חומר רקע
Sovereign wealth fund
governance
Andrew Bauer
February 2022
Savings and stabilization
funds
State-owned
holding
funds
National development
bank
Strategic
investment
funds
Universe of SWFs
Sovereign wealth fund objectives
1. Long-term savings
2. Fiscal stabilization
3. Endowment /
earmarking
4. Resource revenue
transparency
5. Supporting
domestic firms?
Five keys to good fund governance
1. Appropriate deposit
and withdrawal rules
2. Robust and appropriate
investment guidelines
3. Institutional
accountability
4. Transparency and
external oversight
5. Political consensus
Returns for traditional SWFs
Pure
stabilization
funds
Dual savings and
stabilization
funds
Endowments
Pure savings
funds
1.1
0.6
1.5
6.1
3.6
6.0
7.6
9.8
2.2
15.2
8.9
11.1
8.9CHILE (ESSF)PERUKAZAKHSTAN NORWAYTIMOR-LESTETRINIDAD AND TOBAGOWYOMING (USA)ALASKA (USA)CHILE (PRF)NEW ZEALANDTEXAS (USA)ALBERTA (CANADA)QUEBEC (CANADA)
AVERAGE ANNUAL NOMINAL RETURN FOR SELECTED
SOVEREIGN WEALTH FUNDS (PERCENT IN USD; 2010-18)
Returns for strategic investment funds
2019 ESTIMATED RETURNS (PERCENTAGE)
SWF Scoreboard (2015)
0
20
40
60
80
100
120
Norway
New Zealand
Wyoming (USA)
Azerbaijan
Alberta (Canada)
Quebec (Canada)
Chile - ESSF
Chile - PRF
Timor-Leste
Alaska (USA)
Australia
New Mexico (USA)
Ireland
Alabama (USA)
Trinidad and Tobago
Korea
Nigeria - NSIA
Texas - PSF (USA)
China
Texas - PUF (USA)
France - CDC
Hong Kong
Kuwait
Mexico
UAE - Mubadala
Angola
Italy
France - BPI
North Dakota (USA)
Malaysia
Singapore - GIC
Brazil
Botswana
Dubai - Dubai Holdings (UAE)
Abu Dhabi - ADIA (UAE)
Rwanda
Dubai - ICD (UAE)
UAE - IPIC
Bahrain
Oman
Russia - NWRF
Iran
Kazakhstan
Peru
Ghana
Venezuela
Qatar
Vietnam
Russia - RDIF
Kiribati
Abu Dhabi - ADIC (UAE)
Brunei
Algeria
Libya
UAE - Istithmar World
Equatorial Guinea
Transparency
tools
•
SWF financial reports and annual reports
•
Effective accounting tool,
depending on deposit rules (e.g.,
Ghana, Timor-Leste)
•
EITI
•
Comprehensive, multistakeholder,
international recognition
•
Data delayed 1+ years,
bureaucratically cumbersome and
costly, voluntary, does not include
profit and cost data
•
Mandatory disclosure through securities
regulation
•
Mandatory with clear penalties
•
Only includes payment
information to date
•
No substitute for independent external
cost audits, contract transparency,
production transparency, supplier
contract transparency
Maximizing fiscal
revenue –
oversight options
• Legislative committee to oversee
SWFs or conduct royalty review
(e.g., Alberta)
• Fiscal council / parliamentary
budget office mandate
• Internal revenue authority audits
• Independent assessment of fiscal
terms or tax collection (e.g.,
World Bank, private
consultancies)
• Civil society-based statutory
oversight body (e.g., Ghana /
PIAC)