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INSTITUTE OF ADVANCED LEGAL STUDIES UNIVERSITY OF LONDON. Good governance of,sovereign wealth funds,The case of the Australia Future Fund. Table of Contents,INTRODUCTION 3, CHAPTER 1 THE RATIONAL OF HAVING SOVEREIGN WEALTH FUNDS 5. 1 1 Introduction 5,1 2 What is a sovereign wealth fund 5. a A new term 5, b The numerous types of sovereign investment and the KIMMIT classification 6. c The difficulty to define the term of Sovereign Wealth Funds 6. 1 3 Characteristics of sovereign wealth funds 8,a The resources of sovereign wealth funds 8.
b Objectives of sovereign wealth funds 9, 1 4 Structure of sovereign wealth funds and corporate governance 11. a Structure of sovereign wealth funds 11,b Structure and management of the SWFS 11. 1 5 Investment of sovereign wealth funds 15,a Stable investors 15. b Passive investors 16,c Financing of big projects 16. d Development of emerging economies 16,e Strategic motivations 17.
f Protectionist reactions to sovereign wealth funds investments 17. g Asset allocation 18,1 6 Conclusion 19, CHAPTER 2 PRINCIPLES OF GOOD GOVERNANCE FOR SOVEREIGN WEALTH FUND THE SANTIAGO. PRINCIPLES 20,2 1 Introduction 20,a Good practices 20. b The objectives of the Santiago principles 22, 2 3 Detailed Analysis of the Santiago principles 23. a Legal framework objectives and coordination with macroeconomic policies 23. b Institutional framework and governance structure 25. c Investment and risk management framework 29,2 4 The key principle of the GAPP Transparency 31. a General information to be disclosed to the public 32. b Periodic reporting of information by the Sovereign wealth funds 33. c The impact of transparency on the sovereign wealth funds 33. 2 5 Santiago principles implementation 35, a Positive aspects of the Santiago principles implementation 35.
b Aspects to improve 37,2 6 Conclusion 40, CHAPTER 3 THE CASE OF THE AUSTRALIA FUTURE FUND 41. 3 1 Introduction 41,3 2 Presentation of the Future Fund 41. a Aim of the Fund 41,b Structure of the Fund 42,c Investments of the Future Fund 43. 3 3 Compliance of the Future Fund Act 2006 with the Santiago Principles 43. a Governance of the Future Fund 43,b Transparency of the Future Fund 47. c Investment Policy 49,d Conclusion 53,3 4 Influence of the GAPP on the Fund 53.
a Views of the Head of the Governing Body and the Operational Management on the. evolutions and performance of the Future Funds from 2006 to 2011 53. b The influence of the Santiago Principles on the investment reports of the Future Fund 55. c Influence of the Santiago Principles on the Governance of the Future Fund 57. d The influence of the Santiago Principles on the Financial Statements of the Future Fund 59. e Conclusion 60,3 5 Conclusion 60,CONCLUSION 61,BIBLIOGRAPHY 62. INTRODUCTION, Sovereign Wealth Funds are not new They exist since 1953 and the creation of the Kuwait. Investment Board They are special purpose investment funds owned by a Government Their total. asset size is estimated at 5 5 trillion in 2012 and they are present in all the continents and especially. in the countries that have natural resources reserves. But it is the financial crisis that has put them in light As the other institutional investors they faced. sudden falls of their asset prices This has created a reaction from their investors and has revealed. that most of them lack of transparency But the crisis has also permitted to show that the sovereign. wealth fund could be the funding source of the future Indeed the lack of confidence that has. followed the 2008 crisis has driven funds and investors away from corporation However despite of. the crisis and because of their vast pool of assets the sovereign wealth funds have continued. investing in some countries economy, Furthermore in parallel with the crisis in developed economies developing economies have started. generated surplus and accumulate foreign exchange reserves Thus to reinvest this money they have. created their own sovereign wealth funds and it has created an uphill flow 1 Finally sovereign. wealth funds have engendered a new phenomenon which is the redistribution of funds from private. to public hands 2, Many concerns about SWFs are exaggerated in the media because of the lack of understanding of. SWFs and other vehicles for foreign investments But given the increasing role of sovereign wealth. fund in the global economy and the fact that they are sovereign and can potentially take the control. Uphill flow the developing economies which were traditionally the host countries have starting to invest in. developed countries Page 1 ESWAR PRASAD RAGHURAM RAJAN ARVIND SUBRAMANIAN The paradox of. capital Is foreign capital associated with economic growth if not why does it flow uphill. April 2008 EDWIN M TRUMAN A blue Print for SWF best practices Peterson Institutes for International. Economics Number P1308 3, of strategic sectors a better control of their activity and governance happen to be indispensable.
