Enhancing the Transparency Dialogue in the 'Santiago Principles' for Sovereign Wealth Funds

20 Pages Posted: 27 Aug 2013

Date Written: August 26, 2013

Abstract

Compliance with the "Santiago Principles" for sovereign wealth funds (SWF) remains measured. This underlines the inherent political nature of SWFs, as they reflect the norms and conventions of their sponsors as regards transparency. Like any voluntary standard, compliance relies on the goodwill of the organization, and ultimately the organization's sponsor. Compliance is furthermore complicated when varying interpretations are present as to the requirements of the standard. In this short essay, I offer an explicit treatment of transparency in its different forms such that SWFs, their sponsors, and external analysts have a discursive device for evaluating and communicating when and why (and why they think) certain non-disclosures are legitimate, or, more importantly, when and why transparency in one domain may diminish the significance of disclosure in other areas, thus reducing the significance of non-disclosure in those areas. The aim, then, is to encourage dialogue on non-disclosure in conjunction with the Santiago Principles, as doing so leads, in my view, to increased transparency overall.

Keywords: Sovereign Wealth Funds, Santiago Principles, Transparency, Disclosure

Suggested Citation

Dixon, Adam D., Enhancing the Transparency Dialogue in the 'Santiago Principles' for Sovereign Wealth Funds (August 26, 2013). Available at SSRN: https://ssrn.com/abstract=2316123 or http://dx.doi.org/10.2139/ssrn.2316123

Adam D. Dixon (Contact Author)

Maastricht University ( email )

P.O. Box 616
Maastricht, Limburg 6200MD
Netherlands

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