SWFs highlight stability point
Source: Agencies |
May 13, 2011, Friday
|
Print Edition
Print Edition
REPRESENTATIVES of the sovereign wealth funds of China, Australia, Russia and other governments defended the funds against criticism they use their investments for political ends, saying yesterday that they are a force for global stability.
At the end of a two-day meeting, representatives to the International Forum of Sovereign Wealth Funds said such funds should be treated as normal investors so long as they disclose their government mandate and act as commercial entities.
"There is no reason to discriminate against them," said David Murray, chairman of the board of guardians of Australia's Future Fund, at a news conference. He was ending a term as the forum's chairman.
Such funds invest government revenues, often from sales of oil and other resources, and have grown amid the global commodities boom. They have faced questions from critics about whether they invest for political reasons, such as to gain access to sensitive technology.
The 23-member forum, founded in 2008, includes funds from Canada, Chile, Qatar, Norway and New Zealand. Alaska's fund that invests revenues from the state's oil production is also a member.
Estimates of total SWF assets range as high as US$4 trillion, though some major funds do not disclose the size of their holdings. Abu Dhabi's fund is believed to be the world's biggest with up to US$500 billion in assets but does not release details.
The forum proposed operating principles for funds in 2008 to reassure potential recipient countries they were commercial entities, rather than tools of government policy.
At the end of a two-day meeting, representatives to the International Forum of Sovereign Wealth Funds said such funds should be treated as normal investors so long as they disclose their government mandate and act as commercial entities.
"There is no reason to discriminate against them," said David Murray, chairman of the board of guardians of Australia's Future Fund, at a news conference. He was ending a term as the forum's chairman.
Such funds invest government revenues, often from sales of oil and other resources, and have grown amid the global commodities boom. They have faced questions from critics about whether they invest for political reasons, such as to gain access to sensitive technology.
The 23-member forum, founded in 2008, includes funds from Canada, Chile, Qatar, Norway and New Zealand. Alaska's fund that invests revenues from the state's oil production is also a member.
Estimates of total SWF assets range as high as US$4 trillion, though some major funds do not disclose the size of their holdings. Abu Dhabi's fund is believed to be the world's biggest with up to US$500 billion in assets but does not release details.
The forum proposed operating principles for funds in 2008 to reassure potential recipient countries they were commercial entities, rather than tools of government policy.
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