IFSWF Santiago Principles

IFSWF Admits New Members to Strengthen Global Sovereign Fund Governance Standards

London, 6 October 2022 – The International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds from more than 40 countries, has admitted the Indonesia Investment Authority as a full member, as well as the Armenian National Interests Fund, Malta Government Investments and the Mauritius Investment Corporation as associate members.

The Indonesia Investment Authority (INA) has been an associate member of IFSWF since May 2021. As a full member of the IFSWF, INA voluntarily agrees to uphold the Generally Accepted Principles and Practices for governance, investment and risk management of sovereign wealth funds, known as the Santiago Principles®. By applying the Principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners.

The Armenian National Interests Fund (ANIF) was established in 2019 with a mandate to consolidate and effectively manage the ownership of Armenian state-owned enterprises and to promote export growth and investments in Armenia by providing co-financing in large-scale projects at their initial stage of development.

Established in 2013, Malta Government Investments (MGI) is a limited liability company owned by the Government of Malta with a mandate to contribute to the development of government-owned companies by holding equity in undertakings and seeking profitable ventures. The Company’s mission is to create value for current and future generations.

The Mauritius Investment Corporation (MIC) is a private limited company owned by the Bank of Mauritius, the country’s central bank. The Bank of Mauritius established MIC in June 2020 in the wake of the COVID-19 pandemic to support and accelerate the economic development of Mauritius. It aims to sustain the long-term prosperity of Mauritius by prudently growing its capital through a disciplined investment process.

IFSWF associate membership is specifically for institutions in the early stages of becoming sovereign wealth funds. By becoming associate members, ANIF, MGI and MIC voluntarily agree to work to implement the Santiago Principles®, as they put their investment and risk management processes in place. Associate membership is granted for up to three years.

Obaid Amrane, Acting Chair of the IFSWF, said:

“We are delighted to admit INA to full membership and to welcome ANIF, MGI and MIC as associate members. It is encouraging that so many new sovereign wealth funds voluntarily agree to implement the Santiago Principles. By so doing, they are strengthening sovereign wealth fund governance practices across the globe. IFSWF looks forward to supporting them on their progress towards full membership.”

Ridha Wirakusumah, CEO of the Indonesia Investment Authority, said:

“We are honoured to be accepted as a full member of the International Forum of Sovereign Wealth Funds (IFSWF). INA is committed to upholding high global standards of governance and prudent investment practices established under the Santiago Principles. This is aligned with our mission to optimise investment that brings value and maximises economic impact to grow the wealth and sustainable development of our country.”

David Papazian, CEO of the Armenian National Interests Fund, said:

“We want to thank the Board of IFSWF for approving ANIF’s application for associate membership. It is an honour and a responsibility as we are looking forward to full membership and full compliance with Santiago Principles. This is also a big step for Armenia that is yet another proof of our country’s commitment to further integration of international best practices on transparency and accountability to our country’s financial sector”.

Herald Bonnici, CEO of Malta Government Investments, said:

“Malta Government Investments (MGI) is happy and proud to become an associate member of the International Forum of Sovereign Wealth Funds (IFSWF). MGI is a sovereign holding company that brings together a wide number of state-owned enterprises that operate in diverse market sectors in the economy. MGI is committed to enhanced governance structures as promogulated by the IFSWF and international co-operation on a peer-to-peer basis as we believe that such activities are vital to progress and well-being.”

Jitendra Bissessur, CEO of the Mauritius Investment Corporation, said:

“The MIC is privileged to have been admitted as an Associate Member of the IFSWF. This important milestone for Mauritius bears testimony to MIC’s commitment and determination to adhere to the best international practices and standards in line with the Santiago Principles followed by the IFSWF members. Strong governance, comprehensive oversight and solid leadership are rooted in our mandate and at the base of our organisation. Established in 2020, the MIC has played a key role in the economic recovery of Mauritius and has become a fully-fledged investor and accelerator of growth and development for the country and its population. The MIC shall strive to secure full membership to the IFSWF.” 


About the International Forum of Sovereign Wealth Funds

The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of global sovereign wealth funds committed to promoting good governance and investment management practices through dialogue, research and self-assessment. The IFSWF also seeks to promote a deeper understanding of sovereign wealth fund activity amongst government and financial services institutions.

The Santiago Principles are a registered trademark of IFSWF Ltd.

Find out more at www.ifswf.org.

Contact: Victoria Barbary, Director of Strategy & Communications, IFSWF vb@ifswf.org

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