Assessing the implementation of Santiago Principles by Sovereign Wealth Funds in the ASEAN Community

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The origins, objectives, market impacts, financial performance, and investment strategies of SWFs have dominated scholarly discourse. A still unsolved question is how and to what extent SWFs implement governance practices. We analyse the governance self-assessment reports of the three SWFs that are signatories to the Santiago Principles and belong to the Association of Southeast Asian Nations (ASEAN). That is, Indonesia, Malaysia, and Singapore. As SWFs grow in size and number, deepened coordination with domestic fiscal and monetary authorities will be needed. We also find that the Santiago Principles’ economic and financial targeting objective appears indifferent to the environmental and social impacts that have the potential to affect the stability of financial markets. The variation in levels of disclosure across SWFs threatens to dilute the essence of the Santiago Principles badge. Fifteen years after their formulation, the Santiago Principles show signs of needing an update to reflect emerging realities and expanded member contexts. Finance Management Business Law Leadership and Ethics Other Business ASEAN Generally Accepted Principles and Practices (GAPP) Singapore - GIC Private Limited (GIC) Governance Indonesia Investment Authority (INA) Khazanah Nasional Berhad (KNB) Sustainable Finance Santiago Principles Sovereign Wealth Funds Sustainable Finance Environment Social and Governance (ESG) Figures Figure 1 INTRODUCTION With more than $ 11.5 trillion in assets under management as of February 2023, recent growth in the number and assets under management (AuM) of Sovereign Wealth Funds (SWF) has attracted growing interest (Megginson et al, 2023 ). Sovereign Wealth Funds (SWFs) are special purpose investment funds or arrangements that are owned by the general government (IWG, 2008). Although Rozanov ( 2005 ) is credited with originating the SWF term, SWFs existed much earlier (IMF, 2008 ), with examples such as the Kuwait Investment Authority (KIA) and the Abu Dhabi Investment Authority (ADIA), established in 1953 and 1976, respectively. The heterogeneity (Alhashel, 2015 ), hybrid nature, and low transparency levels of SWFs have had the effect that a common definition of SWFs is lacking (Ouni, Prosper & Michel 2020), especially considering that in several ways, SWFs look just as much as private investors, such as in return maximization aims (Alhashel, 2015 ). Typically, SWFs originate from national budget surpluses, accumulated over several years due to favourable macroeconomic, trade and fiscal positions coupled with long-term budget planning (Rozanov, 2005 ). In Asian countries, SWFs are predominantly based on current account surpluses derived from no resource exports, whereby their balance of payments surplus is linked to capital inflows (Ho & Zhang 2014 ). SWFs can be seen as perhaps more risk-tolerant, a shift from other public investors characterized by risk-averse liquid assets (Rozanov, 2005 ). Several Sovereign Wealth Funds (SWF) such as Malaysia’s Khazanah Nasional Berhad and Singapore’s GIC Private Limited (GIC), are registered under the corporate law of their respective countries (KNB, 2023; GIC, 2023). At first glance, corporate governance appears at odds with the legal position, which assigns a company its own distinct identity, separate from its members or owners and with the same rights and responsibilities as a natural person (Companies Act, 1862). In the Salomon v Salomon & Company Ltd. case (House of Lords, 1897), the courts ruled to uphold the corporate personality so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts. This unique identity does not absolve directors of responsibility for their actions because the corporate veil can be lifted to hold individual members of a company responsible for the actions of the company. This was the case in Cape Pacific v Lubner Controlling Investments Ltd. Pty (Supreme Court, 1995), where the court disregarded the company’s separate personality and considered the actions of its members. Therefore, corporate governance is aligned with corporate law to the extent that it aims to foster prudent stewardship of the company by its members. Problem Statement The extent to which Sovereign Wealth Funds (SWFs) pay due regard to environmental, social and governance (ESG) considerations is little known (Grira, 2020 ). Prior research has suggested that sustainable development is one of the aspirations that SWF investment managers look at (Papaioannou & Rentsendorj 2015 ). Additionally, certain ecological assets, such as forests, are considered pure public goods (Begemann, Dolriis, & Winkel, 2023 ). However, Reiche (2010) found that although climate consideration and do-no harm practices are prioritized, these practices are not central to SWF investment. Bortolotti & van Zwieten (2023) also document that SWFs were late to embrace the socially responsible investing trend. Unlike other investors, SWFs have a unique relationship with the government as a shareholder. This study establishes the governance practices of SWFs amidst these mixed findings regarding the extent to which SWFs implement ESG practices. Second, most studies have relied on data from companies in which SWFs invest as proxies for SWF ESG practices. Boubakri et al. (2023) focused on the post-SWF acquisition ESG ratings of companies in which SWFs invest as a proxy for understanding ESG prioritization. Dai, Song, You & Zhang ( 2022 ) analysed the CSR score of firms in which SWF invested. Reliance on third party investee ESG behaviour is an insufficient basis for understanding SWF ESG practices. However, how and whether SWFs implement governance practices remain to be addressed. Previous studies have focused on the origins of SWFs (Park, Xu, In & Ji 2019; Bahoo, Alon & Paltrinieri, 2020 ); the characteristics and structure of SWFs (Ho et al, 2014; Grira, 2019; Ouni et al, 2020); investment decision-making (Zhang & Kim, 2021 ; Amar, Candelon, Lecourt & Xun, 2017 ; Wagner, 2014 ; Mietzner, Schiereck & Schweizer (2015); the impacts of SWF investments on target firms measured by sales growth and returns (Amar et al, 2017 ); market reactions to announced purchases of voting rights (Mietzner et al, 2010 ); and the impact of such investments on financial markets (Stückelberger, Rossouw, Geerts, Chavaz, & Xinwa, 2017). Although there are many studies on SWFs, research on governance in combination with other environmental and social factors is limited, especially in the context of ASEAN countries. The present studies on ESG practices in SWFs have been limited by the opacity of SWF activities, which has made it difficult to access pertinent information. The sustainability transparency index indicates that SWFs have insufficient levels of transparency, a facet that has been emphasized by numerous studies with examples such as Vietnam’s Wealth Fund (State Capital Investment Corporation (SCIC)) scoring 4 (10 being maximum) on the Linaburg-Maduell Transparency (LMT) (Ho et al, 2014). Globally, more than 60% of SWFs have a Linaburg-Maduell Transparency Index lower than six (Grira, 2019). Departing from previous themes, this study enlarges the situation of ESG performance as a key theme within the SWF literature. While data on E and S factors is difficult to access, the introduction of GAPP self-assessment governance reporting by the IFWSF has provided an opportunity for the G (governance)–factor to be analysed. This paper begins with a short review of the literature regarding the Sovereign Wealth Funds and Santiago Principles in the ASEAN context. SWF environment, social, and governance (ESG) practices. Amar & Lecourt ( 2023 ) reveal that SWG governance measures are amplified when SWF internationalization becomes sufficiently high, as indicated by the curvilinear relationship between SWF internationalization levels and governance quality. SWFs from countries that are characterized predominantly by higher governance traits tend to have better governance quality (Amar, et al 2023). Begemann et al. ( 2023 ) found narratives associating ecological assets such as forests with the character of pure public goods. Due to their government-owned nature, SWFs might feel compelled to lead the trend toward socially responsible investing (Liang & Renneboog, 2020; Wurster & Schlosser, 2021). SWFs’ choice of sustainable practices has been observed to be almost inconsequential to their portfolio. Ayoubi & Enjolras (2022) found that excluding fossil fuel companies from the SWF portfolio did not significantly affect financial performance, in part because fossil fuel portfolios do not have comparatively abnormal returns. Dai et al. ( 2022 ) found evidence suggesting that SWFs not only are more likely to invest in firms with a higher Corporate Social Responsibility (CSR) score but also, at a minimum, have ESG performance as a vital factor when making investments. Fatica & Panzica ( 2020 ) observed a post-investment greening effect with a greater likelihood of green issuers displaying lower carbon asset intensity after borrowing than does conventional bond issuers. In contrast, when studying the links between SWFs and climate protection policy in Norway, Reiche (2010) did not find climate considerations to play a significant role in the SWF investment approach. SWF investment decision making, strategy. SWF hold economic motives, even more than political ones, with financial return maximization objectives (Alhashel, 2015 ). Stückelberger et al. (2017) find that SWF investments could trigger protectionism in recipient countries because these investments could be interpreted as endangering national interest. SWFs in Gulf Cooperation Council (GCC) countries were observed to place greater emphasis on target country characteristics than on the financial characteristics of the target firm (Amar et al, 2017 ). Relatedly, strategic considerations complement risk-return optimization (Wagner, 2014 ) (Ouni, et al 2020). For example, upon comparing SWFs with pension funds, Boubakri et al. ( 2016 ) observed that SWFs were more likely than non-SWFs to invest in firms operating in strategic sectors (financial sector, natural resources, mining, transportation, telecommunications, and utilities). For example, in Indonesia, the Indonesia Investment Authority (Lembaga Pengelola Investasi) was found to catalyse national infrastructure financing (Kusuma, Pangestu & Raytona 2021). Strategic considerations can also take the form of divestment or negative screening, as found in the Ayoubi et al. (2022) study, which showed a tendency for SWF to avoid investing in controversial firms that are associated with activities that might be considered unethical. Impact of SWF investment or divestment. The impact of SWF investments on target firms is inconclusive. Some studies indicate positive returns to target firms, while others find negative long-term effects (Ouni, et al 2020). Examining the long-term impact of SWF investments on target firms’ value, return volatility, and crash risk, Park et al. ( 2019 ) did not find consensus on the effects of SWFs. The stock price effects of SWF target firms in the financial services industry average positive market reactions of between 1.5% (-1, + 1) and 5.66 (-10, + 20), suggesting that the market perceives SWF target firm voting right purchases as value enhancing (Mietzner, et al. 2010 ). Stückelberger et al. (2017) observed that shareholder value is seen to increase by up to 15% when SWFs are involved because they are perceived as reliable, with long-term oriented investments. From a public finance perspective, SWF can be seen as perhaps more risk-tolerant than other public investors characterized by risk-averse liquid assets (Rozanov, 2005 ). Although SWFs were found to have a reducing effect on agency costs in financial service firms by aligning interests between managers and owners (Mietzner et al. 2010 ), this agency cost reduction could mask increased monitoring costs. Park et al. ( 2019 ) observed that increased SWF ownership attracted further monitoring costs that could exceed potential expropriation risks. Santiago Principles and ASEAN. The Santiago Principles, also known as the Generally Accepted Principles and Practices (GAPP), consist of 24 tenets (IWG, 2008) promoting transparency, good governance, accountability, and prudent investment practices. The four guiding objectives of the GAPP are to maintain a stable financial system regulatory compliance; financial risk return centrality, and foster transparent and sound governance (IWG, 2008). The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967 with the signing of the ASEAN Declaration (Bangkok Declaration). Originally comprising five member states (Indonesia, Malaysia, the Philippines, Singapore and Thailand), ASEAN countries expanded to present-day ten Member States. Additional members included Brunei Darussalam (1984), followed by Viet Nam (1995), Lao PDR and Myanmar (1997), and Cambodia (1999). All but four ASEAN member countries have a SWF (Thailand, Lao PDR, Cambodia, and Myanmar). Three of the ASEAN members are signatories to the Santiago Principles, are full members of the International Forum of Sovereign Wealth Funds (IFSWF) and are signatories to the Santiago Principles. As listed in Table 1, these include Singapore (GIC Private Limited), Indonesia (Indonesia Investment Authority), and Malaysia (Khazanah Nasional Berhad). Although not signatory to the Santiago Principles, the other ASEAN members have SWFs: Brunei (Brunei Investment Agency), Viet Nam (State Capital Investment Corporation), and the Philippines (Maharlika Wealth Fund). METHODOLOGY A positivist philosophical disposition is used to collect and analyse ESG data and infer generalizations by testing the hypotheses. SWFs are sampled globally irrespective of geography, economic model, or fund size. Wurster (2021) found that the level of economic development and geographical location do not significantly influence ESG practices. The approach is inductively based on documentary observation and analysis to establish the extent to which the SWF performs according to preestablished attributes of the Environment, Social and Governance framework. Aligned with the findings of Boubakri et al. (2023) that SWF motives and objectives are heterogeneous, the document analysis follows a subjective ontological position. This research involved a combination of document analysis strategy and a review of previous literature. Document analysis is used to synthesize and appraise textual data to elicit meaning by examining and interpreting data to uncover G factor application meaning, gain understanding, and conclude as to the governance practices of each SWF under study. Nonprobability sampling is applied to investigate the ESG practices of a select number of participating SWFs. Several nonprobability sampling techniques are used, including voluntary self-selection, snowball sampling, purposive heterogeneous sampling, and haphazard convenience sampling. A complete sample of all members of the International Forum of Sovereign Wealth Funds (IFSWF) that have provided at least one report on their implementation of the Sovereign Wealth Funds Generally Accepted Principles and Practices (GAPP) is used for analysis. Based on the data provided by the IFWSF, thirty-nine (39) SWFs provided at least one self-assessment report on the implementation of the Santiago Principles in the years 2022, 2021, 2019, and 2016. Among these thirty-nine SWFs, three fall under the grouping of the Association of Southeast Asian Nations (ASEAN), as shown in Table 2 . Table 2 ASEAN Signatories To Santiago Principles With At Least One Gapp Report. ASEAN Member SWF AuM ( $ b) − 2023 GAPP Year Indonesia Indonesia Investment Authority (INA) $ 9 2022 Malaysia Khazanah Nasional Berhad (KNB) $ 18 2022, 2019, 2016 Singapore GIC Private Limited (GIC) $ 770 2022, 2019, 2016 To analyse the GAPP reports for each SWF, information on the twenty-four principles is examined. The Generally Accepted Principles and Practices (GAPP) cover three key areas: (i) the legal framework, objectives, and coordination with macroeconomic policies; (ii) the institutional framework and governance structure; and (iii) the investment and risk management framework. Table 3 summarizes the GAPP principles clustered according to each key area. Table 3 Sovereign Wealth Funds Generally Accepted Principles And Practices (Gapp) GAPP Principle Description Legal framework, objectives, and coordination with macroeconomic policies GAPP 1 Sound legal framework for the SWF. GAPP 2 Clearly defined and publicly disclosed policy purpose. GAPP 3 Close coordination of SWF direct domestic macroeconomic implications with the domestic fiscal and monetary authorities. GAPP 4 Clear and publicly disclosed policies, rules, procedures or arrangements. GAPP 5 Timely reporting of relevant statistical data Institutional framework and governance structure. GAPP 6 Sound governance framework with division of responsibilities. GAPP 7 Clearly defined objectives of the SWF GAPP 8 Clear Governing body mandate, authority and competency while acting in best interest of SWF. GAPP 9 Independence in implementing SWF strategies GAPP10 Clear accountability framework enshrined in relevant legislation, charter or agreements GAPP11 Timely and consistent preparation of annual report and financials in accordance with relevant standards. GAPP12 Consistent annual audit of operations and financials according to recognized auditing standards. GAPP13 Awareness of SWF governing body, management and staff of clearly defined professional and ethical standards. GAPP14 Economic and financial centricity in dealing with third parties using clear rules and procedures. GAPP15 Compliance with regulatory and disclosure requirements of the countries in which SWF operate GAPP16 Public disclosure of governance framework and operational independence. GAPP17 Public disclosure of relevant financial information. Investment and risk management framework GAPP18 Clear and consistent investment policy aligned to SWF objectives, risk tolerance and investment strategy and based on sound portfolio management principles. GAPP19 Risk adjusted returns maximisation as target for investment decisions. GAPP20 Fair competition with private entities without taking advantage of privileged information or influence. GAPP21 Publicly disclose approach to voting securities of listed entities including its exercise of ownership rights. GAPP22 Clear framework for identifying, assessing and managing risks. GAPP23 Asset and investment performance reporting based on clearly defined principles and standards. GAPP24 Conduct regular review of implementation of GAPP. ANALYSIS AND DISCUSSION Indonesia - Indonesia Investment Authority (INA) The Lembaga Pengelola Investasi or Indonesia Investment Authority (INA) was founded in 2021 as Indonesia’s Sovereign Wealth Fund. With the objective of building wealth for future generations and contributing to Indonesia’s sustainable economic development, the INA was initially