today In particular the International institutions have set in place principles of good governance that. could be applied to sovereign wealth funds They are principles of Corporate Governance but applied. to public entities Indeed the term corporate governance has been set in place for private entities. that have other objectives and constraints than public investment vehicles such as sovereign wealth. funds The term Corporate governance has been defined by the Basel Committee as. a set of relationships between a company s management its board its shareholders and other. stakeholders Corporate governance also provides the structure through which the objectives of the. company are set and the means of attaining those objectives and monitoring performance are. determined Good corporate governance should provide proper incentives for the board and. management to pursue objectives that are in the interests of the company and its shareholders and. should facilitate effective monitoring The presence of an effective corporate governance system. within an individual company or group and across an economy as a whole helps to provide a degree. of confidence that is necessary for the proper functioning of a market economy. This definition has to be adapted to sovereign wealth funds It is what the Santiago Principles have. tried to do and thus they are key principles for sovereign wealth funds. In my dissertation I will first explain what are sovereign wealth funds then I will analyze the Santiago. principles by classifying them in broad categories in order to have a better understanding of them. and to finish I will study the case of the Australia Future Fund to see if the Santiago Principles can be. effectively applied in a sovereign wealth fund, CHAPTER 1 THE RATIONAL OF HAVING SOVEREIGN WEALTH FUNDS. 1 1 Introduction, The role of sovereign wealth funds during the crisis has underlined the two sides of their action they. can have positive influence on the market because their size allows reducing the impact of crisis. However their complexity is fearsome because they will add some new factors to take into account. in the companies in which they invest Indeed they are different from the other investors because. they are public entities thus they are not submitted to the same rules of reporting and transparency. which make them difficult to understand because of their opacity 3. So as one can see sovereign wealth funds have a lot of different aspects that could be difficult to. understand This is why before explaining their governance it is important to understand all their. rationales,1 2 What is a sovereign wealth fund,a A new term. Even if the first sovereign wealth fund has been created in 1953 the term sovereign wealth fund. appeared in 2005 in ANDREW RAZANOV s book Who hold the wealth of the nations and no. consensus has yet been reached on it exact meaning 4. Typically sovereign wealth funds are a by product of national budget surpluses accumulated over. the years due to favorable macroeconomic trade and fiscal positions coupled with long term. budget planning and spending restraint Usually these funds are set up with one or more of the. following objectives insulate the budget and economy from excess volatility in revenues help. EDWIN M TRUMAN Four myths about sovereign wealth funds 14 August 2008 Vox www voxeu org. ANDREW RAZANOV Who hold the wealth of the nations May 2005 Central Banking Journal Vol 15 no 4. www centralbanking com, monetary authorities sterilize unwanted liquidity build up savings for future generations or use the. money for economic and social development, b The numerous types of sovereign investment and the KIMMIT classification.
There are several types of sovereign investments KIMMIT analyzes the different types of sovereign. investment instruments 5, The official reserves or the central banks which are meant of extern funds which permit to. finance the international imbalances from the balance of payments They are very liquid and. are often sovereign obligations of the OECD s members. The pension funds which are investment vehicles to serve to cover the state duties regarding. retirement funding They are assets in local currency. State Enterprises which are companies where states own a significant level of control It can. invest in foreign assets, Domestic sovereign funds which are investments meant for the national development They. are expressed in local currency, Sovereign Wealth Funds which are investment vehicles composed of surplus of the external. trade They are governed separately from the official reserves They have a high risk. c The difficulty to define the term of Sovereign Wealth Funds. We can find various definitions of sovereign wealth funds for example. Page 2 ROBERT M KIMMIT Public footprint in private market sovereign wealth funds and the world. economy 87 Foreign Aff 119 2008, The US deputy secretary of External Affairs CLAY LOWERY in its speech of June 21 2007. defines a sovereign wealth fund as a government investment vehicle which is funded by. foreign exchange assets and which manage those assets separately from official reserves 6. The IMF has published a work agenda regarding sovereign wealth funds SWFS are funds with. long term objectives and various types of funding 7 It has a different definition than the one. of the American Treasury because it distinguishes 5 types of sovereign wealth funds. Stabilization funds Saving funds Reserve investment corporations Development funds. Contingent pension reserve funds which permit to face unexpected contingent pension non. specified in the revenue of the government s balance sheet. STEPHEN JEN has proposed in 2007 a new approach of the sovereign wealth funds definition. by comparing it to other types of state or private funds and by underlining their specificity 8. For him sovereign wealth funds contain 5 essential ingredients they have to be sovereign. to have high currency exposure no explicit liabilities high risk tolerance and have a long term. investment horizon, There are a lot of reasons for the difficulty of definition of the sovereign wealth funds 9 Firstly each.
