7.1 Financial reporting standards of select SIFs B7.7.1 Comprehensive sample of metrics disclosed in ISIF’s economic

TABLE 7.1 Financial reporting standards of select SIFs

SIF

Asia Climate Partners

FUND TYPE FREQUENCY OF FINANCIAL REPORTING

Mixed capital Quarterly unaudited financial statements and audited annual reports of portfolio companies available to investors

Marguerite Mixed capital Quarterly and annual portfolio performance reports available to investors

ACCOUNTING STANDARDS USED AUDITOR

IFRS Deloitte

National Investment and Infrastructure Fund (India)

Ireland Strategic Investment Fund Mixed capital Quarterly fund reports for investors and the board; semiannual portfolio valuations by independent evaluator

Public capital Annual, consolidated as part of NTMA annual report, with quarterly publication of a more limited set of information Indian Accounting Standard

Financial Reporting Standard 102a Ernst & Young

Government of Ireland Comptroller and Auditor General

PUBLIC ACCESSIBILITY

Annual report not available online; website contains list and description of fund investments.

Annual report not available online; website contains list and description of fund investments.

Annual report not available online; website contains list and description of fund investments.

NTMA annual report, including financial statements, available on the website.

Nigeria Sovereign Investment Authority–Nigeria Infrastructure Fund Public capital Annual consolidated financial statements, with NSIA

Monthly performance reports and quarterly portfolio reports for internal monitoring FONSIS (Senegal) Public capital — IFRS

OHADA accounting system: Système Comptable OHADA PricewaterhouseCoopers NSIA annual report, including financial statements, available online.

Ernst & Young and a local auditing firm State audit by General State Inspectorate and the Court of Auditors Annual report available online, without financial statements.

Sources: World Bank (see case studies in appendix A); Santiago Principles self-assessments; SIF websites. Note: FONSIS = Fonds Souverain d’Investissements Stratégiques (Sovereign Fund for Strategic Investments); IFRS = International Financial Reporting Standards; NIF = Nigeria Infrastructure Fund; NSIA = Nigeria Sovereign Investment Authority; NTMA = National Treasury Management Agency; OHADA = Organisation pour l’harmonisation en Afrique du droit des affaires (Organization for the Harmonization of Corporate Law in Africa); SIF = strategic investment fund; — = not available. a. The financial reporting standard applicable in the United Kingdom and Republic of Ireland.

auditor general. good practice also suggests publishing the independent audits of SIFs, but disclosure is purposeless if the party disclosing is not considered reliable (Wong 2009). external audits by a reputed firm are usually recommended because external auditors are independent and put their firm’s credibility on the line to vouch for the financials of the fund. Article 38.2 of the nigeria Sovereign Investment Authority (establishment, etc.) Act, 2011 (nSIA Act 2011), for instance, requires that an external audit of the SWF’s financial statements and operations must be conducted annually by an internationally recognized firm using IFRS as the accounting standard. Likewise, Khazanah’s financial statements are audited by an independent external auditor and submitted to the companies commission of malaysia (Khazanah nasional 2019). For public capital SIFs, the public accountability element may dictate that the SIF be subject instead to public audits.26 nTmA’s financial statements, which include