established under Law Number 11 of 2020 and, more recently, Government Regulation Number 74 of 2020 (PP 74/2020) on Investment Management Institutions (INA, 2023). To supplement Indonesia’s domestic financing capacity to finance economic development, Regulation 74 of 2020 provided the INA with the flexibility to mobilize additional resources from foreign direct investors. In light of this regulatory flexibility to mobilize foreign investments, it is conceivable that new further governance disclosure is required to reflect additional investors joining the Government of Indonesia INA investments. For example, in 2023, the INA completed a follow-up investment transaction for the Trans Java toll road segments Kanci-Pejagan and Pejagan-Pemalang, with two of the INA’s investment partners, the Abu Dhabi Investment Authority (ADIA) and the APG Asset Management N.V. (APG), which participated in the investment of these two toll road assets (INA, 2024). Although the INA provides general information on partnerships, the fund has not clearly presented information on any rights or responsibilities associated with the different investors. This was an important consideration because the INA is wholly owned by the Government of Indonesia. The spirit of the Santiago principles was to be considered as setting a minimum standard to accommodate home country distinctiveness and contexts of each SWF that could require further disclosures and governance practices. There are some potentially open questions about the direct domestic macroeconomic implications of the INA. GAPP 3. The principle envisioned close coordination between the SWF and domestic fiscal and monetary authorities. The INA’s supervisory board members are composition of leaders from both the Finance Ministry and the State-Owned Enterprises Ministry to a certain extent promotes macroeconomic policy cohesion but does not go far enough. There are opportunities to establish coordination structures with relevant fiscal and monetary authorities. As disclosed in the INA’s 2023 Annual Report, considering Indonesia’s trillion-dollar economy, the Fund’s activities are likely to have less macroeconomic domestic significance. However, with INA Assets under Management (AuM) increasing from Rp75 trillion or $ 5 billion at inception in 2021 to Rp 116 trillion or $ 7.2 billion (INA, 2023), amidst further growth ambitions, fostering close coordination becomes even more vital. The INA’s most recent Santiago Principles report for 2022 (INA, 2022) does not provide information on GAPP 22, which describes how SWF identify, assess, and manage the risks of its operations. The Internal Control Systems and Risk Management section of the INA’s 2023 Annual Report describes the embeddedness of risk management in the investment process, with governance as one of the derisking factors. A still unsolved question is whether the INA has publicly disclosed the Risk Control Self-Assessment (RCSA), and the Risk Register as encouraged by the GAPP Principle 22, subprinciple 2. A subtle distinction between risk assessment outputs and GAPP 22.2 is the latter’s interest in the process involved in identifying, assessing and managing risks. Therefore, an important aspect of INA implementation in GAPP 22.2 is disclosing the framework while continually updating the risk register to capture changes in the operational risk environment. Malaysia - Khazanah Nasional Berhad (KNB) The 1993 formation of Khazanah Nasional Berhad (“Khazanah”) as a public limited company stems from the fund’s incorporation under the Malaysian Companies Act 1965, now Companies Act 2016 (KNB, 2023). The Malaysian Federal Lands Commissioner holds one share, with all the remaining share capital of Khazanah owned by the Minister of Finance Incorporated, a body incorporated pursuant to the Ministry of Finance (Incorporation) Act 1957 (KNB, 2023). To protect information confidentiality, KNB relies upon an Information Barrier Policy to control the flow of Material Non-Public Information (“MNPI”) within the fund to minimise the risk of breach of relevant Insider Trading provisions (KNB, 2023). However, the residual risk that remains in the context of GAPP 20 is whether KNB could take advantage of privileged information or inappropriate influence by the broader government in competing with private entities. This remains an open question in light of KNB’s government ownership. Singapore - GIC Private Limited (GIC) The Government of Singapore Investment Corporation (GIC) was incorporated in 1981 under the Singapore Companies Act 1967 and is wholly owned by the Government of Singapore (GIC, 2023). As mandated by the Singaporean government, the GIC manages all assets in a single pool on an unencumbered basis and without regard for their source, with the objective of achieving good long-term real returns. Like in the INA report, the latest GIC Santiago Principles report (GIC,2022) does not reveal GAPP22.2 risk management measures, especially with regard to disclosing risk identification, assessment and management. The GIC 2021/22 Annual report (GIC, 2022) describes the constitution of a risk committee that, among others reviews significant risk issues arising from GIC operations and investments. To mitigate the use of the unique government relationship as an information advantage in competing with private entities, GIC’s Santiago report (GIC, 2022) notes that the GIC does not have access to privileged information or inappropriate influence through the government, nor does it seek it. To properly address this risk of unfair competition, the GIC and the government could benefit from explicit mitigation steps due to the close relationship that stems from the government’s ownership position in the GIC. CONCLUSION Levels of disclosure vary among the different SWFs, in part because the Santiago Principles are voluntary measures subject to the discretion of SWFs. For instance, KNB in the 2022 Santiago Principles report (KNB, 2023) publicly discloses its general approach to voting (KNB, 2019) on the securities of listed entities; however, this information is not provided in the GIC and INA reports for the same year. This is likely to affect the perception of standardization of the Santiago principles badge because it is difficult to arrive at an expectation of what GAPP compliance truly means. The effect is that two SWFs complying with Santiago Principles are almost incomparable given the variations. The question is now how the Santiago Principles still conjure confidence in advancing governance amidst variations in reporting and disclosure without clear external review. Economic targeting as an object of GAPP helps alley fears of SWF purposes and aims to strengthen financial systems by demonstrating that SWFs operate on a good faith basis. However, in light of the environmental and social externalities of capital, it can be expected that incorporating the E and S factors would be beneficial. This is aligned with the IFWS object of achieving stable financial systems and markets because finance is not the only threat to stable financial systems; social and environmental impacts can also have negative effects on financial markets if unaddressed. Individual SWFs, such as Indonesia’s Sovereign Wealth Fund (INA), have embraced ESG-based risk assessments of investments (INA, 2023). One of the tough challenges for the International Forum of SWFs (IFSW) is to galvanise this sustainable finance momentum and set standards and principles for their members. A more systematic approach is required if the objective of GAPP 24 in conducting regular review of the implementation of the GAPP is to be attained. Whereas all three SWFs reported conducting implementation reviews, the outcome of such reviews was not provided. The IFSWF should be interested here in the process of the review itself to yield better results, such as working with external teams to conduct the review process. In the course of the last fifteen years since the Santiago Principles were formulated by the twenty-six founding members, the IFWS has grown to over 48 members whose combined AuM is over $ 6.5 trillion. For this purpose of strengthening governance and member sustainable finance practices, a review of the GAPP principles would be beneficial to the forum. As the authors noted earlier, this study relied upon SWF self-assessment governance reports. Additional studies to understand more of the lived reality of governance systems in practice are needed. More work is necessary to analyse the environmental and social factors to gain a complete understanding of ESG practices beyond the G factor, which has been the subject of this inquiry. One limitation is that the sample size was small. Nevertheless, the study has yielded important results. Larger yet similar studies are required to confirm these findings. Although the study yielded important results, it is limited by the small sample size. Additional studies to more completely understand the governance practices of other non-ASEAN countries are needed. There is a wide choice of thirty-nine Sovereign Wealth Funds around the world whose GAPP self-assessment reports are available in the IFSW literature. Abbreviations ABBREVIATIONS Name ADIA Abu Dhabi Investment Authority APG APG Asset Management N.V ASEAN Association of Southeast Asian Nations AuM Assets under Management CFP Corporate Financial Performance COP Conference of the Parties CSP Corporate Social Performance CSR Corporate Social Responsibility ESG Environment, Social, Governance GAPP Generally Accepted Principles And Practices IEA International Energy Agency IFSWF International Forum of Sovereign Wealth Funds INA Indonesia Investment Authority KNB Khazanah Nasional Berhad GCC Gulf Cooperation Council GIC GIC Private Limited FAO Food and Agriculture Organisation LCOE Levelized Costs of Electricity SDG Sustainable Development Goals SOTA State of the Art SWF Sovereign Wealth Fund UNEP United Nations Environment Programme SYMBOLS C Centigrade CO2 Carbon dioxide References Al Ayoubi, Khalil & Enjolras, Geoffroy, 2022. "Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds?" 