Publication of the Santiago Principles - generally accepted principles and practices for sovereign wealth funds

Last month, as noted here, the International Working Group of Sovereign Wealth Funds (IWG) agreed a set of (voluntary) Generally Accepted Principles and Practices (GAPP) with regard to the governance and operation of sovereign wealth funds. The GAPP - also known as the Santiago Principles - have now been published: see here. The IWG website states that guiding purpose of the GAPP is to:

• have in place a transparent and sound governance structure that provides for adequate operational controls, risk management and accountability
  
• ensure compliance with applicable regulatory and disclosure requirements in the countries in which SWFs invest
  
• ensure SWFs invest on the basis of economic and financial risk and return-related considerations
  
• help maintain a stable global financial system and free flow of capital and investment