Press Releases

The International Working Group of Sovereign Wealth Funds (IWG) has released the Generally Accepted Principles and Practices for Sovereign Wealth Funds (GAPP) (available at www.iwg-swf.org). The GAPP is a voluntary framework that provides guidance on appropriate governance and accountability arrangements, as well as the conduct of appropriate investment practices of Sovereign Wealth Funds (SWFs) on a purely financial and economic basis.

The release came after the presentation of the GAPP to the International Monetary Fund's (IMF) policy-guiding International Monetary and Financial Committee (IMFC) and an IWG Ministerial Meeting on 11 Oct 2008 in Washington D.C.. The GAPP was developed through extensive consultations among the IWG member countries, as well as with some investment recipient countries.

Singapore's Minister for Finance, Mr Tharman Shanmugaratnam, who attended the IWG Ministerial Meeting, said: "The IWG has reached an important milestone with the publication of the GAPP. In standing by the GAPP principles, the SWFs will reinforce understanding of the constructive role that they play in international finance and help ensure that markets stay open and nondiscriminatory. Singapore supports the GAPP principles in full. The Government of Singapore Investment Corporation (GIC) and Temasek Holdings adhere to these principles and practices, and will continue to do so in the future."

Singapore is represented in the IWG by the Ministry of Finance, GIC and Temasek Holdings. Singapore will continue to participate in work on the establishment of a Standing Group of SWFs to facilitate the dissemination and implementation of the GAPP. The Standing Group will also serve as a forum for an exchange of ideas between SWFs, and with recipient countries.

MINISTRY OF FINANCE