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Sovereign wealth funds: Investment objectives and asset allocation strategies. Journal of Governance and Regulation. 3. 10.22495/jgr_v3_i2_p4. Zeineb, Ouni & Bernard, Prosper & Plaisent, Michel. (2020). Sovereign Wealth Funds Empirical Studies: A Critical View. Journal of Economics Studies and Research. 1-13. 10.5171/2020.434738. Zhang, Hongxia & Kim, Heeho. (2021). Why do Sovereign Wealth Funds Invest in Asia? Journal of Korea Trade. 25. 65-88. 10.35611/jkt.2021.25.1.65. Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Published Journal Publication published 11 Jun, 2026 Read the published version in Journal of Governance and Regulation → Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5065863","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":352150605,"identity":"96671e32-55a9-45a6-8cb0-7518e57727e0","order_by":0,"name":"Ronald Rwakigumba","email":"data:image/png;base64,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","orcid":"https://orcid.org/0009-0003-9499-2601","institution":"Institut Teknologi Bandung","correspondingAuthor":true,"prefix":"","firstName":"Ronald","middleName":"","lastName":"Rwakigumba","suffix":""},{"id":352150606,"identity":"0ad34868-0684-4020-97bd-71d8f4b46c3d","order_by":1,"name":"Yilmaz Guney","email":"","orcid":"https://orcid.org/0000-0001-6011-6505","institution":"Coventry University","correspondingAuthor":false,"prefix":"","firstName":"Yilmaz","middleName":"","lastName":"Guney","suffix":""},{"id":352150607,"identity":"d0b97788-3d87-4921-93fc-f134c35a4037","order_by":2,"name":"Sudarso Kaderi Wiryono","email":"","orcid":"","institution":"Institut Teknologi Bandung","correspondingAuthor":false,"prefix":"","firstName":"Sudarso","middleName":"Kaderi","lastName":"Wiryono","suffix":""},{"id":352150608,"identity":"ab0868f3-cadc-4783-b6d0-ec43d048e784","order_by":3,"name":"Eliana Lauretta","email":"","orcid":"https://orcid.org/0000-0002-6624-2286","institution":"Coventry University","correspondingAuthor":false,"prefix":"","firstName":"Eliana","middleName":"","lastName":"Lauretta","suffix":""},{"id":352150609,"identity":"7a3202e1-8cc7-45ab-b1c5-3c704c46211d","order_by":4,"name":"Melia Famiola Hariadi","email":"","orcid":"https://orcid.org/0000-0003-3914-3204","institution":"Institut Teknologi Bandung","correspondingAuthor":false,"prefix":"","firstName":"Melia","middleName":"Famiola","lastName":"Hariadi","suffix":""}],"badges":[],"createdAt":"2024-09-10 16:00:18","currentVersionCode":1,"declarations":{"humanSubjects":false,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":false,"humanSubjectConsent":false,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false,"coiExplicitlySet":false},"doi":"10.21203/rs.3.rs-5065863/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5065863/v1","draftVersion":[],"editorialEvents":[{"content":"https://doi.org/10.22495/jgrv15i2siart17","type":"published","date":"2026-06-12T00:00:00+00:00"}],"editorialNote":"","failedWorkflow":false,"files":[{"id":64353138,"identity":"68047a9c-d361-4194-8461-a3168a7dcef4","added_by":"auto","created_at":"2024-09-12 05:03:59","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":72757,"visible":true,"origin":"","legend":"\u003cp\u003eClassification of SWFs (adapted from IFWSF)\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-5065863/v1/faf432a21f7c402e89365f33.png"},{"id":112133290,"identity":"b6a2abbb-03e6-46f5-aeca-68a8dd7b5cdc","added_by":"auto","created_at":"2026-06-15 14:31:03","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":287020,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5065863/v1/b5ca0315-b23e-4f72-a01f-59215adb2a22.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003eAssessing the implementation of Santiago Principles by Sovereign Wealth Funds in the ASEAN Community\u003c/p\u003e","fulltext":[{"header":"INTRODUCTION","content":"\u003cp\u003eWith more than \u003cspan\u003e$\u003c/span\u003e11.5 trillion in assets under management as of February 2023, recent growth in the number and assets under management (AuM) of Sovereign Wealth Funds (SWF) has attracted growing interest (Megginson et al, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). Sovereign Wealth Funds (SWFs) are special purpose investment funds or arrangements that are owned by the general government (IWG, 2008). Although Rozanov (\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2005\u003c/span\u003e) is credited with originating the SWF term, SWFs existed much earlier (IMF, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2008\u003c/span\u003e), with examples such as the Kuwait Investment Authority (KIA) and the Abu Dhabi Investment Authority (ADIA), established in 1953 and 1976, respectively.\u003c/p\u003e \u003cp\u003eThe heterogeneity (Alhashel, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), hybrid nature, and low transparency levels of SWFs have had the effect that a common definition of SWFs is lacking (Ouni, Prosper \u0026amp; Michel 2020), especially considering that in several ways, SWFs look just as much as private investors, such as in return maximization aims (Alhashel, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). Typically, SWFs originate from national budget surpluses, accumulated over several years due to favourable macroeconomic, trade and fiscal positions coupled with long-term budget planning (Rozanov, \u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2005\u003c/span\u003e). In Asian countries, SWFs are predominantly based on current account surpluses derived from no resource exports, whereby their balance of payments surplus is linked to capital inflows (Ho \u0026amp; Zhang \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). SWFs can be seen as perhaps more risk-tolerant, a shift from other public investors characterized by risk-averse liquid assets (Rozanov, \u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2005\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eSeveral Sovereign Wealth Funds (SWF) such as Malaysia\u0026rsquo;s Khazanah Nasional Berhad and Singapore\u0026rsquo;s GIC Private Limited (GIC), are registered under the corporate law of their respective countries (KNB, 2023; GIC, 2023). At first glance, corporate governance appears at odds with the legal position, which assigns a company its own distinct identity, separate from its members or owners and with the same rights and responsibilities as a natural person (Companies Act, 1862). In the Salomon v Salomon \u0026amp; Company Ltd. case (House of Lords, 1897), the courts ruled to uphold the corporate personality so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts. This unique identity does not absolve directors of responsibility for their actions because the corporate veil can be lifted to hold individual members of a company responsible for the actions of the company. This was the case in Cape Pacific v Lubner Controlling Investments Ltd. Pty (Supreme Court, 1995), where the court disregarded the company\u0026rsquo;s separate personality and considered the actions of its members. Therefore, corporate governance is aligned with corporate law to the extent that it aims to foster prudent stewardship of the company by its members.\u003c/p\u003e\n\u003ch3\u003eProblem Statement\u003c/h3\u003e\n\u003cp\u003eThe extent to which Sovereign Wealth Funds (SWFs) pay due regard to environmental, social and governance (ESG) considerations is little known (Grira, \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Prior research has suggested that sustainable development is one of the aspirations that SWF investment managers look at (Papaioannou \u0026amp; Rentsendorj \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). Additionally, certain ecological assets, such as forests, are considered pure public goods (Begemann, Dolriis, \u0026amp; Winkel, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). However, Reiche (2010) found that although climate consideration and do-no harm practices are prioritized, these practices are not central to SWF investment. Bortolotti \u0026amp; van Zwieten (2023) also document that SWFs were late to embrace the socially responsible investing trend. Unlike other investors, SWFs have a unique relationship with the government as a shareholder. This study establishes the governance practices of SWFs amidst these mixed findings regarding the extent to which SWFs implement ESG practices.\u003c/p\u003e \u003cp\u003eSecond, most studies have relied on data from companies in which SWFs invest as proxies for SWF ESG practices. Boubakri et al. (2023) focused on the post-SWF acquisition ESG ratings of companies in which SWFs invest as a proxy for understanding ESG prioritization. Dai, Song, You \u0026amp; Zhang (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) analysed the CSR score of firms in which SWF invested. Reliance on third party investee ESG behaviour is an insufficient basis for understanding SWF ESG practices. However, how and whether SWFs implement governance practices remain to be addressed.