics Living a World of Spontaneous Risks.”
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. In addition, Mr. Amaya has served as advisor to the Board of Directors of the Chamber of Commerce, Industries and Agriculture of Panama and has been president of the Club Activo 20-30. Mr. Amaya is former General Manager of Sommerus S.A. / SG Group.
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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