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16. See the International Forum of Sovereign Wealth Funds web page, “Trends in Transparency: Santiago Principles Self-Assessments 2016” (https://www.ifswf.org/trends-transparency -santiago-principle-self-assessments-2016). 17. See discussion on accountability and SWFs in De Belis (2011). 18. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund). 19. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund) and NTMA Act 1990. 20. With respect to SOEs, OECD (2016) adds, “Disclosure requirements should not compromise essential corporate confidentiality and should not put SOEs at a disadvantage in relation to private competitors.” 21. It should be noted that SIFs and SWFs may not always meet their own standards for publishing annual reports. Maire, Mazarei, and Truman (2021), for instance, find that 50 of the 64 SWFs covered by the fifth Truman SWF Scoreboard say they publish annual reports, but the authors could not find recent reports for 2 of them, and for 14 the most recent were from 2018. In addition, the authors found that 1 of the 19 SIFs/SWFs on the scoreboard does not say whether it issues a report and 4 issue only a summary report. Recent reports were available for 6 SIFs and only 2018 reports for 9 of them. 22. See the ISIF publications web page (https://isif.ie/news/publications). 23. See the discussion pertaining to SWFs in Al-Hassan et al. (2013); see also Rose (2017). 24. For more on the IFRS, see the IFRS Foundation website (https://www.ifrs.org). 25. Senegal’s Fonds Souverain d’Investissements Stratégiques (Sovereign Fund for Strategic Investments). 26. As Alsweilem and Rietveld (2017) explain with respect to SWFs, “Expectations for public accountability add an often elaborate oversight infrastructure, involving a public auditor, a national regulator, external auditors, and sometimes a separate supervisory board (in addition to the board of directors).” 27. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund). 28. According to India’s Companies Act 2013, Article 2.45, a government company is “any company in which not less than fifty-one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government company.” Per Article 143.5, the Comptroller and Auditor General appoints the auditor for government companies. 29. According to generally accepted principles and practices 23.0, the assets and investment performance (absolute and relative to benchmarks, if any) of the SWF should be measured and reported to the owner according to clearly defined principles or standards. 30. See the ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment /ireland-strategic-investment-fund). See, for example, NTMA (2020, 20–29). 31. See the Khazanah “Investment Approach” web page (https://www.khazanah.com.my /how-we-invest/investment-approach/). 32. Khazanah “Investment Approach” web page. 33. ISIF Santiago Principles Self-Assessment 2019 (https://www.ifswf.org/assessment/ireland -strategic-investment-fund).
REFERENCES Al-Hassan, Abdullah, Michael Papaioannou, Martin Skancke, and Cheng Chih Sung. 2013. “Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management.” IMF Working Paper 13/231, International Monetary Fund, Washington, DC. https://www .imf.org/en/Publications/WP/Issues/2016/12/31/Sovereign-Wealth-Funds-Aspects-of -Governance-Structures-and-Investment-Management-41046. Alsweilem, Khalid, and Malan Rietveld. 2017. Sovereign Wealth Funds in Resource Economies: Institutional and Fiscal Foundations. New York: Columbia University Press.