\u003c/p\u003e \u003cp\u003ePrevious studies have focused on the origins of SWFs (Park, Xu, In \u0026amp; Ji 2019; Bahoo, Alon \u0026amp; Paltrinieri, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2020\u003c/span\u003e); the characteristics and structure of SWFs (Ho et al, 2014; Grira, 2019; Ouni et al, 2020); investment decision-making (Zhang \u0026amp; Kim, \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Amar, Candelon, Lecourt \u0026amp; Xun, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Wagner, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Mietzner, Schiereck \u0026amp; Schweizer (2015); the impacts of SWF investments on target firms measured by sales growth and returns (Amar et al, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2017\u003c/span\u003e); market reactions to announced purchases of voting rights (Mietzner et al, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2010\u003c/span\u003e); and the impact of such investments on financial markets (St\u0026uuml;ckelberger, Rossouw, Geerts, Chavaz, \u0026amp; Xinwa, 2017).\u003c/p\u003e \u003cp\u003eAlthough there are many studies on SWFs, research on governance in combination with other environmental and social factors is limited, especially in the context of ASEAN countries. The present studies on ESG practices in SWFs have been limited by the opacity of SWF activities, which has made it difficult to access pertinent information. The sustainability transparency index indicates that SWFs have insufficient levels of transparency, a facet that has been emphasized by numerous studies with examples such as Vietnam\u0026rsquo;s Wealth Fund (State Capital Investment Corporation (SCIC)) scoring 4 (10 being maximum) on the Linaburg-Maduell Transparency (LMT) (Ho et al, 2014). Globally, more than 60% of SWFs have a Linaburg-Maduell Transparency Index lower than six (Grira, 2019). Departing from previous themes, this study enlarges the situation of ESG performance as a key theme within the SWF literature.\u003c/p\u003e \u003cp\u003eWhile data on E and S factors is difficult to access, the introduction of GAPP self-assessment governance reporting by the IFWSF has provided an opportunity for the G (governance)\u0026ndash;factor to be analysed.\u003c/p\u003e \u003cp\u003eThis paper begins with a short review of the literature regarding the Sovereign Wealth Funds and Santiago Principles in the ASEAN context.\u003c/p\u003e \u003cp\u003e \u003cb\u003eSWF environment, social, and governance (ESG) practices.\u003c/b\u003e \u003c/p\u003e \u003cp\u003eAmar \u0026amp; Lecourt (\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) reveal that SWG governance measures are amplified when SWF internationalization becomes sufficiently high, as indicated by the curvilinear relationship between SWF internationalization levels and governance quality. SWFs from countries that are characterized predominantly by higher governance traits tend to have better governance quality (Amar, et al 2023).\u003c/p\u003e \u003cp\u003eBegemann et al. (\u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) found narratives associating ecological assets such as forests with the character of pure public goods. Due to their government-owned nature, SWFs might feel compelled to lead the trend toward socially responsible investing (Liang \u0026amp; Renneboog, 2020; Wurster \u0026amp; Schlosser, 2021). SWFs\u0026rsquo; choice of sustainable practices has been observed to be almost inconsequential to their portfolio. Ayoubi \u0026amp; Enjolras (2022) found that excluding fossil fuel companies from the SWF portfolio did not significantly affect financial performance, in part because fossil fuel portfolios do not have comparatively abnormal returns.\u003c/p\u003e \u003cp\u003eDai et al. (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) found evidence suggesting that SWFs not only are more likely to invest in firms with a higher Corporate Social Responsibility (CSR) score but also, at a minimum, have ESG performance as a vital factor when making investments. Fatica \u0026amp; Panzica (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) observed a post-investment greening effect with a greater likelihood of green issuers displaying lower carbon asset intensity after borrowing than does conventional bond issuers. In contrast, when studying the links between SWFs and climate protection policy in Norway, Reiche (2010) did not find climate considerations to play a significant role in the SWF investment approach.\u003c/p\u003e \u003cp\u003e \u003cb\u003eSWF investment decision making, strategy.\u003c/b\u003e \u003c/p\u003e \u003cp\u003eSWF hold economic motives, even more than political ones, with financial return maximization objectives (Alhashel, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). St\u0026uuml;ckelberger et al. (2017) find that SWF investments could trigger protectionism in recipient countries because these investments could be interpreted as endangering national interest. SWFs in Gulf Cooperation Council (GCC) countries were observed to place greater emphasis on target country characteristics than on the financial characteristics of the target firm (Amar et al, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Relatedly, strategic considerations complement risk-return optimization (Wagner, \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2014\u003c/span\u003e) (Ouni, et al 2020). For example, upon comparing SWFs with pension funds, Boubakri et al. (\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2016\u003c/span\u003e) observed that SWFs were more likely than non-SWFs to invest in firms operating in strategic sectors (financial sector, natural resources, mining, transportation, telecommunications, and utilities). For example, in Indonesia, the Indonesia Investment Authority (Lembaga Pengelola Investasi) was found to catalyse national infrastructure financing (Kusuma, Pangestu \u0026amp; Raytona 2021). Strategic considerations can also take the form of divestment or negative screening, as found in the Ayoubi et al. (2022) study, which showed a tendency for SWF to avoid investing in controversial firms that are associated with activities that might be considered unethical.\u003c/p\u003e \u003cp\u003e \u003cb\u003eImpact of SWF investment or divestment.\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe impact of SWF investments on target firms is inconclusive. Some studies indicate positive returns to target firms, while others find negative long-term effects (Ouni, et al 2020). Examining the long-term impact of SWF investments on target firms\u0026rsquo; value, return volatility, and crash risk, Park et al. (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) did not find consensus on the effects of SWFs. The stock price effects of SWF target firms in the financial services industry average positive market reactions of between 1.5% (-1, +\u0026thinsp;1) and 5.66 (-10, +\u0026thinsp;20), suggesting that the market perceives SWF target firm voting right purchases as value enhancing (Mietzner, et al. \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). St\u0026uuml;ckelberger et al. (2017) observed that shareholder value is seen to increase by up to 15% when SWFs are involved because they are perceived as reliable, with long-term oriented investments.\u003c/p\u003e \u003cp\u003eFrom a public finance perspective, SWF can be seen as perhaps more risk-tolerant than other public investors characterized by risk-averse liquid assets (Rozanov, \u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2005\u003c/span\u003e). Although SWFs were found to have a reducing effect on agency costs in financial service firms by aligning interests between managers and owners (Mietzner et al. \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2010\u003c/span\u003e), this agency cost reduction could mask increased monitoring costs. Park et al. (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) observed that increased SWF ownership attracted further monitoring costs that could exceed potential expropriation risks.\u003c/p\u003e \u003cp\u003e \u003cb\u003eSantiago Principles and ASEAN.\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe Santiago Principles, also known as the Generally Accepted Principles and Practices (GAPP), consist of 24 tenets (IWG, 2008) promoting transparency, good governance, accountability, and prudent investment practices. The four guiding objectives of the GAPP are to maintain a stable financial system regulatory compliance; financial risk return centrality, and foster transparent and sound governance (IWG, 2008).\u003c/p\u003e \u003cp\u003eThe Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967 with the signing of the ASEAN Declaration (Bangkok Declaration). Originally comprising five member states (Indonesia, Malaysia, the Philippines, Singapore and Thailand), ASEAN countries expanded to present-day ten Member States. Additional members included Brunei Darussalam (1984), followed by Viet Nam (1995), Lao PDR and Myanmar (1997), and Cambodia (1999).\u003c/p\u003e \u003cp\u003eAll but four ASEAN member countries have a SWF (Thailand, Lao PDR, Cambodia, and Myanmar). Three of the ASEAN members are signatories to the Santiago Principles, are full members of the International Forum of Sovereign Wealth Funds (IFSWF) and are signatories to the Santiago Principles. As listed in Table\u0026nbsp;1, these include Singapore (GIC Private Limited), Indonesia (Indonesia Investment Authority), and Malaysia (Khazanah Nasional Berhad). Although not signatory to the Santiago Principles, the other ASEAN members have SWFs: Brunei (Brunei Investment Agency), Viet Nam (State Capital Investment Corporation), and the Philippines (Maharlika Wealth Fund).