By Nur Ashikin Louis
KUCHING, Nov 22: The Board of Guardians – custodians of the monies in the Sarawak Sovereign Wealth Future Fund – will be independent of any political interference, says Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He explained that the Fund will be managed in a professional and transparent manner by members of the Board of Guardians, comprising experts and professionals in the field of finance and investment.
Meanwhile, the ownership of all monies in the Fund and all investments and income and returns from investment, will be vested in the State.
“For (that reason), the law will require a high degree of integrity, accountability, transparency and professionalism from the Board of Guardians and all those in charge with the custody and management of the Fund.
“It is imperative that the Fund and the people managing the Fund be independent of any political interference.
“Therefore, a person will not be eligible to be appointed as a Guardian if he is, at the time of his appointment, a member of a political party or a Member of Parliament or the Legislature or local authority of any State in Malaysia,” he said when tabling the Sarawak Sovereign Wealth Future Fund Board Bill, 2022 in the Sarawak Legislative Assembly (DUN) sitting here today.
From a governance structure perspective, Abang Johari said the composition of the Board of Guardians and the establishment of committees such as the risk committee, the remuneration committee, the internal audit committee, the investment committee, and the shariah advisory committee, will be modelled based on the Malaysian Code on Corporate Governance.
“An independent investment advisory panel will also be established to advise on the management and administration of the Fund,” he added. — DayakDaily
