GAPP / Santiago Principles Released

By Brett Keller

The International Working Group on Sovereign Wealth Funds has released its Generally Accepted Principles and Practices (GAPP), also known as the Santiago Principles. You can read a summary here on the IMF page or click here for the PDF (400k). The list comes to 24 principles in all, and it will be interesting to see the reaction and analysis to these over the coming days.

From Wayne Arnold of The National:

On Saturday, Hamad al Suwaidi, undersecretary of the Abu Dhabi Department of Finance and a director of the Abu Dhabi Investment Authority (Adia), who co-chairs the IWG, handed over those principles to the IMF’s policy steering body in Washington DC, at the start of the annual meeting of the IMF and the World Bank.

“Through the implementation of the Santiago Principles, we seek to ensure that the international investment environment will remain open and our capital can continue to be put to use when it is most needed,” said Mr Suwaidi in a press release.

Even as he made the remarks, however, it was clear that the mood toward sovereign funds had undergone an about-turn in the five months since the group first assembled.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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