\u003c/p\u003e \n\u003cp\u003e\u003cimg 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\" width=\"759\" height=\"535\"\u003e\u003c/p\u003e"},{"header":"METHODOLOGY","content":"\u003cp\u003eA positivist philosophical disposition is used to collect and analyse ESG data and infer generalizations by testing the hypotheses. SWFs are sampled globally irrespective of geography, economic model, or fund size. Wurster (2021) found that the level of economic development and geographical location do not significantly influence ESG practices.\u003c/p\u003e \u003cp\u003eThe approach is inductively based on documentary observation and analysis to establish the extent to which the SWF performs according to preestablished attributes of the Environment, Social and Governance framework. Aligned with the findings of Boubakri et al. (2023) that SWF motives and objectives are heterogeneous, the document analysis follows a subjective ontological position.\u003c/p\u003e \u003cp\u003eThis research involved a combination of document analysis strategy and a review of previous literature. Document analysis is used to synthesize and appraise textual data to elicit meaning by examining and interpreting data to uncover G factor application meaning, gain understanding, and conclude as to the governance practices of each SWF under study.\u003c/p\u003e \u003cp\u003eNonprobability sampling is applied to investigate the ESG practices of a select number of participating SWFs. Several nonprobability sampling techniques are used, including voluntary self-selection, snowball sampling, purposive heterogeneous sampling, and haphazard convenience sampling.\u003c/p\u003e \u003cp\u003eA complete sample of all members of the International Forum of Sovereign Wealth Funds (IFSWF) that have provided at least one report on their implementation of the Sovereign Wealth Funds Generally Accepted Principles and Practices (GAPP) is used for analysis. Based on the data provided by the IFWSF, thirty-nine (39) SWFs provided at least one self-assessment report on the implementation of the Santiago Principles in the years 2022, 2021, 2019, and 2016. Among these thirty-nine SWFs, three fall under the grouping of the Association of Southeast Asian Nations (ASEAN), as shown in Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e2\u003c/span\u003e.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eASEAN Signatories To Santiago Principles With At Least One Gapp Report.\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eASEAN Member\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSWF\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eAuM (\u003cspan\u003e$\u003c/span\u003eb) \u0026minus;\u0026thinsp;2023\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eGAPP Year\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eIndonesia\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIndonesia Investment Authority (INA)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cspan\u003e$\u003c/span\u003e9\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2022\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMalaysia\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eKhazanah Nasional Berhad (KNB)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cspan\u003e$\u003c/span\u003e18\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2022, 2019, 2016\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSingapore\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eGIC Private Limited (GIC)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\u003cspan\u003e$\u003c/span\u003e 770\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2022, 2019, 2016\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eTo analyse the GAPP reports for each SWF, information on the twenty-four principles is examined. The Generally Accepted Principles and Practices (GAPP) cover three key areas: (i) the legal framework, objectives, and coordination with macroeconomic policies; (ii) the institutional framework and governance structure; and (iii) the investment and risk management framework. Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e3\u003c/span\u003e summarizes the GAPP principles clustered according to each key area.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eSovereign Wealth Funds Generally Accepted Principles And Practices (Gapp)\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP Principle\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDescription\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c2\" namest=\"c1\"\u003e \u003cp\u003eLegal framework, objectives, and coordination with macroeconomic policies\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSound legal framework for the SWF.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClearly defined and publicly disclosed policy purpose.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClose coordination of SWF direct domestic macroeconomic implications with the domestic fiscal and monetary authorities.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClear and publicly disclosed policies, rules, procedures or arrangements.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eTimely reporting of relevant statistical data\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c2\" namest=\"c1\"\u003e \u003cp\u003eInstitutional framework and governance structure.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSound governance framework with division of responsibilities.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 7\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClearly defined objectives of the SWF\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClear Governing body mandate, authority and competency while acting in best interest of SWF.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP 9\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIndependence in implementing SWF strategies\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP10\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClear accountability framework enshrined in relevant legislation, charter or agreements\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP11\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eTimely and consistent preparation of annual report and financials in accordance with relevant standards.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP12\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eConsistent annual audit of operations and financials according to recognized auditing standards.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP13\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAwareness of SWF governing body, management and staff of clearly defined professional and ethical standards.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP14\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eEconomic and financial centricity in dealing with third parties using clear rules and procedures.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP15\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCompliance with regulatory and disclosure requirements of the countries in which SWF operate\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP16\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePublic disclosure of governance framework and operational independence.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP17\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePublic disclosure of relevant financial information.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c2\" namest=\"c1\"\u003e \u003cp\u003eInvestment and risk management framework\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP18\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClear and consistent investment policy aligned to SWF objectives, risk tolerance and investment strategy and based on sound portfolio management principles.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP19\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eRisk adjusted returns maximisation as target for investment decisions.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP20\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFair competition with private entities without taking advantage of privileged information or influence.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP21\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePublicly disclose approach to voting securities of listed entities including its exercise of ownership rights.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP22\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eClear framework for identifying, assessing and managing risks.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP23\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAsset and investment performance reporting based on clearly defined principles and standards.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGAPP24\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eConduct regular review of implementation of GAPP.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e"},{"header":"ANALYSIS AND DISCUSSION","content":"\u003cdiv id=\"Sec5\" class=\"Section2\"\u003e \u003ch2\u003eIndonesia - Indonesia Investment Authority (INA)\u003c/h2\u003e \u003cp\u003eThe Lembaga Pengelola Investasi or Indonesia Investment Authority (INA) was founded in 2021 as Indonesia\u0026rsquo;s Sovereign Wealth Fund. With the objective of building wealth for future generations and contributing to Indonesia\u0026rsquo;s sustainable economic development, the INA was initially established under Law Number 11 of 2020 and, more recently, Government Regulation Number 74 of 2020 (PP 74/2020) on Investment Management Institutions (INA, 2023).