This meeting concluded months of debate by the members of the International Working Group of SWFs (IWG), which was co-chaired by the IMF and H.E. Hamad Al Hurr Al-Suwaidi, then a Board member of ADIA and Under Secretary of Finance of Abu Dhabi. Most significantly, it resulted in the now widely recognised “Santiago Principles”, which were greeted with rousing applause at this pivotal meeting of IWG members when finally endorsed.
Widely known as the Generally Agreed Principles and Practices (GAPP), the Santiago Principles consist of 24 generally accepted principles and practices. These seek to promote transparency, good governance, accountability and prudent investment practices whilst encouraging a more open dialogue and deeper understanding of SWF activities.
To date, 31 SWFs have published self-assessments outlining their application of the Santiago Principles.
In the years since that historic day in Santiago, SWFs have also continued to build on their achievement through increased collaboration and sharing of best practices. This effort is being supported by the International Forum of Sovereign Wealth Funds (IFSWF), which is currently chaired by ADIA and boasts 33 full members, spanning every part of the globe.
In the past year alone, the IFSWF has welcomed two new full members – Fonds Souverain d'Investissements Stratégiques (FONSIS) of Senegal and Bpifrance – and four new associate members – the Egypt Fund, the Future Heritage Fund of Mongolia, the National Infrastructure Investment Fund of India and the National Investment Fund of Cyprus.
The IFSWF’s annual meeting was held in Alaska this year, and featured panel discussions on collaboration and the key issues facing investors in the current landscape, with in-depth talks from leading international speakers.
