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Published October 2008
The International Working Group of the Sovereign Wealth Funds (IWG) "was established at a meeting of countries with SWFs on April 30–May 1, 2008, in Washington, D.C. In the meeting, it was agreed that the IWG would initiate the process, facilitated and coordinated by the International Monetary Fund (IMF)." On October 11, 2008 the IWG presented their 24 voluntary principles.
The introduction to the principles states,
"The IWG recognizes that SWF investments are both beneficial and critical to international
markets. For that purpose, it will be important to continue to demonstrate—to home and
recipient countries, and the international financial markets—that the SWF arrangements are properly set up and investments are made on an economic and financial basis. The generally accepted principles and practices (GAPP), therefore, is underpinned by the following guiding
objectives for SWFs:
i. To help maintain a stable global financial system and free flow of capital and investment;
ii. To comply with all applicable regulatory and disclosure requirements in the countries in which they invest;
iii. To invest on the basis of economic and financial risk and return-related considerations; and
iv. To have in place a transparent and sound governance structure that provides for adequate operational controls, risk management, and accountability."
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