\u003c/p\u003e \u003cp\u003eTo supplement Indonesia\u0026rsquo;s domestic financing capacity to finance economic development, Regulation 74 of 2020 provided the INA with the flexibility to mobilize additional resources from foreign direct investors. In light of this regulatory flexibility to mobilize foreign investments, it is conceivable that new further governance disclosure is required to reflect additional investors joining the Government of Indonesia INA investments. For example, in 2023, the INA completed a follow-up investment transaction for the Trans Java toll road segments Kanci-Pejagan and Pejagan-Pemalang, with two of the INA\u0026rsquo;s investment partners, the Abu Dhabi Investment Authority (ADIA) and the APG Asset Management N.V. (APG), which participated in the investment of these two toll road assets (INA, 2024). Although the INA provides general information on partnerships, the fund has not clearly presented information on any rights or responsibilities associated with the different investors. This was an important consideration because the INA is wholly owned by the Government of Indonesia. The spirit of the Santiago principles was to be considered as setting a minimum standard to accommodate home country distinctiveness and contexts of each SWF that could require further disclosures and governance practices.\u003c/p\u003e \u003cp\u003eThere are some potentially open questions about the direct domestic macroeconomic implications of the INA. GAPP 3. The principle envisioned close coordination between the SWF and domestic fiscal and monetary authorities. The INA\u0026rsquo;s supervisory board members are composition of leaders from both the Finance Ministry and the State-Owned Enterprises Ministry to a certain extent promotes macroeconomic policy cohesion but does not go far enough. There are opportunities to establish coordination structures with relevant fiscal and monetary authorities. As disclosed in the INA\u0026rsquo;s 2023 Annual Report, considering Indonesia\u0026rsquo;s trillion-dollar economy, the Fund\u0026rsquo;s activities are likely to have less macroeconomic domestic significance. However, with INA Assets under Management (AuM) increasing from Rp75 trillion or \u003cspan\u003e$\u003c/span\u003e5\u0026nbsp;billion at inception in 2021 to Rp 116 trillion or \u003cspan\u003e$\u003c/span\u003e7.2\u0026nbsp;billion (INA, 2023), amidst further growth ambitions, fostering close coordination becomes even more vital.\u003c/p\u003e \u003cp\u003eThe INA\u0026rsquo;s most recent Santiago Principles report for 2022 (INA, 2022) does not provide information on GAPP 22, which describes how SWF identify, assess, and manage the risks of its operations. The Internal Control Systems and Risk Management section of the INA\u0026rsquo;s 2023 Annual Report describes the embeddedness of risk management in the investment process, with governance as one of the derisking factors. A still unsolved question is whether the INA has publicly disclosed the Risk Control Self-Assessment (RCSA), and the Risk Register as encouraged by the GAPP Principle 22, subprinciple 2. A subtle distinction between risk assessment outputs and GAPP 22.2 is the latter\u0026rsquo;s interest in the process involved in identifying, assessing and managing risks. Therefore, an important aspect of INA implementation in GAPP 22.2 is disclosing the framework while continually updating the risk register to capture changes in the operational risk environment.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003eMalaysia - Khazanah Nasional Berhad (KNB)\u003c/h2\u003e \u003cp\u003eThe 1993 formation of Khazanah Nasional Berhad (\u0026ldquo;Khazanah\u0026rdquo;) as a public limited company stems from the fund\u0026rsquo;s incorporation under the Malaysian Companies Act 1965, now Companies Act 2016 (KNB, 2023). The Malaysian Federal Lands Commissioner holds one share, with all the remaining share capital of Khazanah owned by the Minister of Finance Incorporated, a body incorporated pursuant to the Ministry of Finance (Incorporation) Act 1957 (KNB, 2023).\u003c/p\u003e \u003cp\u003eTo protect information confidentiality, KNB relies upon an Information Barrier Policy to control the flow of Material Non-Public Information (\u0026ldquo;MNPI\u0026rdquo;) within the fund to minimise the risk of breach of relevant Insider Trading provisions (KNB, 2023). However, the residual risk that remains in the context of GAPP 20 is whether KNB could take advantage of privileged information or inappropriate influence by the broader government in competing with private entities. This remains an open question in light of KNB\u0026rsquo;s government ownership.\u003c/p\u003e \u003c/div\u003e\n\u003ch3\u003eSingapore - GIC Private Limited (GIC)\u003c/h3\u003e\n\u003cp\u003eThe Government of Singapore Investment Corporation (GIC) was incorporated in 1981 under the Singapore Companies Act 1967 and is wholly owned by the Government of Singapore (GIC, 2023). As mandated by the Singaporean government, the GIC manages all assets in a single pool on an unencumbered basis and without regard for their source, with the objective of achieving good long-term real returns.\u003c/p\u003e \u003cp\u003eLike in the INA report, the latest GIC Santiago Principles report (GIC,2022) does not reveal GAPP22.2 risk management measures, especially with regard to disclosing risk identification, assessment and management. The GIC 2021/22 Annual report (GIC, 2022) describes the constitution of a risk committee that, among others reviews significant risk issues arising from GIC operations and investments.\u003c/p\u003e \u003cp\u003eTo mitigate the use of the unique government relationship as an information advantage in competing with private entities, GIC\u0026rsquo;s Santiago report (GIC, 2022) notes that the GIC does not have access to privileged information or inappropriate influence through the government, nor does it seek it. To properly address this risk of unfair competition, the GIC and the government could benefit from explicit mitigation steps due to the close relationship that stems from the government\u0026rsquo;s ownership position in the GIC.\u003c/p\u003e"},{"header":"CONCLUSION","content":"\u003cp\u003eLevels of disclosure vary among the different SWFs, in part because the Santiago Principles are voluntary measures subject to the discretion of SWFs. For instance, KNB in the 2022 Santiago Principles report (KNB, 2023) publicly discloses its general approach to voting (KNB, 2019) on the securities of listed entities; however, this information is not provided in the GIC and INA reports for the same year. This is likely to affect the perception of standardization of the Santiago principles badge because it is difficult to arrive at an expectation of what GAPP compliance truly means. The effect is that two SWFs complying with Santiago Principles are almost incomparable given the variations. The question is now how the Santiago Principles still conjure confidence in advancing governance amidst variations in reporting and disclosure without clear external review.\u003c/p\u003e \u003cp\u003eEconomic targeting as an object of GAPP helps alley fears of SWF purposes and aims to strengthen financial systems by demonstrating that SWFs operate on a good faith basis. However, in light of the environmental and social externalities of capital, it can be expected that incorporating the E and S factors would be beneficial. This is aligned with the IFWS object of achieving stable financial systems and markets because finance is not the only threat to stable financial systems; social and environmental impacts can also have negative effects on financial markets if unaddressed. Individual SWFs, such as Indonesia\u0026rsquo;s Sovereign Wealth Fund (INA), have embraced ESG-based risk assessments of investments (INA, 2023). One of the tough challenges for the International Forum of SWFs (IFSW) is to galvanise this sustainable finance momentum and set standards and principles for their members.\u003c/p\u003e \u003cp\u003eA more systematic approach is required if the objective of GAPP 24 in conducting regular review of the implementation of the GAPP is to be attained. Whereas all three SWFs reported conducting implementation reviews, the outcome of such reviews was not provided. The IFSWF should be interested here in the process of the review itself to yield better results, such as working with external teams to conduct the review process.\u003c/p\u003e \u003cp\u003eIn the course of the last fifteen years since the Santiago Principles were formulated by the twenty-six founding members, the IFWS has grown to over 48 members whose combined AuM is over \u003cspan\u003e$\u003c/span\u003e6.5 trillion. For this purpose of strengthening governance and member sustainable finance practices, a review of the GAPP principles would be beneficial to the forum.