By Shikin Louis
KUCHING, Oct 29: Sarawak Sovereign Wealth Future Fund’s Board of Guardians will have a risk committee to look into appropriate investments, says Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“The risk committee is a committee that evaluates the risks before they find appropriate investments.
“Of course, they would observe the world capital markets and look into the investment procedures,” he told reporters after receiving a courtesy call from the Fund’s Board of Guardians at Borneo Convention Centre Kuching (BCCK) here today.
Abang Johari further said that the Board of Guardians would provide an annual report of the Fund’s accounts and activities, which will be laid before the Sarawak Legislative Assembly (DUN).
“We will inform the DUN on the Fund’s management, which means we are accountable to the DUN.
“However, in the process, the Sarawak government does not interfere except for the part the Board of Guardians would give us the report,” he added.
For the record, the Sarawak government has injected a seed capital of RM8 billion to set up the Fund, which will be operational on Jan 1, 2024.
With the appropriation, the Fund is expected to grow sustainably with no withdrawals except in the case of critical events which might arise within 20 years or when the Fund performs better than targeted.
At the same time, the setting up the Fund would subsequently lead Sarawak to join as a member of the International Forum of Sovereign Wealth Funds (IFSWF). — DayakDaily