of the sovereign wealth funds has its own form there is no generic model Secondly sovereign. Remarks by Acting Under Secretary for International Affairs Clay Lowery on Sovereign Wealth Funds and the. International Financial System June 2007 hp 471 http www treasury gov. Page 5 to 10 International Monetary Fund Sovereign Wealth Funds A Work Agenda February 29 2008. STEPHEN JEN The Definition of a Sovereign Wealth Fund October 26 2007 Morgan Stanley Global Economic. Forum http www morganstanley com, Page 21 Jean Michel ROCCHI and Michel RUIMY Les Fonds Souverains ISSN 1778 4492 Edition ECONOMICA. wealth funds are not always sovereign because as the CalPers10 they can be part of a federated. state Thirdly sovereign wealth funds are considered to invest outside of their territories but some as. exclusively domestic investment such as the Malaysian Khazanah Nasional Lastly the sovereign. wealth funds could be distinguished from central bank because of the risky nature of their. investments But some central banks have also risky investments such as the Banque National Suisse. SWITZERLAND,1 3 Characteristics of sovereign wealth funds. a The resources of sovereign wealth funds, The resources of sovereign wealth funds are made of commercial surpluses coming from export of. natural resources or of manufactured products or by budgetary surplus Thus we have a distinction. between Commodity and non commodity funds 11, The Commodity Funds are situated in the Middle East Norway and Russia The first sovereign wealth. fund was created to follow this aim in Kuwait in 1953 Following the two oil crashes of 1973 and 1981. the necessity to protect the natural resources rent economies became evident because of the high. price volatility that was generated There first source of financing is made of the export of natural. resources mainly oil but also gas copper diamonds and phosphate 12 The countries rich in natural. resources have a rent seeking economy based only on the revenue coming from natural resources. The CalPers is the California Pension Fund It is one of the biggest and it manages 180 billion. Page 14 European Economy The so called Sovereign Wealth Funds regulatory issues financial stability. and prudential supervision Economic Paper 378 April 2009 www europa eu. SALEEM H ALI GARY FLOMENHOFT Innovating Sovereign Wealth Funds February 17 2011. http www policyinnovations org, So for them sovereign wealth funds permit to diversify the revenues of those countries and to.
generate revenues for the future generations, The other funding resources of the sovereign wealth funds are made of commercial surplus or the. budgetary surplus of some economies which fund foreign exchange reserves 13The economic crises. that have faced numerous Asian countries in the years 1997 and 1998 have incentivized them to. reinforce their budgetary and financial policy and to base their revenue on export The increasing. power of China and India has been followed by an increase in the demand and the consumption. which has allowed the exporting countries to accumulate massive currency reserves So sovereign. wealth funds have been to invest the money abroad in order to decrease the evaluation of the local. currency and stimulate exports, In other countries the resources of sovereign wealth funds come from budgetary surpluses They. come from taxation surpluses mandatory social and pension levy at very high rates from the. proceeds of sale of assets or from the revenues of the privatization of public enterprises 14. b Objectives of sovereign wealth funds,Sovereign wealth funds have various objectives. Stabilization of revenue The stabilization funds have for aim to fight against price volatility of. the natural resources and thus to stabilize the revenues coming from their exportation. Page 6 DARIUDZ URBAN Macroeconomic considerations and motives of sovereign wealth funds activity. Vizja Press IT Vol 5 Issue 2 2011 p45 53, HEILMUT REISEN How to spend it Sovereign Wealth Funds and the wealth of nations 5 June 2008 Vox. http voxeu org, because natural resources are subject to brutal fluctuations thus it can result in an imbalance.
