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KUCHING, Aug 15: The target of starting the Sarawak Sovereign Wealth Future Fund with an initial RM8 billion from the State by Jan 1 next year is a good one because the sooner we start saving, the more the Fund can earn for future generations, said Dato Sim Kiang Chiok.
The Sarawak United People’s Party (SUPP) Stakan branch chairman said in a statement today that the Fund will adhere to international best practises such as the Generally Accepted Principles and Practises (‘GAPP’) for Sovereign Wealth Funds, also known as the ‘Santiago Principles’, and will be a member of the International Forum of Sovereign Wealth Funds (IFSWF), of which most of the established global sovereign wealth funds are members of the IFSWF.
“These two steps to be taken by our Fund are important in order for it to be properly managed in a transparent manner with the best network in the world for running Sovereign Funds,” Sim said.
In addition, he believes that the announcement of the nine members of the Fund’s Board of Guardians, as required by the law passed by the Sarawak State Legislative Assembly (DUN), is excellent news.
“This demonstrates that our government, led by our Premier (Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg), is keeping their word and carrying out their deeds to fulfil the vital Sovereign Fund for a brighter and better future generation.
“The nine members of the Fund’s Board of Guardians are experts and professionals in the fields of finance, investment, law, and governance in order to supervise and manage our sovereign fund,” Sim added. — DayakDaily