\u003c/p\u003e \u003cp\u003eAs the authors noted earlier, this study relied upon SWF self-assessment governance reports. Additional studies to understand more of the lived reality of governance systems in practice are needed. More work is necessary to analyse the environmental and social factors to gain a complete understanding of ESG practices beyond the G factor, which has been the subject of this inquiry. One limitation is that the sample size was small. Nevertheless, the study has yielded important results. Larger yet similar studies are required to confirm these findings. Although the study yielded important results, it is limited by the small sample size. Additional studies to more completely understand the governance practices of other non-ASEAN countries are needed. There is a wide choice of thirty-nine Sovereign Wealth Funds around the world whose GAPP self-assessment reports are available in the IFSW literature.\u003c/p\u003e"},{"header":"Abbreviations","content":" \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Taba\" border=\"1\"\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eABBREVIATIONS\u003c/div\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eName\u003c/div\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eADIA\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eAbu Dhabi Investment Authority\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eAPG\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eAPG Asset Management N.V\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eASEAN\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eAssociation of Southeast Asian Nations\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eAuM\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eAssets under Management\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eCFP\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eCorporate Financial Performance\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eCOP\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eConference of the Parties\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eCSP\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eCorporate Social Performance\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eCSR\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eCorporate Social Responsibility\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eESG\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eEnvironment, Social, Governance\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eGAPP\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eGenerally Accepted Principles And Practices\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eIEA\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eInternational Energy Agency\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eIFSWF\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eInternational Forum of Sovereign Wealth Funds\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eINA\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eIndonesia Investment Authority\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eKNB\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eKhazanah Nasional Berhad\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eGCC\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eGulf Cooperation Council\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eGIC\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eGIC Private Limited\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eFAO\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eFood and Agriculture Organisation\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eLCOE\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eLevelized Costs of Electricity\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eSDG\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eSustainable Development Goals\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eSOTA\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eState of the Art\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eSWF\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eSovereign Wealth Fund\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eUNEP\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eUnited Nations Environment Programme\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003eSYMBOLS\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003e\u003cspan type=\"Italic\" class=\"Italic\" name=\"Emphasis\"\u003eC\u003c/span\u003e\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eCentigrade\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cdiv class=\"SimplePara\"\u003e\u003cspan type=\"Italic\" class=\"Italic\" name=\"Emphasis\"\u003eCO2\u003c/span\u003e\u003c/div\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cdiv class=\"SimplePara\"\u003eCarbon dioxide\u003c/div\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003cbr/\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAl Ayoubi, Khalil \u0026amp; Enjolras, Geoffroy, 2022. \u0026quot;Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds?\u0026quot; Journal of Multinational Financial Management, Elsevier, vol. 64(C).\u003c/li\u003e\n\u003cli\u003eAlhashel, Bader. 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Elsevier B.V.\u003c/li\u003e\n\u003cli\u003ePark, Raphael Jonghyeon \u0026amp; Xu, Simon \u0026amp; In, Francis \u0026amp; Ji, Philip Inyeob, 2019. \u0026quot;The long-term impact of sovereign wealth fund investments,\u0026quot; Journal of Financial Markets, Elsevier, vol. 45(C), pages 115-138.\u003c/li\u003e\n\u003cli\u003eRozanov, A. (2005). Who holds the wealth of nations? Central Banking Journal, 1-4.\u003c/li\u003e\n\u003cli\u003eSupreme Court of Appeal \u0026ndash; South Africa (1995); Cape Pacific Ltd v Lubner Controlling Investments (Pty) Ltd and Others (9/93) [1995] ZASCA 53; 1995 (4) SA 790 (AD); [1995] 2 All SA 543 (A) https://www.saflii.org/za/cases/ZASCA/1995/53.html\u003c/li\u003e\n\u003cli\u003eWagner, Daniil. (2014). Sovereign wealth funds: Investment objectives and asset allocation strategies. Journal of Governance and Regulation. 3. 10.22495/jgr_v3_i2_p4.\u003c/li\u003e\n\u003cli\u003eZeineb, Ouni \u0026amp; Bernard, Prosper \u0026amp; Plaisent, Michel. (2020). Sovereign Wealth Funds Empirical Studies: A Critical View. Journal of Economics Studies and Research. 1-13. 10.5171/2020.434738.\u003c/li\u003e\n\u003cli\u003eZhang, Hongxia \u0026amp; Kim, Heeho. (2021). Why do Sovereign Wealth Funds Invest in Asia? Journal of Korea Trade. 25. 65-88. 10.35611/jkt.2021.25.1.65.\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":false,"highlight":"","institution":"Bandung Institute of Technology","isAcceptedByJournal":true,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":true,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"ASEAN, Generally Accepted Principles and Practices (GAPP), Singapore - GIC Private Limited (GIC), Governance, Indonesia Investment Authority (INA), Khazanah Nasional Berhad (KNB) Sustainable Finance, Santiago Principles, Sovereign Wealth Funds, Sustainable Finance, Environment Social and Governance (ESG)","lastPublishedDoi":"10.21203/rs.3.rs-5065863/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5065863/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe International Forum of Sovereign Wealth Funds (SWF) adopted the Santiago Principles to foster good governance, accountability, and transparency practices. The origins, objectives, market impacts, financial performance, and investment strategies of SWFs have dominated scholarly discourse. A still unsolved question is how and to what extent SWFs implement governance practices. We analyse the governance self-assessment reports of the three SWFs that are signatories to the Santiago Principles and belong to the Association of Southeast Asian Nations (ASEAN). That is, Indonesia, Malaysia, and Singapore. As SWFs grow in size and number, deepened coordination with domestic fiscal and monetary authorities will be needed. We also find that the Santiago Principles\u0026rsquo; economic and financial targeting objective appears indifferent to the environmental and social impacts that have the potential to affect the stability of financial markets. The variation in levels of disclosure across SWFs threatens to dilute the essence of the Santiago Principles badge. Fifteen years after their formulation, the Santiago Principles show signs of needing an update to reflect emerging realities and expanded member contexts.\u003c/p\u003e","manuscriptTitle":"Assessing the implementation of Santiago Principles by Sovereign Wealth Funds in the ASEAN Community","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-09-12 05:03:54","doi":"10.21203/rs.3.rs-5065863/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"d62ef61e-9cd2-42d5-9211-3916d5367b28","owner":[],"postedDate":"September 12th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"published-in-journal","subjectAreas":[{"id":37439892,"name":"Finance"},{"id":37439893,"name":"Management"},{"id":37439894,"name":"Business Law"},{"id":37439895,"name":"Leadership and Ethics"},{"id":37439896,"name":"Other Business"}],"tags":[],"updatedAt":"2026-06-15T14:30:13+00:00","versionOfRecord":{"articleIdentity":"rs-5065863","link":"https://doi.org/10.22495/jgrv15i2siart17","journal":{"identity":"journal-of-governance-and-regulation","isVorOnly":true,"title":"Journal of Governance and Regulation"},"publishedOn":"2026-06-12 00:00:00","publishedOnDateReadable":"June 12th, 2026"},"versionCreatedAt":"2024-09-12 05:03:54","video":"","vorDoi":"10.22495/jgrv15i2siart17","vorDoiUrl":"https://doi.org/10.22495/jgrv15i2siart17","workflowStages":[]},"version":"v1","identity":"rs-5065863","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5065863","identity":"rs-5065863","version":["v1"]},"buildId":"_2-kVJe1T_tPrBINL-cwx","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}