of the budget of the countries exporting them 15, Intergenerational savings Saving funds are made to constitute savings for future generations. by distributing the revenues from non renewable natural resources between the different. generations 16, Financing of retirement pensions Some sovereign wealth funds have for objectives to. finance implicit pension retirement 17 The fund accumulates and invests the financial. reserves as long as the demographic context stays favorable and uses them to contribute to. pension financing when the need increases under the effect of ageing But contrary to. pension funds those sovereign wealth funds do not have explicit pension commitments and. are not financed by employees or enterprises contributions Their financial rules are meant. to cover the estimation of the future needs Unless exceptional circumstances and prior. authorization from the highest State authorities it is forbidden to take money from the. Page 14 European Economy The so called Sovereign Wealth Funds regulatory issues financial stability. and prudential supervision Economic Paper 378 April 2009 www europa eu. Page 15 European Economy The so called Sovereign Wealth Funds regulatory issues financial stability. and prudential supervision Economic Paper 378 April 2009 www europa eu The saving and Intergenerational. funds also permit to fight against the perverse effects of an over exploitation of natural resources This. phenomenon is called Dutch disease 16The investment of the revenues of the natural resources in a sovereign. wealth fund prevent them to be spent which allows the rest of the economy not to suffer the foreign exchange. and energy prices increases that will result from it. Page 15 European Economy The so called Sovereign Wealth Funds regulatory issues financial stability. and prudential supervision Economic Paper 378 April 2009 www europa eu. Optimization of the returns of the foreign exchange reserves Some sovereign wealth funds. have for aim to optimize the performance of the foreign exchange reserves such as reserves. investment corporations They are managed in a low risk way and on short term horizons to. insure their security and liquidity In principle they have to cover at least 3 months of. imports or the amount of exterior short term commitments of the country 18. Diversification of the economy development funds have for aim to take strategic. commitments They can be holdings with state participations and act as the sword arm of the. state 19They can finance infrastructures invest in strategic sectors for the development of. their country or build industrial partnership projects. 1 4 Structure of sovereign wealth funds and corporate governance. a Structure of sovereign wealth funds, The institutional frame of sovereign wealth funds is often unknown because of their lack of. transparency But thanks to the IMF inquiry of 2008 to which 21 SWFs have answered on a voluntary. and anonymous basis we can find some common management practices and structure 20. b Structure and management of the SWFS, Page 5 International Monetary Funds A work agenda February 29 2008. Page 5 Udaibir S Das Yinqiu Lu Christian Mulder and Amadou Sy Monetary and Capital Markets. Department Setting up a Sovereign Wealth Fund Some Policy and Operational Considerations IMF Working. Paper August 2009, IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices prepared by.
Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. The sovereign wealth funds are generally set in place by a specific law or bill or by a financial law and. in some case by the constitution The government is represented in the boards of the sovereign. wealth funds in 2 3 of the cases In half of the cases the government parties are in majority The. assets of the sovereign wealth funds can be owned directly by the State or indirectly through a legal. entity Half of the sovereign wealth funds don t have a legal personality distinct from the ones of. their State or central bank They are controlled by the treasury which defines the investment policy. The board may be composed exclusively of members of the government The other half of the. sovereign wealth funds are organized in legal entity distinct from the one of the government and of. the central bank Some are still managed under public law such as the South Korea fund Others are. managed by private law such as Temasek in Singapore Their board is composed of personalities. appointed by the government 21, The management of the sovereign wealth funds assets can be done internally or by an exterior. company according to the size of the funds and the human and material means that it beneficiates. Some have great internal capacities such as the Norwegian funds or the Singaporean one Other such. as the one of Australia and New Zealand give the management of all or part of their assets to an. exterior company usually in developed countries 22. a Sovereign wealth funds and corporate governance, Financial reporting It is mandatory for the fund to make their reporting according to precise. accounting standards 23 The accounts of the funds have to pass an internal audit The. Page 5 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. Page 16 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. Page 12 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. external audits when they exist are often realized by independent companies with. international reputation sometimes by the Chancellor of the Exchequer or a government. agency 24The financial reporting varies to large extent according to the fund The most. transparent funds give their annual report to the parliament and deliver it to the public. through their websites 25, Responsibility and ethics of sovereign wealth funds The sovereign wealth funds report about. their management either to a financial supervision commission or to the Chancellor of the. Exchequer or to a designed senior public servant president or administrator of the central. bank or directly to the parliament 26 Most of the funds share common standards in term of. morality and integrity They have rules to prevent misuse of the funds by the administrators. conflict of interests communication policy warning and control systems of non ethical or. fraudulent behaviors They are put in a legal code or a code of conduct adopted by the. fund 27 The splitting of function between front middle and back office also permits to. reduce the operational risk as well as account reconciliation intern and extern and the use of. Page 11 and 13 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. Page 12 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. Page 9 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008. Page 12 IMF Working Paper Sovereign Wealth Funds Current institutional and operational practices. prepared by Cornelia HAMMER Peter KUNZEL and Iva PETROVA November 2008.


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